According to David Grant Woolley, if you are a Millennial (ages 18 – 35), the answer is YES!
The tricky part to this answer is to know why this is so. Evidence suggests that 70 percent of you want to be deb-free by living within your means and 66 percent refuse to gamble in the stock market.
In a Keynesian world where we are urged by the Feds to spend, spend and spend some more, the Millennials are beginning to resist and are showing signs that they are not willing to comply. It just makes sense that being a part of the most indebted U.S. generation, one would refuse to go along with such foolishness and wish the politicians to do the same. Most of all the generations alive today know that you cannot spend your way out of debt. This is what the Feds have been trying to do for the last 7+ years, and it is not working. We are now $19 trillion in national debt and that’s because the Feds have been trying to spend their way out of debt. But what do they care? It’s your money they are spending, not theirs. Thank heaven that at least a majority of the new generation is being smarter about their money than perhaps their parents were. At least they’ve got it right going forward.
According to a survey by Bank of America and USA Today, Millennials claim a clear understanding of their financial situation with 44 percent prepared with 3 months of living expenses saved for emergencies. But this doesn’t minimize the survey fact that 75 percent say they worry about finances “often” or at least “sometimes” with 39 percent saying they are “chronically stressed” about money. We can sympathize with them, knowing that 50 percent of Millennials have a chance of being found living in their parent’s basement. Millennials are facing unaffordable housing, terrible job prospects and huge student loan debt.
According to the Bank of America survey, the top financial priorities of Millennials are the following:
- 70% say being debt-free is a top priority
- 63% say having an emergency savings fund is a top priority
- 62% say spending less than they earn is top priority
These priorities are in direct conflict with the country’s politicians – the spend, spend, spend crowd. And furthermore, a BlackRock survey revealed that 72 percent of Millennials do not see investing in the markets as a way to help them reach their financial goals. Furthermore, nearly half of the people ages 23 to 34 think that investing is like gambling, and what you may earn investing is not worth the risk of losing your money.
Thus I believe the Millennials are smarter than they think! They are headed in a contrarian direction that is supported by the Principles of the Money Mastery® System, which advocates controlling what you can control such as how you spend, becoming debt-free, and saving for the future now. The only remaining problem for those desiring the values of the Millennials illustrated here, is for Millennials and everyone else to adopt new principles, tools and techniques that make getting out of debt and staying out of debt a predictable event with very little financial stress.
For more information about debt treatment and other financial management matters that can help alleviate your constant state of financial anxiety, contact Alan: 801-292-1099, firstname.lastname@example.org.