What do Millennials want out of money? Freedom, baby, freedom.
So, what does that mean?
For some insights we turn to a recent USA Today article titled “For Millennials goal is financial freedom.” According to the article, the key to working with those in that generation is to understand their generation and its unique characteristics and challenges.
Millennials, as opposed to Baby Boomers, are accustomed to getting quick answers to their questions with a mouse click or two. In addition, they are more likely to have multiple jobs in multiple locations during their working years.
Consequently, financial strategies that may have been appropriate for Baby Boomers may not work for Millennials.
In fact, one financial planning firm that targets Millennials approaches them as "personal trainers" who are guiding Millennials to financial health.
For young professionals of this generation financial freedom to chart their own course is a higher priority than saving money for retirement.
They want (and need) to be financially nimble.
Not surprisingly, purchasing a home is not always a top priority to younger adults who may prefer urban living, or may need to relocate to pursue their professional goals.
Even with these less concrete plans, having a strategy for the future to finance the aspirations of Millennial is critical.
If you are a Millennial, then you should consider working with an experienced estate planning attorney who also can help coordinate other professional “coaches” to help you find that financial freedom you are seeking.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: USA Today (April 11, 2015) “For Millennials goal is financial freedom”