In an article written for CNBC, Abigail Summerville wrote about what is keeping Millennials from paying off their debt and saving money more quickly. This was based off of a statistic that says that Millennials that have trouble sleeping at night name financials as one of the main reasons for their insomnia.
In the article, it is mentioned that most Millennials don’t want to see a financial advisor due to feeling that they do not fully understand the position. The article also states that having a financial plan will help us to see the bigger picture of why its beneficial to put our money away now. Now here is why this is utter nonsense.
With what I make, I would not be able to afford living on my own. I have a college degree, I am finishing up a masters and I have had an extremely hard time finding a well paying job. I am lucky enough to have a boyfriend who makes enough to pay our rent on his own, but after car insurance and payment, student loans, groceries, gas, and the other misc. bills I pay I don’t have $100 to put away every two weeks, and my company pays for my cell phone.
The problem is that there is a fundamental problem with the way that entry level jobs pay. I work at a job that requires me to have a degree, but barely pays my student loans. I would love to meet with a financial expert, but despite the fact that we, the Millennials, understand what a financial expert does, but if you have nothing to save you have nothing to save.