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RE: QUESNEY 21 (Day 2): Money Conversations with Millennials and Post-Millennials
This is a topic that really interests me, I too am surrounded by young millennials. Some are very mature and most aren't. Frankly speaking, most of us weren't mature when we were in our early 20s...
Few things I always come across is this:
- Impatience - they are most impatient be it waiting in line, wait for opportunity or good deal. They just want everything the fast and easy way.
- Insurance - they are happier to spend their hard earn money on holidays, shopping and good food and close to nothing on insurance
- Saving & retirement - most of them do not even care about it
- Knowledge - They know everything about good deals and amazing travel tips, but no idea on car loan, mortgage, stock market, etc.
Hey @orangila thanks for the comments! Really appreciate the thought that you put in! No we weren't quite that mature when we were in our 20s but for me anyway, it was a lot different compared to now. I still have to pay for my own stuff and frankly going to Bank of Mum and Dad wasn't really an option!
Yeah... money and income is not only the issue here, but security is. Case and point, for a fresh graduate who use public transport and share a room with a friend have disposable income of RM1500/month after all the expenses. If he spend all of his disposable income and none on security like saving/investment/insurance, he will be okay until something happens to him or his family.
Years ago, I felt sorry for them. Now, I would just educate them and then let them be. Too many times, I have met youngsters who bought high end phones and luxury bags when they are young. And when they meet incidents where they needed money, they would come borrow money from me.
Yes I do agree with you that most of them have no savings and investment. Oh dear! Indeed you don't think of these things until something happens. In fact when I ask some of them in my office, their eyes kind of glaze over and "investment?" Hmm...I love personal finance...looks like this is garnered quite a bit of response and feedback that I think I can continue to write on! Thanks Chris!
I totally have to agree on your remarks. Throughout my years working I have saved to continued my studies (without a full study loan), I have also saved up and travel.
There was a time when I lived from paycheck to paycheck is when I was repaying my last 10% of my student loan, car loan and also settling my mom's hospitalization fee (because she was not insured)
But never really on starbucks and constant KFC or other fast food (unless once a month craving) haha.
Definitely not like @khimgoh has said as a trophy of achievement for the day.
@littlenewthings you and me same same! There was a time that I lived paycheck to paycheck simply because of the salary amount. Can you believe that my first job salary was RM1100? hahahahaha
well, my first salary as a junior programmer was only 450 back in my hometown
And I thought my first salary at RM800 back in Penang was bad. Gone are the days when I can buy a plate of Char Koay Teow for 50 cents at my school canteen
Those were the days lar. Before inflation kills the entire country.
hmm...or rather donation..opppss..corruption 😜