Millennials are generally understood to be those born between 1980 and 2000 - today these people are between the ages of 15 and 35. I am part of this generation and so are many of my clients.
A friend of mine, Kate Holmes recently published an eBook titled, “The Millennial Next Door,” with the help of MoneyTips.com. The book compiles survey results from 291 “successful” millennials, and what I really like about this book is that success is not defined by a metric such as a annual income, net worth, or savings balance, but rather by answering “yes” to the survey question, “are you satisfied with your current lifestyle?”
Already the book has been featured on the homepage of Time Magazine and Yahoo Finance and also appeared in the Huffington Post. The eBook is free and you can download it at: http://www.moneytips.com/millennial-next-door-ebook.
What Successful Millennials have in Common
Through the use of some cool infographics, this short book looks at a number of different statistics that define successful millennials – ranging from income, to savings, to net worth, to financial worries. A big to surprise to me was that the annual income of the 291 millennials who are satisfied with their current lifestyle varied greatly. This surprised me because I think that it's really easy to believe that if we just earned a little bit more money, life would be much better. Although these "successful" millenials had a wide range of incomes, there are a few things that most of them do have in common:
- 60% have less than $15,000 in debt and 80% have less than $35,000 in debt.
- 91% would say that their financial literacy is at least average.
- 94% have set financial goals.
- 85% keep a budget.
What about You?
Are you satisfied with your current lifestyle? If not, what would have to change in your financial situation for you to be satisfied?
- What steps can you take to pay down debt?
- What books or blogs could your read or people could you talk to increase your financial literacy?
- What are the financial goals that you have?
- What will it take for you to set up and follow a budget?
Getting these items in order doesn’t guarantee that you will be satisfied with your current lifestyle, but according to the survey, it will bring more satisfaction than just making a lot more money.
If there is anything that I can do to help you in any of these pursuits, please let me know.
Photo courtesy of Death to Stock Photo