CHICAGO, June 29, 2022 (GLOBE NEWSWIRE) — Millennials have unique financial challenges and opportunities. They are coming of age in a time of economic uncertainty, but also have access to more information and resources than any other generation. Below are six tips on how millennials can make the most of their situation and set themselves up for financial success.
1. Get term life insurance
Term life insurance is an affordable way to protect loved ones in the event of premature death. Term life insurance policies typically range from 10 to 30 years and come with affordable premiums. If the insured dies, their relatives can receive a death benefit that they can use to replace their income and pay off their debts. Getting a term life insurance policy can be essential for those with young children or dependents who depend on their income.
2. Invest in yourself
People in their twenties are at the perfect time to invest in their education and professional development. The more marketable skills they have, the better their chances of achieving financial independence. Consider taking courses, earning a degree or certification, or participating in professional development programs.
3. Living below your means
One of the best ways for millennials to prepare for financial independence is to live below their means. This way they can save money and build up their nest egg. Try to avoid lifestyle inflation by living simply and only spending money on essentials. Plus, put any extra money into savings or investments to grow your wealth over time.
4. Set a budget – and stick to it
Budgeting is the key to financial success. By creating a budget, millennials can track their income and expenses, see where their money is going, and make adjustments as needed. There are many ways to budget, so find a method that works and stick to it.
5. Invest early and often
The earlier Millennials start investing, the better. Investing allows them to grow their money while taking less risk than stock market speculation. Over time, compounding will help investments snowball, and millennials will be well on their way to financial independence.
6. Have an emergency fund
No matter how much people plan, life can always throw unexpected expenses at them. That’s why it’s important to have an emergency fund to cover unexpected expenses. Ideally, an emergency fund should have enough money to cover three to six months of living expenses. By having this cushion in place, millennials can avoid going into debt if unexpected expenses arise.
The bottom line
Following these tips can help millennials prepare for financial independence and prepare for a bright future. Term life insurance is only one step on the road to success, but it is an important step. By preparing now, millennials will be better equipped to weather the storms that come their way and achieve the level of financial independence they desire.
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laura.zimmerman@fidelitylife.com(312) 288-0068
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