Half of Millennials expect to become millionaires at some stage in their lives, and most expect to retire around age 56. But in order to complete these ambitious goals (which come courtesy of a 2018 Millennials and Money Survey by TD Ameritrade), it’s important that they reach certain financial mile
Goal 2: Manage your debt
“If you fall too far behind, you start defaulting on payments and your credit score gets hammered,” Hopkins says. “That can put you behind from the start.”snowball method Another popular method is the debt avalanche method. It’s similar to the snowball method, but instead of listing debts by their balance, the avalanche method requires that you list them by their interest rate. The one with the highest interest rate is the one that should be paid off first.
While 66% of Millennials work for an employer that offers a retirement plan, only 55% of Millennials are eligible to participate in an employer’s plan, according to a report from theTake advantage of your employer’s plan—and the employer’s match—as soon as you are eligible. Your 70-year-old self will thank you. The sooner you start saving, the longer your money has to grow due to the power of compound interest.
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