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Personal finance enthusiast Graham Stephan has some thoughts on why many millennials are having trouble buildingwealth.
If youre stuck in this rut, he has some advice to help.
Heres a look atsix money mistakes Stephan says millennials keep making.
Living Above Your Means
Millennials spend a lot more on convenience items than other generations.
In other words, trying to keep up with the Joneses costs this generation a lot of money.
He noted the Diderot Effect as apsychological side effectof this lifestyle.
Failing to Negotiate
Almost everything is negotiable, he said.
He said asking for a discount politely and funnily may work more often than you think.
He said you could save afew hundred dollarsa month without even realizing it if you take these steps.
However, if you wait five years to start saving, youll only have $337,000 by age 65.
This is due to the interest youll be able to earn by allowing it so much time to grow.
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