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      Millennials and Money

      Alex Kilian, Millennial & Financial Adviser, explained why more millennials are living with their parents and how parents can help their grown children save for a better future.


      How Can Parents Help Kids Prepare:
      Guide the Millenial Student towards an in-demand relevant degree that will lead to a relevant high demand field, or trade school
      When in school continue conversation about career to teach reality in workforce vs romantic notion of the degree seeking Example: Many kids grew up watching NCIS and the criminal justice degree programs are full. Jobs are scarce and entry level is minimum wage, while higher paying jobs in this field are not as plentiful as other career options
      Boomers need to realize the stories they grew up with are now Myths
      Myth: "It doesn't Matter what You get a Degree in-Just get a Degree" This used to be true when any degree had more value over non-degreed applicants because fewer people got degrees. Now most millennials go to college or trade school and employers look for applicants skilled through education for the specific field
      Myth: "Your Grades don't Matter-Just get a Passing Grade" Now with the competitive job market, many employers will ask for transcripts. If a student wants a reference from college professor, having a better grade will yield a better reference.

      What Millennials need to Know as they become Independent
      Understand all repayment student loan plans. All plans are not the same and repayment schedules vary
      Not all debt is bad debt. Understand the difference between good and bad debt. Example: A house at 4% loan and building equity may not, depending on the circumstances be bad debt. Millennials are debt adverse, and less trusting of lending institutions
      Be cautions of credit cards. Use for emergency. Read Fine Print.
      Start Saving: Tax Free Roth
      Living within means. Work towards financial independence as social security and other services offered boomers today may not be available upon Millennial retirement.