Millennials and their Money
Just recently I had the privilege of being interviewed by Rachel Blackmon Bryars with the Yellowhammer News. She wanted to know my views on how the Millennial generation was handling their money. Now I am not a Millennial by any means, I was born in 1975, which makes me 42.(Generation X’er)
We started our conversation talking about what the Millennials were spending their money on. “Alabama millennials seem more in student debt than credit card debt…I think millennials see what their parents had in credit card debt and they’re kind of scared of it. That’s a good thing, However, they’re still spending all their money, still living paycheck to paycheck.” I gathered this info from the many clients I have coached and from the the ones that have taken Dave Ramsey’s Financial Peace University that I led.
Being that we are in the midst of the holiday season and everyone is spending money, Rachel asked my opinion, I said “Take it easy. The stuff we buy, the presents we buy, the stuff on Amazon, you don’t have to have it. Save that money. You’ll be thankful when you look back 20 to 25 years from now.” Rachel wanted to know why I felt this way. In 2007, we found ourselves in over $185,000 worth of debt(credit cards, additional house, student loans). “We had to cut back our lifestyle. We didn’t go to the movies, we didn’t eat out at all. We cut back on the groceries and paid cash. We applied any extra money we could toward our debts and it went by pretty quick. We weren’t going out buying clothes, we weren’t buying expensive coffee, we spent on things we had to have to live.”
This was a well thought out article put together by Rachel, who happens to be a millennial herself. You can read the article in its entirety by clicking here.