6 must-know life lessons for every millennial

The Millennial Generation (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. As a millennial, I have had the chance to communicate and engage with different leaders and professionals in their respective fields and I have learned a few things that the Millennial Generation, including myself, can improve on. Millennials that have recently graduated in the past few years will benefit from these tips.

Millennial Generation: Your Reputation is Priceless, Don't Damage It

As Warren Buffet quipped, "it can take 20 years to build a reputation and only five minutes to ruin it." Over time, your reputation is highly valuable in the business world. You can think of it as an invisible key that has the ability to open or close doors in your career. A Burson study quotes a statistic that reputation accounts for 16% of a corporation's value. It is no different for individuals and for the millennial generation jumping into the business world, making sure you adhere to certain levels of professionalism at all times is key. Especially in an age where everything is forever recorded and accessible. Once your reputation is tarnished, you can never get it back.

Millennial Generation: Spend 25% Less Than You Make

In general, your rent should be as little as practical given your housing requirements. It is recommended to keep your basic required expenses (rent, utilities, car payment, gas, insurance, groceries, credit card payments, debt payments, anything you pay for every month) under 50% of your take home monthly pay. You should absolutely spend no more than 1/3 of your take home pay on housing. Don't go out and buy a fancy car or an expensive apartment, you will be burdened with debt. If you are able to, you should also invest 10% of your income. No matter what you do, invest starting today. Any amount is better than nothing, especially in your 20's because it has much more time to grow on your way to retirement.

Millennial Generation: Read More Books/Less Social Media

Social Media can be draining, people generally only post what they want you to see and is not a true reflection of their life. Getting likes on a newly posted gym photo just produces a small dopamine surge and adds no value to your long term career goals. It is an ego boost for some, but most are wasting their time if they spend more than 2 hours on social media a day. Millennials should spend more time being creative, innovative, and passionate which are all things that can be curated by reading a full book cover to cover. All the keys to your success lay in the past experience of others.

Millennial Generation: Both the Size and Quality of Your Network Matter

As the creator of a personal finance blog, I have been contacted by like-minded entrepreneurs who are taking strides for success and paving their own paths. Many people do not make an effort to value networking. It's who you know more than what you know, that gets you ahead in business. My experience, more times than not, was that the individual who got the job was partially due to networking. Making connections is crucial in the business world and in life. Meeting and staying connected with many people and investing your time to maintaining these relationships is important.

Millennial Generation: Voice your Opinion

Don't be scared of the world as a new millennial to the workforce. If you have issues with management, culture or your role & responsibilities, speak up. Do not trash talk, or tell a co-worker about your problems because that might ruin your reputation. Having basic communication skills is an important asset to have in the business world in order to effectively communicate your concerns and the aids in your ability to shape your own destiny.

Millennial Generation: Pick Up the Phone

Don't hide behind your computer. Pick up the phone if your job requires it rather than sending a tedious email you can get the answer to in seconds. It should be your first instinct, not last, to talk to a real person and source business opportunities. And when the Internet goes down... stop looking so befuddled and don't ask to go home. Don't be shy, pick up the phone.

If you want more career tips for millennials you should head on over to Millennial Money Guide.

RELATED: Don't waste money on these purchases

Top 5 worst purchases you can make for your financial future
See Gallery
Top 5 worst purchases you can make for your financial future

"The main point is buying a home is nothing more than a savings account. It's not an investment that will consistently make you money. Meaning you're most likely sacrificing millions of dollars down the road because of your home purchase. Think about that before you commit to a 30 year mortgage and $250,000 on a house as a young adult."

Credit: Take Your Success

"Who wouldn't want to buy a brand new $30,000 car with a sleek design, flashy wheels, exquisite interior, and new car smell? I know I would. But buying a new car is like buying a stock on its worst trading day of the year. Because a new car value drops 11% the second you drive this shiny toy off the lot. That 11% loss is nothing to take lightly. Then when you add the interest rate to the car loan, things only get worse."

Credit: Take Your Success

"Buying a boat, motorcycle, RV, small plane, etc., is undoubtedly the wrong move to make as a young adult in your 20s. Save that for later when you're financially free and have more money to throw around."

Credit: Take Your Success

"Look, I get it. Fashion is trendy, it's cool, and it inspires confidence... But there's a difference between looking presentable and balling out at the mall like you're on a mission to spend as much money as possible." 

Credit: Take Your Success

"Since they get worn down and lose value with each step, shoes offer weak long-term durability and that's why they're a worse purchase than clothes. You can at least resell clothes and sometimes get 50% of the purchase price. But it's extremely difficult to recover money from selling used shoes. It's best to think of your shoes like you would your car, just a resource to get you from point A to B."

Credit: Take Your Success


Read Full Story