You might remember your parents teaching you about the need for a rainy day fund, but many of us haven't quite put it into practice just yet. Sure, the unemployment rate is lower than ever, and even wages are showing signs of growth, but unfortunately, consumer debt is once again on the rise. That means that saving often takes a back seat when it comes to financial planning.
We live in a time of great temptation, with satisfaction just a click away. Still, nothing beats knowing you’re financially secure.
Just as the depression of the 1930’s effected a generation, there is no question that young people today will carry with them the impact of lean times, years of high unemployment and the high cost of their education. That’s why it’s never too late to make saving a part of your routine.
Real estate professionals, including realtors and brokers have noticed a continuous drop in the number of young homebuyers and other first-timers. Generally, Millennials on the house hunt find it hard to come up with sizable down payments, especially when they are still struggling with huge debt accumulated from student loans.