Millennials get a lot of slack for being lazy, entitled and broke, but like any other stereotype, not all millennials are doomed to live in their parents’ basements until they retire from, well, not working. In fact, Christine Romans of CNN Money says that with a few easy tips, working millennials may be millionaires by the time they retire, and they won’t even have to invent a social network to do that. (Although, let’s be real, that never hurts.)
1. Start saving and investing early. A good way to do this? Live below your means. I know, I know, student loans, brunch, wanting to travel so you can pretend you’re interesting, blah blah blah. All that doesn’t mean you can’t set aside just a little bit of cash for later on. Romans recommends investing $5,000 a year starting at age 25. That’s not necessarily realistic for everyone since, well, not everyone is even earning that much in a year, but if you can, then why aren’t you? (Also, it’s generally good to live below your means just in case shit hits the fan and you may be unemployed for a while or have some other traumatic event that costs money.)
2. We say this all the time for a reason: If you have a 401(K), for the love of Gerard Butler, use it. Seriously, if your employer matches your contributions, that is free money. Why aren’t ypu taking it?!
3. Got a raise? Invest the difference. Or at least part of it. Romans recommends investing at least half of your bonus or increase, then using the other half on whatever you want. Like student loans, brunches, or traveling to pretend that you’re interesting.