{"id":1239,"date":"2017-03-14T10:29:35","date_gmt":"2017-03-14T18:29:35","guid":{"rendered":"http:\/\/www.checkworks.com\/blog\/?p=1239"},"modified":"2017-03-31T09:50:47","modified_gmt":"2017-03-31T17:50:47","slug":"a-look-inside-the-struggles-of-the-average-millennial","status":"publish","type":"post","link":"https:\/\/blog.checkworks.com\/index.php\/a-look-inside-the-struggles-of-the-average-millennial\/","title":{"rendered":"A Peek Into the Upside-Down Financial World of Millennials"},"content":{"rendered":"

\"\"<\/a><\/p>\n

By: Dayana Enriquez
\nFellow Millennials, this is a sneak peek into your future and a plan to change your destiny. It\u2019s also a glimpse into our generation\u2019s world for those who have forgotten what they once faced as 20- and 30-somethings. At least once during their lifetime, most adults encounter what they feel is a losing battle with managing finances wisely. If you fall into the \u201cit\u2019ll never happen to me\u201d category, I commend you for your optimism. All others can keep reading.
\n
\nMy first financial flop occurred when I was in elementary school. Every week, my parents gave me two, crisp dollar bills for my piggy bank. As soon as I heard the ice cream truck cruise by our house, I ran to the piggy bank, uncorked it and tapped into my budding savings account.<\/p>\n

I failed to realize I was training myself to make terrible financial decisions an adult. I hadn\u2019t learned the term \u201cinstant gratification,\u201d but I had mastered the habit. My childhood piggy bank later became a savings account at a real bank. But, as the saying goes, \u201cBad habits die hard.\u201d<\/p>\n

Hopping off the Runaway Train
\nThe runaway train that we call the economy has been with us for a decade, and as adults, we must roll with the punches. As ambitious and eager as we appear to be, it\u2019s very easy to be discouraged by the current corporate climate. It\u2019s all too common to find ourselves stuck in jobs rather than careers. In a world where we are either too experienced or not experienced enough, it\u2019s easy to fall into a trap, to settle for an uninteresting and underpaying job.<\/p>\n

It took me three years to realize my value. I kept going from jobs I hated to jobs I hated even more than the last one. When I let go of that \u201ca job is a job\u201d mentality, it gave me the clarity to pursue jobs in fields for which I was, frankly, unqualified. But here\u2019s the thing\u2014I wanted those jobs! I finally began to understand the value of my work ethic. Regardless of the industry, your mindset can propel you to new heights. It\u2019s simple, but it\u2019s not easy\u2014change your mindset, and you change your life.<\/p>\n

The first step to breaking these self-corrupting patterns is to recognize them and to accept that changing your \u201cluck\u201d is a process. As you change your habits, your luck miraculously changes. The odds are that you\u2019re going to go through your fair share of minimum-wage jobs\u2014and that\u2019s fine. That\u2019s why they\u2019re called entry-level jobs. Even on my worst days those jobs always gave me something new to learn.<\/p>\n

Jobs that drain you can build character and create a burning desire to launch a career. No one can take away your experiences, and those are what make you valuable to employers. Experience plus burning desire equals opportunity.<\/p>\n

In the meantime, update your resume, go back to school, learn a trade; baby steps are better than standing still\u2014more like sinking into quicksand. Don\u2019t sell yourself short; instead, apply yourself because no one else will do it for you. In your spare time, hang out (in person) with a positive, motivated crowd.<\/p>\n

Be True to Yourself\u2014Make Your Own Rules<\/strong>
\nIn high school, they tell you, \u201cGo to college! Get an education! Be successful!\u201d They make it sound like cause and effect, but one thing they don\u2019t tell you is that you\u2019ll probably be drowning in debt when you start your \u201creal life\u201d after college. I constantly find myself debating if it\u2019s all worth it, and with good reason.<\/p>\n

I hear horror stories from my peers in college. They can\u2019t get a job in their field; they\u2019re in debt long after graduation, and the endless stress leads to sleepless nights. All this for following the rules.<\/p>\n

I can\u2019t personally give you any insight into the college experience, but I do know two things. If you\u2019re motivated and can\u2019t afford college, education is free on the internet if you\u2019re self-motivated. I also know that calculating your debt can give you a starting point from which to make a financial game plan\u2014especially if you\u2019re in school and facing overwhelming bills and long-term debt.<\/p>\n

Put the Brakes on Spending<\/strong>
\nAdd all your assets and subtract all your outstanding credit card balances, student loans and other debts. If your debt is substantially more than your assets, then it\u2019s time to take a step back and re-access your spending habits.<\/p>\n

Set up a budget with one of the free budget apps, and stick to it\u2014no excuses for impulse buying. You must learn the difference between wants and needs, luxuries and necessities. My biggest avoidable expense is eating out. I am a repeat offender. Recently I began cooking meals at home and keeping the lunch and dinner dates to a minimum. And it\u2019s had a big impact on my bank account.<\/p>\n

You have to rein in an out-of-control social life to reduce your debt. It\u2019s easy for me to spend $50 when I\u2019m out and about, but a little self-control reduces my deficit by $50. The problem is that many of us have problems disconnecting from the world. Try it for a brief period, just to get your finances back on track. Weigh the pros and cons of your spending habits. I bet you\u2019ll find at least once expense you can cut.<\/p>\n

The Other Side of the Equation\u2014Income<\/strong>
\nOur reality is that we might need to work two jobs to accumulate one decent paycheck\u2014at least for a while. Some do it out of necessity; others do it for extra spending money. A side hustle is a great way to breathe easier on the personal finance front, and it offers an opportunity to go in a totally different direction\u2014gain more experiences.<\/p>\n

Working a minimum-wage job is a struggle. If you find yourself a couple of days away from payday with less than $5 in your checking account and bills waiting to get paid, find a side hustle\u2014like yesterday. Occupying some of my free time with a part time job was the best move I could have made. It helped get me out of the recurring nightmare of living paycheck-to-paycheck, barely making ends meet.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By: Dayana Enriquez Fellow Millennials, this is a sneak peek into your future and a plan to change your destiny. It\u2019s also a glimpse into our generation\u2019s world for those who have forgotten what they once faced as 20- and 30-somethings. At least once during their lifetime, most adults encounter what they feel is a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62,30],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/1239"}],"collection":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/comments?post=1239"}],"version-history":[{"count":8,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/1239\/revisions"}],"predecessor-version":[{"id":1250,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/1239\/revisions\/1250"}],"wp:attachment":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/media?parent=1239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/categories?post=1239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/tags?post=1239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}