Easy-To-Follow Financial Tips for Millennial Men

Posted By Ibropalic on Jul 9, 2018 | 0 comments

When it comes to millennials and their money matters, renowned financial author Natalie Pace hit the nail on the head when she said: “Prince Harry and Prince William didn’t buy a castle to live in! They live at Kensington Palace. Why do we have such unrealistic expectations of millennials in America?” Millennial men may seem to have their entire lives under control but when it comes to their own personal finances, many are completely overwhelmed trying to make the most of their money.

Financial Know-How Tips for Men

As many as 41% of individuals between the ages of 18 and 29 admitted that they were very unsure of what to do in terms of their personal finances according to a survey conducted by GfK Consumer Life. It is for this very reason that it is so important to arm these men with as much financial know-how as possible to ensure that they will make educated choices that will see them make money instead of losing it.

Embrace technology fully 

As a modern-day man, you are more than likely already as tech-savvy as can be which is especially good news when it comes to handling your finances.  If you feel clueless when it comes to handling the money matters you are definitely not alone and it is for that very reason that a number of top-class financial apps were created. According to Jean Chatzky, financial editor for NBC Today, mobile apps can help you significantly to identify profligate spending. One such a useful app is Clarity Money that breaks down your total expenditure in one place and can even be used to cancel subscription services that are no longer being utilized. Other useful apps include Stash, MoneyLion, Long Game Savings, and Digit, which makes small withdrawals from your check account, allowing you to build up your savings.

Invest smartly

Millenials are generally very hesitant of spontaneous investing which is completely understandable since they came of age during the Great Recession. While the general interest in stock market investments is slowly increasing, real-estate investments also remain a viable option, if you are knowledgeable enough to know how to avoid the common pitfalls.  The most important thing you need to do if you have any interest in investing your money is to find an honest, knowledgeable and reliable broker. Do your research and get first-hand feedback from other investors as a fly-by-night broker can end up costing you all of your hard-earned savings.

Know and understand your credit score

While your credit score is not something you can add to your CV, it is a very good piece of information to equip yourself with. Your credit score is what informs creditors about how dependable you are when it comes to borrowing money or paying your accounts. If you are blissfully unaware of your own credit rating you may fall victim to fraudulent inquiries as well as identify theft. Understanding your credit score will enable you to know first-hand exactly what information is listed on your credit report, allowing you to rectify any problems before applying for credit or loans.

While the thought of managing your finances like a responsible adult may seem harrowing, it is not all doom and gloom.  Not only will you become significantly more independent once your money matters are sorted but you can also look forward to a financially-secure future free of constant worries. If, after applying the above guidelines to your financial management still has you feeling somewhat overwhelmed, it may be time to consider investing in the services of a reputable financial advisor.