Millennials & Money : Breaking the Cycle of Debt

Can you believe that we are speeding towards to the most costly time of the year?   On average, Americans spend about $50 per Thanksgiving meal, which doesn’t seem like a whole lot, however,  that is just the beginning.  November is the month before the biggest spending holiday season of the year, and it is one of the most expensive months for credit cardholders. 

Podcast guests Pamela Capalad, a Certified Financial Planner and owner of Brunch & Budget, along with MC Dyalekt, a rapper, and entrepreneur who teaches students hip-hop and finances via Pockets Change will discuss how millennials can start creating a life of financial independence now.

 

 

 

Scary Statistics: 

Older Americans are taking on a greater share of debt than in years past. Those ages 60 and older held 22.5% of total household debt which is likely due to mortgages, however, we are also shouldering more student loan debt than in the past, for their children and grandchildren.

There were nearly 2 million borrowers between the ages of 50 and 64 who took on “Parent PLUS” loans, the loans the government offers parents, in 2015, up from about 1 million in 2005. Another 200,000 borrowers over the age of 65 also have them.

The average American couple has only $5,000 saved for retirement, and only a third of working Americans are saving money in an employer-sponsored or tax-deferred retirement account which is now under consideration with the White House administration’s new tax plan.

For millennials, the financial habits you put into place now can help you (or hurt you) for the rest of your life. Learn how to become money-savvy, and you’ll enjoy years of financial happiness down the road.

 

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