The top 3 financial tips for millenials
You hear that millennials are good with technology and bad with money. But Kyle Prevost, who runs the finance website YoungAndThrifty.ca -- and is a millennial himself -- says that's not necessarily true (at least the latter part).
If you're in your mid 20s, you should look at what education you have. What post secondary background you have. And where do you ultimately want to go in life.
In the past we just sort of said, "go to university" or "go to college" and figure the rest out later, and I'm not sure that's great advice anymore with the price of schooling going up up up, and the outcomes for certain degrees not matching the cost of schooling.
I'm not saying that all university courses are bad. I'm not going to sit here and tell you that fine arts degrees are a death sentence. Just be aware of the cost benefit, and the market of your particular degree or academic credential that you put forward.
Don't be in a hurry to buy a house.
Canadians have this weird, almost religious connection to purchasing a home. I'm not sure that's healthy. In fact, I'm fairly certain it's not healthy. Really think seriously if you might have to move for your career. Are you buying a house because you think it's the best financial decision? Or are you just buying one because everyone expects you to?
It's not a very good way to build wealth, especially right now in Canada as we see housing prices at all time highs.
The best investment that you can make in your 20s is to just educate yourself. Invest the time to do a little bit of reading.
No one should care about your money more than you do.
So anytime, any rainy Saturday afternoon, whatever two hour stretch you can squish in there to just educate yourself a little bit, that's going to put you in a really good spot for the rest of your life.