Financial Hacks for Millennials

With age comes responsibility, so if you're a young adult in your 20s or 30s, chances are you've been introduced to the realities of adulthood.  While you are excited by all the opportunities life has to offer, you're also aware of your emerging financial responsibility.  In the financial realm, the millennial generation (those born between 1981 and 1997) faces a unique set of challenges, including a competitive job market and significant student loan debt that can make it difficult to obtain financial stability.

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Inherited Wealth

Despite our dreams, we are unlikely to win a big lottery and only a relatively small group will cash in on the sale of a business, but we are in the midst of the largest wealth transfer in history as many baby boomers will receive inheritances from their hard working, successful and savings orientated parents.  Thus, a fair number may be dealing with a material inheritance.  Usually, the heirs are aware of the likelihood of a bequest but perhaps not its size and, sadly, not the timing.  Inheritances are often sudden.

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More money, more problems?

So what would you do with an extra $10,000 or $20,000?  Ok, you'd pay off some debt, get rid of some college loans, or take an extra vacation. But, what if you suddenly had an extra million or $10 million or more?  Coming into a windfall that large gives you some issues to deal with.  Whether it is from inheritance, the sale of your business, life insurance or a big gain coming out of your downsizing, you'll need to re-evaluate your financial position and consider how your sudden increase in liquid wealth will affect your financial and, importantly, your life goals.

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