Millennials have redefined the meaning of work as we break away from the corporate trends of generations past. In fact, a 2015 Deloitte report found that 54% of Millennials had started or had planned to start their own businesses by year-end. Countless personal finance articles offer retirement planning advice for our generation, but the guidance doesn’t always apply to the more than half of us that will seek self-employment rather than a traditional career track.
A recent Motley Fool article explored how young people manage their finances for the future and found that we are “at a real risk of outliving retirement savings.” While this is true for our generation across the board, young entrepreneurs require more tailored financial advice to build personal wealth and reach financial security.
In my experience working in a family-owned business and advising Millennials, I’ve seen first-hand the challenges young entrepreneurs face in trying to balance their personal life and wealth while reaching goals independent from the companies they run. To help our growing group of fellow entrepreneurs, I’ve compiled my top 5 personal finance rules for Millennial moguls looking to avoid the Motley Fool prediction.
Hire Professional Advisors
As a financial advisor, I know Millennials procrastinate when it comes to hiring financial professionals. While the American Psychological Association ranks finances as the top stressor among Americans, we tend to avoid the things that most affect our wellbeing. Just like avoiding the doctor when you have a nagging cough, seemingly benign financial problems left untreated can cause heartache down the line.