The Truth About Millennial Money
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Millennials who claim to be ‘self-made’ get support from their parents and in some cases, enjoy the privilege too, but are reluctant to admit the same. They have to show the world that they are able to do well and sustain themselves on their own, and any conversation around money, privilege, success and class stirs up topics they may try to avoid.
Gender Bias: Women who inherit from their parents and do well are looked upon differently than men who do the same.
The one story we tell ourselves about homeownership is it is a path to a more stable, equitable future. The idea is that it is a responsible decision that requires commitment and hope. It is centered around bright futures, long lives, children, grandchildren, and hard-earned success.
The second story is about the horror of being trapped, especially for the members of the cash-poor, dream-rich millennial generation.
John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:
Take a hard look at how much you are spending day to day. Every time you spend money, write it down as it happens in a little notebook or log it into an app.
Alternatively, use the envelope method. Make an envelope for each of your non-fixed expenses, like groceries, clothes, entertainment and budget a certain amount of money for each envelope. When an envelope is empty, you have no more money to spend until the following month.
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