- When can I buy my first home?
- Can I retire early if I do everything right?
- How do I get out of student debt?
- How should I think about inheritance
In his article, “The Top Financial Concerns of the Urban, Educated Millenial” Ruderman asserts there is no easy way to buy a house, retire early, or get out of student debt. The dream of buying a perfect home in the center of one of America’s most populated cities is probably unrealistic for a young working-class person. He points out that most people who want to buy a house at a young age will have to adjust the location, size, and price tag of their home if they want their dream to ever become a reality. Most people, no matter the size of their paycheck, will be unable to retire before the age of 60. The reason for this is mostly due to quality of life. Those of us taking home a big chunk of change work hard for it and often we live at or above our means. As our salaries rise throughout our careers, so will our taste for a more comfortable lifestyle, making it harder and harder to put enough of our salary away to secure an early retirement. As far as paying down student loan debt, Ruderman recommends first trying to find a loan with a lower interest rate, then committing to living frugally until the loan is paid off to avoid wasting money on interest. When it comes to large sums of money, like an inheritance, you must invest in something: yourself (in the form of going back to school and continuing your education), a home, or even a retirement fund. Millenials can face these obstacles head-on and make sound financial decisions that set them up for a bright future.
If you’re struggling with debt, an unsecured loan or debt consolidation could be helpful. To find the right option for you, contact AmOne for assistance.
Learn more by reading Michael Ruderman’s article “The Top Financial Concerns of the Urban, Educated Millenial” in the Huffington Post.