There's a new type of financial planning education needed for Millennials than was needed for past generations.
This generation encounters life in a totally different manner from older generations, from getting business loans to ordering pizza, everything is done with technology.
They have the whole world in the palm of their hand, literally - with access to anything they want right from their mobile phones.
They deal in virtual worlds - growing up with social networking, social video gaming, Whatsapp and FaceTime as the standards for private interaction.
This kind of digital consumption hasn't only greatly changed the manner that they take in information, but also how they live their everyday lives. Ask yourself this - When is the last time you've seen teens and young adults pay for something in cash or write out a check?
Cash has become a virtual reality just like everything in else in the lives of the new generation. Spending is not about counting out dollar bills, it's about swiping a card or tapping a button on your mobile phone. With the rise of mobile payments and virtual wallets, paying a statement requires the exact same effort as retweeting someone on Twitter - it
could be done with a simple tap of a button.
The Financial Downside of Advanced Technology
But here's the downside. When we hardly ever see or touch the cash we are spending, this may cause a more "lax" relationship with cash and finances, and in a number of instances, a strong detachment from our financial reality. Because financial planning education is so extremely important, it's important that the tech-savvy Millennial generation understands the realities of personal finance - and this means getting more financial planning education to avoid fiscal disaster.
With a restricted capability to digest abundant levels of knowledge, coupled with day-to-day monetary interactions that seem to possess no more effect when compared to a game of Angry Birds, how can we educate our Millennials about the real worth of cash?
Understanding the need for ways to increase financial planning education, The Lending Mag offers a fresh and easy to understand method to help individuals develop better financial habits that align together with the way we learn, think and work in today's society. This is bite-sized financial planning education that will help you keep your finances in order.
3 Takeaway Financial Plsnning Education Points to Quickly Educate Yourself
Build up your credit awareness and IQ - With the drop of actual cash money usage as well as the rise of credit technologies, it is crucial that the following generation has a better comprehension of how credit works - and what their credit score means. This video provides a brief variant of the five essential components that promote your score and the best way to assess it on a regular basis. This financial planning video shows you the difference between debit cards and credit cards - an important distinction your children should comprehend in this world of plastic money.
Understanding What Your Paycheck Really Does - As virtual reality becomes our actual reality, it's common that down payments and payments are made without us ever actually putting our hands on the cash. Nowhere is this more true than with your paycheck - where taxes, insurance and many other things are deducted right off the top before it even gets to you personally. If you are new to the workforce or even starting your own business, it's essential to get financial planning education in order to prepare for your financial realities and plan things accordingly, share this video on the reality of the common paycheck which describes the tax write-offs which will be produced from paychecks, and how much of those hard-earned wages you'll actually be able to really bring home every month.
Also, with the typical American college student graduating from school with a staggering $27,000 in student debt, financial planning education is critical because young people need to learn how to factor that into their monthly expenses as well.
Never Be Distracted From Saving Money - In our current world of short attention spans and immediate gratification, it's very easy to forget to plan ahead financially and forget about financial planning education. Why worry about financial analyst education and being able to map out a course in advance when you're able to simply pull up the GPS in your phone on the way?
However in regards to financial planning education, smart finance and savings, making a strategy and getting a good head start makes a major difference. With the increasing expenses of schooling and health care, and uncertain retirement benefits for the following generation, it's going to be significantly important to construct a dependable nest egg, that requires an adequate financial planning education. Whether you are investing or just placing cash into a savings account, employing a financial strategy early and sticking to it will make a significant difference later on in life.
Instilling financial planning education into this and the next generation of people in ways that resonates with them will give them a basis for good decisions. Thorough financial planning education will help the tech-savvy generations think about money when reaching for the cell phone the way that past generations thought about the money they were spending when they reached for their wallets.
Financial Planning Education - If You Are Interested In Investing or Borrowing:
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