There has been a proliferation of successful start-ups in recent years, putting countless millennials alongside seasoned executives and industry leaders in terms of income. In 2011, 97.3% of Malaysian businesses fell into the SME category, because many citizens found them to be a great opportunity for big income. For experienced professionals, well-off millennials often seem like clumsy fledglings that just got lucky. But there is a reason for the deliberate success of the younger generation. Find out how millennials manage their money, and learn how to strike it big with these 4 tips.
- Courage to Ask – One thing that sets millennials apart from the other generations when it comes to finances is that they’re not afraid to ask questions. They know when they don’t understand something, and they’re not ashamed to admit it. With that, millennials have become experts at looking for finance resources and advice, and don’t feel scared to ask someone they see as an expert when they’re stuck in a rut. Teach yourself to accept what you don’t know, and go out in search of answers to help shape your concepts on finance.
- Will to Explore – Other generations often feel more comfortable with finance strategies that are familiar, because it eliminates the need to have to feel around when trying new options. But millennials are much more willing to explore the available finance management opportunities in front of them. For instance, a high interest fixed deposit in Malaysia might seem like an unreasonable option for older generations. Why should you open an account that doesn’t allow you to touch your money? But millennials see it differently. Here they see a chance to make more money, and by sacrificing for a fixed deposit now, they can earn much more tomorrow.
- Tech Literate – Millennials have technology, and they’re not afraid to use it. Those who fall in the older generations often feel uncomfortable putting their information on a computer or a smart phone. If they need to key in bank details, they become even more reluctant. Millennials on the other hand are much more capable of pinpointing legitimate digital services that will help them manage what they have. By utilizing their technology to help monitor and budget their finances, they become much more aware of their economic status.
- Flexibility of Expectations – Unlike the older generations which were much firmer when it came to their expectations, millennials aren’t the same way. While they more or less have an idea as to what they want to achieve in terms of their savings, they understand that things can change along the way. This makes it easier for them to adapt to changing markets and shifting economies. By accepting that savings and finances will always be affected by factors that are out of our control, we can ride with the tide and become more intuitive when spending what we have.
No doubt, millennials have completely different spending and saving habits from previous generations. But for the most part, their fresh take on finance strategies seem to be working just fine. Take cues from these young earners, and adjust your money saving tactics to keep up with the times. Keep these 4 takeaways in mind to help you remodel your finance management strategies for optimal stability.