You can easily open one online or in-person at Fidelity , Charles Schwab and elsewhere.
It can be anxiety-producing to sacrifice your quality of life now for the future, but it'll be really encouraging to see your savings accumulate. You can up your chances of being prepared for whatever lies ahead by nailing down healthy routines now, said Liz Weston , a CFP and personal finance columnist at Nerdwallet.
The Home Front
According to NerdWallet, the first steps to financial security involve creating that emergency fund , taking full advantage of any retirement plan you have at work and aggressively paying down any credit card debt. Once you've checked those boxes, gradually turn up your savings.
Here's how to make sure you're prepared for a variety of outcomes. A new report from the Federal Reserve paints a bleak picture of America's retirement savings. A friend recently texted me that she had spent her entire weekend obsessing over money.
Most millennials don't believe there's any long-term security anymore. Stanford University's age progression technology. McBride defines those basics as the following: spending less than you make; building an emergency savings account ideally, six months' worth of expenses stored away ; resisting debt; saving for retirement. VIDEO This company is helping new hires pay down student debt while saving for retirement. The best evidence is that turnout among Millennials remained mediocre in —and, based on historic patterns, could decline more substantially in the midterm election than among older voters.
And while Trump faces grim numbers among Millennials overall, he has displayed strength among them with the same groups that responded to him most in older generations: evangelical, non-urban, and blue-collar whites. But she also sees opportunities for inroads. In , the first presidential election when Millennials were eligible to participate, baby boomers outnumbered them by almost exactly 10 to 1 as a share of eligible voters.
In , according to calculations by the non-partisan States of Change project, Millennials for the first time equaled baby boomers as a share of eligible voters, both representing just over 30 percent. In , the project expects baby boomers to decline to about 28 percent of eligible voters, while Millennials expand past 34 percent and the first post-Millennials—born starting in —establish a beachhead as roughly another 3 percent of the eligible electorate.
No Wonder Why Millennials Don’t Give A Damn About Money!
By , the project forecasts, Millennials and post-Millennials will represent nearly 45 percent of all eligible voters, while baby boomers will sink back to about one-fourth. Much more diverse over 40 percent of them are non-white , more secular, and better educated than older generations, Millennials have been a boon to Democrats as their numbers have increased. In , when they first entered the electorate, Al Gore beat George W. Bush among voters younger than 30 by just 2 percentage points.
No Wonder Why Millennials Don't Give A Damn About Money
But, as more Millennials followed, the margins for Democratic presidential nominees among younger voters significantly increased, reaching a high point in when Barack Obama carried about two-thirds of them. Even so, the Millennial influence has been diluted by their relatively low turnout numbers. In each presidential election since —except for , when turnout spiked—younger voters have comprised a substantially smaller share from 5 to 7 percentage points of the actual electorate than they represent in the eligible electorate.
By contrast, baby boomers and their elders have consistently comprised a higher share of the actual, as opposed to eligible, electorate.
Turnout among younger voters has also skidded precipitously in midterm elections. Millennials push themselves very hard, [and] their need for purpose causes a great deal of them to be intrinsically motivated. Bottom line: If you don't know the answer to a question, don't pretend to be an expert. It's OK to be uncertain, and it's better to be honest about it rather than exude false certainty.
The bad habit I'd like to mention is lack of focus due to constant distraction. Generation Y grew up in front of a TV, bombarded with new stimulus every 15 seconds.
As a result, it's an uphill battle for many to regain the ability to retain focus for a long period of time. The web and mobile devices don't exactly help alleviate this habit either. This is not a strength of Millennials.
How to save for the future when it's uncertain
I see it often--great technical expertise but no idea how to relate to people. You can't text a CEO to ask him to consider buying your product which you wrote as a string of emojis. Even if he thought it was a brilliant tactic, he'd likely pick up the phone to call you about it. Make sure you answer it and sound professional.
On the flipside, Millennials also need to better understand how to take criticism. If I were to tell the average Millennial that he or she just created something that was a good try, but no--they would likely be upset.
Related Saving the Millennial Generation: New Ways to Reach the Kids You Care About in These Uncertain Times
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