Top Quality Money Management for Millennials PLR Report
In This PLR Report You’ll Get Money Management for Millennials Report With Private Label Rights To Help You Dominate the Money Management Market Which Is A Highly Profitable And In-demand Niche.
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Here Are The Titles Of The Money Management for Millennials PLR Report
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Money Challenges Millennials Face
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Create a Budget the Easy Way
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Use Automation and Technology
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Simple Savings and Investing Tips
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Money Mistakes to Avoid
Here’s A Sample Of This Money Management for Millennials PLR Content
When it comes to learning about money management, millennials are forging their own way for good reasons –the main one being that things are totally different now than they used to be. The fact is, millennials face completely different financial issues than the generations before them.
Millennials are defined as the individuals born between 1981 and 1997, and are also known as Generation Y. This generation is the largest generation. They are very diverse, as only about 40 percent of them identify as non-Hispanic whites. They are more likely to get married later in life, and they like to live in metropolitan areas rather than in rural areas. Additionally, they’re not as drawn to materialistic trappings as their older counterparts. However, that may be due to the money challenges that they face.
Money Challenges Millennials Face
Gen Y faces hard realities when it comes to student debt, low wages, high rents, and the high cost of health insurance and health care today. Thankfully, even with these challenges, millennials overall like managing their personal finances and are confident about their ability to do so, even with the frustrations mentioned.
Statistically, millennials are saving more for retirement than past generations. They have learned from watching their parents burn through their own retirement savings during the Great Recession. In fact, according to the TransAmerica Center for Retirement Studies, 70 percent of millennials started saving for retirement around the age of 22.
They are also saving money for other reasons and tend to dislike using credit as much as their parents. The main problem isn’t willingness – it’s low wages. Due to this fact, they need to save more than the average of 8 to 10 percent of their salaries each year to ensure their retirements are safe. Because unlike past generations, millennials aren’t relying on the government to provide that retirement, since they are overall very distrustful of the government.
Even with all the positive information that the research shows regarding millennials and money in terms of their knowledge and desire to use money wisely, the importance of both retirement savings and emergency fund savings for this generation must be stressed. Having an emergency savings will ensure that Gen Y can avoid raiding their retirement accounts like many of their parents had to, due to high consumer debt and low short-term emergency savings available for them.
Every smart money decision you make starts with creating a realistic budget, so let’s look at that next.
Createa Budget the Easy Way
Many people think creating a budget is a long and challenging process. But the truth is, a budget is just a plan and guideline that you follow to ensure that you end up where you want to be financially. Without a budget, you may make choices based on erroneous assumptions. With a budget, you can make financial decisions based on reality.
Add Up Your Income
Your budget starts with your income. You need to know how much money you actually have to spend each month. You can add up your gross income, or your net income if you remember only to budget the money you really have access to.
For example, if you have your own business and your income is $50,000 a year after business expenses, you still have to pay taxes (including self-employment tax) from that, which means you don’t have $50K to spend. Knowing what you really have left to spend will help you make better choices.
Subtract Your Expenses
This is where you take away the expenses such as rent, credit card payments, utilities, and so forth from your spendable income. Everything you spend each month, from coffee to your mortgage, goes into the category of expenses. This is going to tell you if you make enough money to cover those expenses.
Organize Your Expenses
Once you have added up all your expenses, one good thing to do is to separate and organize your expenses based on the type of expense. Some expenses are essential and fixed, and some are essential and flexible.
For example, your mortgage is probably a fixed expense that you cannot control once you buy the house. However, the amount you spend on utilities can be a flexible expense even though it is an essential one. Also, some expenses are only periodic. For example, you only pay your property taxes yearly and these are not usually very flexible.
You’ll also want to organize all your non-essential expenses, which can be flexible and periodic as well as fixed, just like essential expenses. However, they’re not needed for you to stay alive, so they are considered non-essential. They are classified as wants.
One example of a need is a healthy dinner, but the type of dinner you choose to have, if it is more than what is essential for your health, should be classified in your mind as a want.
Please Note: This is only snippet of the content so you can see the quality of the PLR report.
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Download File Size – 77.3 MB
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10 Email Messages (Text Format)
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Total Word Count: 5081 Words
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Word Doc Format – Source File
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Text Doc Format – Source File