How To Be A Millennial Millionaire – It’s All In The Mindset

How To Be A Millennial Millionaire – It’s All In The Mindset – words Al Woods

Millennialsimage licenced via Creative Commons

Whenever millennial money matters hit the headlines, it’s invariably a tale of doom and gloom.

Mounting house prices, the ever-spiralling cost of living, astronomical student loans and the scarcity of well-paid, attractive careers dominate the story and invite endless frustrating articles about ditching turmeric lattes to save money each month.

These rather miss the point – when the lives we want are so far out of reach, why not opt for small pleasures instead?

But there is one big asset Millennials do have on their side that these articles neglect to mention: time. Time really does equal money when it comes to savings and investments, and it’s a saving grace for anyone feeling like owning a home or starting a family have been reduced to an unreachable aspiration.

 

Saving money requires a shift in mindset to make it possible. Think more in terms of the opportunity and the freedom you’re purchasing, and saving can be done. It all depends on developing a healthier approach to your finances and reframing your thinking.

Avoid Lifestyle Creep

The single biggest financial lesson to be learned is the happiness of living within your means. Life starts off simply enough. But soon we’re telling ourselves that we ‘need’ this new pair of designer kicks or that week exploring Croatia, and costs mount up. Avoid the lifestyle of ratcheting up your expenses to keep up with what you see on your Instagram feed – it’s a race you’ll never win. Yes, you can have it all – just not all at once. We can’t all become bloggers who became millionaires. Most of us have to work at it. Learn the pleasure of anticipation rather than giving in to every consumer must-have. If you get a payrise, try not to up your expenses to match. Aim to keep your outgoings the same – and what’s left over for savings. Making financial sacrifices is far easier before you have family commitments and childcare costs, even if it feels like an impossibility, so take advantage of having youth on your side to lay the foundations of a nest egg now.

Learn To Live For Less

Once you’ve worked out living within your means, take a look at how to get the things you need for less. A lot of our modern living costs are down to convenience – we don’t make time to cook, so we order on Deliveroo. We can’t go to the shops, so we hit up Amazon Prime. And if there isn’t enough in the bank? We whip out the credit card. Spending needs to be a conscious process, and the world of instant access apps and contactless payments is eroding this. It’s a good idea to set a budget for each category of discretionary spending in your life and keep tabs on it. Start a ‘wish list’ and add things to it for a month minimum before purchasing. Shop around and look for amazon voucher codes before adding to basket. Basically, put distance between yourself at the purchase, so it’s not possible to be so impulsive.

Changing your mindset is the catalyst for a whole new financial future. These habits really go add it – so get into the groove and you could be a millennial millionaire.

How To Be A Millennial Millionaire – It’s All In The Mindset – words Al Woods

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