$$ ADVICE FOR MIL­LEN­NI­ALS,

Albuquerque Journal - Parade - - Front Page - —M.B. Roberts

Mil­len­ni­als (born 1985–95), many of whom en­tered the job mar­ket dur­ing a re­ces­sion, face a dif­fer­ent set of fi­nan­cial and re­tire­ment chal­lenges than their par­ents: higher stu­dent loan debt, an al­tered and con­stantly evolv­ing job mar­ket and dif­fer­ent life pri­or­i­ties, to name a few.

That means some of the fi­nan­cial wisdom that pre­vi­ous gen­er­a­tions lived by doesn’t hold true to­day, says Erin Lowry (right), 27, blog­ger at brokemil­len­nial.com and the au­thor of Broke Mil­len­nial: Stop Scrap­ing By and Get Your Fi­nan­cial Life To­gether (avail­able May 2). Dif­fer­ences in­clude the fol­low­ing:

Boomers tend to wait un­til re­tire­ment to travel. Mil­len­ni­als are more ea­ger for th­ese ex­pe­ri­ences now, which is OK, Lowry says, if they also stay on the sav­ings track.

It used to be that work­ers stayed with the same com­pany for years, even decades. To­day that’s of­ten not a vi­able op­tion, so young work­ers are wise to shop around for op­por­tu­ni­ties and learn to ne­go­ti­ate wisely.

In the past, an ad­vanced de­gree was of­ten the key to suc­cess. Th­ese days, a de­gree can be less im­por­tant than cre­ativ­ity and real job ex­pe­ri­ence.

Pen­sions, for­merly a given, are rare, so mil­len­ni­als need to in­vest in 401(k)s im­me­di­ately upon en­ter­ing the job mar­ket. And look ahead. “If you want to live a more lav­ish life­style now,” says Lowry, “then ex­pect to stay in the work­force longer.”

Visit Pa­rade.com/debt for Lowry’s tips on tack­ling stu­dent loans.

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