Ever wondered why some millennials are doing well financially? We really need to understand the financial secrets of the young generation that loves to do things its own way.
I don't know what you might have heard or read about this generation of young people, but trust me, a lot of millennials are making money and are really doing well for themselves.
Whatever they do to make money is exactly the reason I am writing this so you and I can learn some financial tips from them.
1. They’re working for themselves
Pursuing once business goals and showing ambition to do so is key to generating real wealth. Business-wise, a lot of millennials are showing strong determinations to forge their own path by coming up with amazing business ideas that do not only solve problems but also earn them sizeable income.
2. They are not counting on others
Nigerian millennials are like millennials all over the world. They hate the old way of doing things and would rather tread their own path.
DIY - "Do it your" way is their culture and this also applies to their financial life. They take control of their finances; make financial decisions for themselves and do not care about social security programs like Npower or the promised graduate allowance (which no graduate has been paid since 2015).
3. They’re embracing technology
This generation of young brilliant people embraces technology and the financial benefits that come with it.
According to Entrepreneur, a business platform, a TD Ameritrade survey found that four in 10 millennials would opt for an automated investment service compared to just one-third of boomers.
Apart from this, in Nigeria, it is no longer a news that millenials are leading the tech revolution with their start-ups.
4. They’re planning for the future
Another thing to learn from millennials is their determination to plan and save for their future. Having learnt from the financial mistakes of the older generations, these young men and women can't afford to tow the same line.
In a survey conducted by Charles Schwab, millennials were 88.9 percent more likely to have a written financial plan.
5. They’re getting advice from multiple sources
Millenials are very good at networking, and anytime, anywhere they connect or meet new people, they aren't afraid to seek out advice.
According to a Deloitte survey, less than 10 percent of financial decisions for millennials are made alone and 50 percent use word of mouth and personal recommendations to influence buying decisions.
6. They’re starting to save early
Saving is one of the most trusted strategies for wealth building and millennials seem to understand this better than the older generations.
The young generation considers savings in all its forms as one of their priorities. This, obviously improves their personal finance and spending habits.
7. They’re making a budget
Millenials are not only doing more to plan their financial futures, they are also doing well in setting budgets and tracking it to meet their financial goals.