Is it the ability to live in a fantasy world versus the reality that shows a record amount of unmarried adults today in their 20’s and early 30’s ?
Today’s young men and women are independent, college educated, and unmarried versus earlier generations of American men and women in their age group. If the trends continue in the current direction according to a recent Pew Research report, one in four will never ever get married. The biggest reason given by this age group for not getting married was not being financially ready.
Women were especially concerned about tying the knot because of financial concerns. As salaries and wages continue to rise for young women, why is it that their financial footing may not be in such great shape?
Budgeting – This is the most educated and digitally connected group in the workforce, yet there is little to no formal training on how to manage a household budget. More often than not, there is not a check and balance system for shopping, travel, or dining and entertainment on a monthly basis. Many of this group came of age watching Sex And The City and today are trying to live that lifestyle.
Cocktails and Dining Out – From practical experience, I’ve noticed those who are single tend to eat home less. The trend of eating organic along with meeting friends out for weekly dinners has skyrocketed the cost. You would think that buying an extra cocktail or two would not impact a budget. Eating out for lunch and dinner 6 or 7 days a week can destroy monthly savings.
Ignoring The Latte Factor – David Bach coined a term in his book Finish Rich called “the latte factor”. It is the simple idea that the small trivial things we spend on everyday adds up to an extremely large amount over time. The “latte factor” is actually somewhat of misnomer as it covers a lot more than lattes. It can be the candy we buy to snack on out of sheer boredom. Or the cigarettes we buy because we just can’t shake the nasty habit. Or the subscriptions to the magazines we don’t read but are too lazy to cancel. Heck it can even be the miles that we drive to work every day. The latte factor is the unconscious spending on the little everyday things that do not add any value to our lives.
No Game Plan- Trying to be independent they do not want to turn back to Mom and Dad for financial advice. They want the ability to connect with an advisor online and plan for their future. Yet most brokerage houses carry lofty account minimums, where is this generation supposed to go to start their financial future?
Can You Answer Yes to Each of these Questions
Do you know exactly where your money goes?
Do you need support in creating a financial game plan?
Do you have specific financial goals, a comprehensive financial plan, and the ability to measure your success?
If you answer “NO” to any of these then take a few minutes and go to our website and learn about how we can help you create your plan online and available 365/24/7.
The Tannery & Company team acts as your “coach,” supporting you in gathering your information, monitoring your investments, and measuring your progress on your financial life goals.
Our tools will give you a picture of your complete financial life and our team will provide you with personal, technology-enhanced guidance with total transparency. The result will transform the way you understand, manage, and plan for your future.
Take a moment to review them and see how you can become a Financial Olympian.