Millennials, a generation notorious for meticulously managing finances, tend to favour experiences over material possessions, largely driven by their affinity for social media.
Although well-disciplined with money management, many millennials struggle to build wealth, predominantly due to inflated costs associated with education, housing and healthcare.
Take for example, Blanca Garcia, a certified dietitian nutritionist, and Miriam Caldwell, a local writer from Los Angeles. Both women strive to overcome potentially detrimental financial behaviours they’ve learnt from the past whilst seeking financial stability.
Garcia and Caldwell understand financial intelligence extends beyond just saving. It’s about investing wisely for the future and achieving a balance between frugality and sustainable spending habits.
Both individuals are leveraging their professional influence to advocate for a balanced approach to finances. Garcia draws upon her knowledge as a nutritionist to compare financial health to a balanced diet. Miriam meanwhile, uses her stage as a writer to discuss otherwise intimidating financial topics with her community, making them accessible and understandable.
Garcia emphasizes the maintenance of possessions, for instance, cars, to elongate their lifespan and retain higher resale value. She also stresses the importance of enviable assets against life’s small pleasures. This fusion of practical and spontaneous spending habits is where true financial acumen can be found.
Garcia focuses on providing her children a stimulating home environment, favoring their engagement in curricular activities over commodities like television. Similarly, Caldwell emphasizes the importance of quality essentials and pivotal experiences such as vacations.
Caldwell also highlights the essential role of financial education from an early age, asserting that financial awareness empowers people to make informed decisions about expenditures and saving.
Caldwell attributes her financial thrift and strategic planning skills to a childhood with limited resources, and firmly believes in the importance of a positive mindset, mindfulness, and gratitude.
Both Garcia and Caldwell aim to instill financial responsibility in their children, as opposed to strict frugality. They stress the importance of developing a generation of individuals capable of enjoying life’s pleasures while managing their finances wisely. Their ideology: Teaching the balance between fiscal responsibility and life enjoyment is paramount for a well-rounded individual.
They recommend each generation evaluate their inherited financial teachings. It’s about retaining what’s valuable and discarding what’s obsolete or ineffectual.
