Millennials share their top three overrated personal finance tips GlobeMoney
Shoppers are seen at Toronto Eaton Centre in Toronto on Dec. 26, 2019. Lockdown has thrown most of what we know about life out the window - including golden rules for personal finance.Life under pandemic lockdown has upended many things we take for granted, including the golden rules for personal finance. Gone are the days — if they ever existed — when cutting back on lattes was the key to financial freedom and staying away from avocado toast was a one-way ticket to home ownership.
In an effort to increase her income, she enrolled in classes with the CFA Institute and set the objective of earning six figures by age 25. Focusing on income, she says, has offered her far more financial security and freedom than stressing over expenses: “Truth not told is that it’s better to focus on increasing the cash coming in instead of worrying about cash going out,” Ding says. “I can save money, but at the same time, I can enjoy life as well.
The daughter of two immigrants, Enriquez says it was drilled into her that university would be the path toward prosperity. But at 18, she had little idea of what she wanted to do with her life. Like many others, she settled on a major that fulfilled her personal interests , rather than any precise career goals. These interests quickly changed, however, and over the course of five years at McMaster University, so did her major — twice.
“Everyone I know is either paying off their student loans or paid them off like, not that long ago,” she says. “So many people working in restaurants in the service industry have university degrees, and now they have to pay off their tuition or their student loans with a low-paying job that isn’t even using what they paid for.”
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