6 KEY Fundamentals For Gen Y Professionals & Their Finances

For the Gen Y professional earning a good income but still on the pay cheque to pay cheque cycle, there is 6 key areas (and 1 critical area) to your finances that if you get right, will break that cycle and change the game for you and your future finances and lifestyle.

 

While Generation X had to worry about keeping up with the Joneses, it seems Gen Y is in a never-ending, up-hill battle trying to keep up with the Kardashians. And keeping up with the Kardashians is exhausting. Not to mention expensive.

 

Maintaining a designer wardrobe, buying the latest accessories, having monthly beauty treatments, paying for the latest technology, diets and gym memberships is almost a full time job – and on the average salary it’s virtually impossible to maintain.Today, we live in a celebrity-obsessed culture. Gen Ys are increasingly preoccupied with celebrity and social media famous image and with constantly changing trends so pervasive a “credit crazy” generation has emerged.

 

Frightening figures

Research shows that younger Australians use credit to acquire anything and everything to mimic the styles of celebrities and famous social media people (posting a sneaky promo at every chance possible) and as a result they are now drowning in debt. Up to one third of Gen Ys have no savings, and around 42% of Australians under the age of 24 owe between $10,000 to $30,000 of credit card and personal debt.

 

Complex World Of Finance

Not only are we facing the biggest debt challenge in history, the complexity and the perceived inaccessibility and mistrust for finance professionals is still a challenge for the Gen Y professional. I often ask gen-y professionals, if they do or don’t have a financial adviser and if not, why not…. The answer is usually based around the misconception that to have an adviser, you need to have a lot of money to begin with, which is simply not true.

 

So with an perceived idea that there is no real solution for Gen Y professionals and professional advice around there finances and confusion by all the options when it comes to your finances, figuring out the road map to their version of financial success, seems a daunting and impossible task.

 

However if you really break it down, there is only 6 key fundamentals, that if implemented and systematically orchestrated, will get your closer to your ideal financial outcome. Are you ready for them?

 

6 Key Fundamentals for Gen Y Professionals & Their Finances

  1. Have A Wealth Mindset
  2. Be A Cash Flow King/Queen
  3. Simplify Your Finances
  4. Future Proofing Your Wealth
  5. Planting, Growing & Benefiting From Your Money Tree
  6. Ongoing Momentum and training

 

Keep an eye out for the next few posts, which will elaborate on these fundamentals.