Review Category : Millenials

Enjoying the City for Cheap

As a millennial or individual who lives in the city of Atlanta (or right outside of it) I’m always looking for the next thing to do to enjoy my weekend. However, it always comes at a cost and those costs add up. I mean just think about what one date costs and multiply that by 10 and that’s what you wind up spending just in 1 month, and that’s on the low end. Though if you try to save money by hanging out at the house that can lead to the new disease that so much of us struggle with in this Instagram driven world which is FOMO. That leads to the age-old question of is there a way to cure this disease, while also ensuring that you protect your wallet? Now you may say there’s no possible way… but before you click off the article I can assure you there is a way and something you will probably want ...

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Do Millennials Face “Money Bullying”?

Have you experienced the same thing at home that I have been experiencing over the past few years.  As you plan out great family vacations, wonderful dinners, and cool birthday activities, you often find conversations about how one of your kid’s friends always seem to be doing something better?  I guess part of this has never really changed.  No matter how cool of a shin dig you end up putting together, there is always someone else who has Johnny one upped you already.  The difference with our kids today is that the vacations, the new clothes purchases, the new cars, and the special events are so much more in your face with Snapchat and Instagram with pictures meaning more than just a few words. In a recent study done by TD Ameritrade, some extremely interesting data came out about Millennials and their comfort level about discussing money.  While 56% of young millennials feel comfortable talking to their parents about money, ...

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How Millennials Can Retire With A Million Dollars

Nearly two-thirds (64%) of working millennials say they will never accumulate $1 million in savings over their lifetime, according to the Wells Fargo Millennial Study. Six in ten (59%) of millennials have started saving for retirement, whereas 41% have not. Of the millennials who are not saving for retirement, 64% say they are “not making enough money to save for retirement.” The Wells Fargo Millennial study was conducted by GfK and surveyed over 1,000 U.S. adults between the ages of 22 and 35, with an additional oversample of 500 Hispanic millennials for comparison purposes. (source:wellsfargo.com). We originally started oXYGen as an XY company, so it is only fitting that we help this 64% with five key money tips on how to retire with a million dollars. Be An Avid Bill Shopper First and foremost, make sure you shop your student debt which will likely be the number one initial inhibitor to long term wealth building. Make sure first, that if ...

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Failure to Launch

The other day, I came across an old Matthew McConaughey movie about a young adult that just did not want to move out of his parent’s house because he had it so good.  It got me thinking about the financial impact living at home has on young adults.  The majority of twenty-somethings are really not interested in living with Mom and Dad long-term.  But a NerdWallet Study has found those who stay at home until age 25 can retire five years earlier. Today’s Millennials are coming out of school with more student loan debt than earlier generations and residential rent has been rising by double digits just over the last 3 years: these are just 2 of the factors that are pushing the average expected retirement age for today’s college graduates to age 75.  This does not leave a lot of golden years to live out those retirement dreams. There are some changes that can be made in your personal ...

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How To Save A Down Payment For Your 1st Home

You just finished watching the latest installment of House Hunters on HGTV and begin to think to yourself, why not me?   Purchasing your first home is not only the “American Dream”, for many young Americans it signifies a real transition into financial adulthood and responsibility, by taking on potentially the largest debt you will ever carry in your entire life.  Unfortunately, many new homebuyers don’t save or strategize effectively when they buy their first home and sometimes make an impulse purchase that costs them dearly in their family finances.  Here are my six tips on how to save effectively for the purchase of a first home. Use The Loan Amortization Tool In Microsoft Excel That’s weird for a first tip Ted. No, not at all.  This FREE tool in your Microsoft excel toolkit will allow you to plug in different loan amounts, interest rates, and loan periods to see your principal and interest statements.   What you want to do with ...

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Are You Buying A Home Before You Are Ready?

The American dream of home ownership has been indelibly etched in our minds and hearts for many years in our society.   While I do believe that home ownership is great for most families over the long run, a huge mistake your professional 20 something’s make with their family finances is purchasing a new home before they are truly ready to own a home.  Home ownership will be by far one of the largest purchases a young professional will make in their lives.  Why is it so easy for professionals at this age to make this common yet surprising mistake? Debt Is Cheap- Sometimes, we let the tax tail wag the dog and with all of the press on interest rates being historically low, the young professional is feeling pressure that it could be now or never.  Consequently, many of them are making these purchases without considering short term and long term financial ramifications. The Total Obligation Ratio- Many individuals in ...

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