6 Harsh Money Realities Millennials Need to Face

We (millennials) have a lot going for us don’t we? Legal weed is breaking through. Gay marriage is legal. Cool Iphones that never have enough storage space. Being able to keep in touch with anyone around the world. Oh and I can’t forget all the cool movies we have like Suicide Squad and Batman vs. Superman.


DC  >  Marvel

With all the highs of being alive we have some money realities to face though. Facing it head on is better to be taken by surprise. Check out the harsh financial realities of millennials.

Taking Care of Parents

The harshest future reality a millennial may face is taking care of parents in old age or bad health. Technology has given the beautiful gift of prolonging life but everything has a price. In 2016 the life expectancy is 78 compared to in 1990 the age was 75. With the increasing life expectancy more money is now required to retire comfortably. The average 60-year-old American have $172,000 in the bank for retirement. People I guarantee you that is not enough to retire. With the combination of our parents living longer and low retirement funds, the responsibility of our parent’s well-being will fall on us. There are multiple ways to prepare for parents moving in so it doesn’t rock your world too much, for now just accept the fact it can easily be a reality. To be proactive it starts with having a tough conversation with your parents on if they would even want to move in with you. Majority usually don’t but the reality is it’s a conversation that needs to take place. After that it is possible to start planning depending on the seriousness of the situation

Stop the Comparison

My current situation I have two types of friends. Friends that are doing less than me and friends that are doing more than me. I see the shiny lifestyle and want to be with them naturally. Most millennials are in the same situation. We need to stop the comparisons and stay on a personal track. We can’t compare our chapter 5 to a friend’s chapter 12 and at the end of the day it hurts only ourselves. Don’t beat yourself up because you don’t have a house like your friends or you’re not married yet. Life is a personal journey as is a journey to financial freedom. People find themselves in financial ruin by following friend’s lifestyles. Focus on your financial journey whether you are at the end or just starting.

The World Doesn’t Owe Us Sh*t

Remember when your parents would tell you, “life isn’t fair?” Apparently, they meant life past childhood as well. Millennials were told to go to a good college and a high paying job would be on the other side of the degree. Afterwards we would settle down in a home with white picket fence. The majority of us have experienced that is not such the case due to tough job competition, student loan debt and machines lowering the job demand.

Of course, we could continue to blame everyone and everything but that doesn’t help the situation. Life isn’t fair and it’s a tough pill to swallow. There is no use in crying over spilt milk. The world doesn’t owe us anything which is fine. Only you can decide what you deserve and have the power to change your situation.

The Wealth Gap is Real

Obviously, the American middle class has been disappearing slowly over the past few decades. America is a capitalist society and it is destined to happen where a small group of people will hold all the wealth. But I don’t bring this reality up for that. I bring this up because opportunities, such as real estate or business growth, will be grabbed by the wealthy. The reality is with the wealth gap widening the less opportunities millennials have at their disposal. My simple advice is to be ready for a smart opportunity and claim it for yourself. Invest early and save early. Opportunities have a time stamp on it.

Don’t Depend on the Government for a Dam Thing

This is a biased view but the reality is real. The government, no matter who you vote for, will not take care of you 100%. Social security and Medicare is most likely not to go anywhere, however it is hard to live off the government.

Millennials also are high in hopes that the government will do something about the billions of dollars tied to student loans. That day very well may come where the loans are forgiven but I wouldn’t hold my breath on it. Again, I say, don’t depend on the government. The harsh reality is only you have the power to change your situation. Waiting on the government is not a legitimate plan. Start making an actual plan to take care of yourself while time is on your side.

No Shame in the Game

This message is for any millennial who has stayed or thought about living with the parents to save cash. There is no shame in the game! Staying with mom and dad might seem like you couldn’t make it outside in the real world and that’s fine. The thought came across my mind before, saving cash being the primary reason. At the end of the day YOU are responsible for your finances, not other people who judge and don’t pay bills. Focus on your journey, if you have a shortcut then take it. People will hate, as that is what haters do, but if you have haters that means you are doing something right. No shame in the game of obtaining financial freedom. I struggled at first with accepting handouts from parents but over the years I have come to terms with it all and I freely accept my blessings. It’s about time you do the same, shame free of course.

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