Student debt is a big deal for many millennials.
That “educational investment” yield a lower ROI than expected?
Over 40 million Americans currently struggle with student loans, with the national burden of federal student debt rising over $1 trillion.
The average student debt load for today’s millennials recently registered at over $35,000 – a financial obligation that can put the “no-go” on many costly life events, such as getting married, having kids, and buying a home. A 2015 survey by Bankrate indicated that 56 percent of people ages18 to 29 have put off major life events – even purchasing a car and saving for retirement – because of student debt.
Many of you may be thinking, “Yep – that’s me!”
I’ve been meaning to get strategic about my money management since graduating, buying a house, getting married, starting a business, moving, moving again, moving again…and the list goes on and on.
Do you feel me?
While do-it-yourself money management has been a long-term intent of mine, it’s emerged as the ultimate back-burner project. “It’ll take too much time,” I’d convince myself. “I’ve already put it off this long – what’s another year?”
This year, I (finally) called my procrastinator self’s bluff – it’s time to get serious about some serious investments. Dancing the prelude to my Dirty Thirty, I’ve decided to put some action behind my financial well-meaning, yet previously ineffective intent, and manage my own money. Like many other millennials, I’ve got asset goals, student debt, and healthcare costs that routinely meet the catastrophic cap and have concluded there’s no time like the present to execute financial savviness.
Entrepreneurship isn’t easy.
It doesn’t always turn into an overnight success; instead, it’s often characterized by endless sleepless nights and gut turning “oh god” moments.
Your employed friends don’t exactly “get it” – the 100+ hour work weeks, the cash flow “issues”, and the overall pain of hinging your future on your own idea. What the…?
Starting my own business, I was immediately struck by how many areas of “normal” life were affected or eliminated by my entrepreneurial status.
All the financial advice I’d received went out the window when I was no longer drawing a salary. My ability to buy or even rent a place to live got super complicated, and the employment benefits I’d so taken for granted – health insurance, life insurance, 401k – were gone.