GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
However, millennials are also a tech-savvy generation that relies more on apps for savings and investments.
While many are doing their best with limited tools, some popular financial habits are setting them back.
From pausing retirement contributions to chasing convenience over strategy, small missteps can compound over time.
Here are five mistakes millennials aremaking with their money in the Trump economy.
Its become a canary in the coal mine.
In my experience, millennials are doing both.
He explained, Todays inflationary pressures and rate volatility are compounding those risks.
Millennials need to shift from chasing returns to building resilient portfolios.
I know it can be tempting to do, especially with the older generation telling us to do it.
Dont assume todays high prices, interest rates or market swings are temporary blips.
Assume this is the new normal, and build habits and plans around it, he said.
Ask yourself, If this is permanent, then what needs to change?'
However, the real financial drag comes from avoiding bigger moves like negotiating salaries or delaying investments.
They should be playing offense, not just defense, Lambert-Levy said.
That means thinking about how to increase income and not just how to reduce spending.
Lambert-Levy said millennials should also get more comfortable with moderate-risk, long-term investments.
More From GOBankingRates
Sources
Share This Article:
