7 financial tips for millennials and centennials – Entrepreneur
The consequences of the COVID-19 pandemic are still dire: employment has not returned to pre-pandemic levels, income losses have exacerbated poverty and food insecurity in many countries. In addition, it is estimated that economic growth in Latin America, including Mexico, will decline by 2.9% in 2022, so it will take a long time for much of the region to fully recover and return to pre-pandemic production levels, reveals the World Bank in its World Economic Outlook: Latin America and the Caribbean .
The year 2022 will be moved, there will be turbulence in the markets because the impact of the pandemic will be felt more strongly on inflation, on the loss of purchasing power and on the lack of employment.
In fact, according to the study, centennials and millennials are the generations most affected by the pandemic of the Kantar consultancy, adults belonging to the Centennial (18-24 years) and Millennial (25-34 years) generations are feeling more severely the impact of the pandemic than any other generation, as 35% of centennials and 37% of millennials say they are very concerned about the situation; More than half of millennials (52%) and 49% of centennials (also called Generation Z) say they have already experienced an impact on their household income, while 26% of young people between 18 and 34 years old of age mentions believing that it will be affected in the future, more than other generations believe.
Faced with this scenario, Julio Chauvet, general director of the Aprende Investiendo trading academy, highlights that even when everyone’s financial situation has been affected differently from the pandemic, the truth is that for many people it has also represented the opportunity to assess your financial situation and prepare for uncertainty. “Speaking of money and personal finances, in your hands is the opportunity to enter 2022 without fear, so the ideal is that at the time of receiving your Christmas bonus and other end-of-year compensation you firmly commit to creating an emergency fund , to generate additional income or to look for investment alternatives, whose returns allow you to conserve the value of your money over time ”.
We share seven tips that will help you not to run out of money and improve your personal finances in 2022:
1. Eliminate preconceptions about money. There are various misconceptions such as that money is bad, that it is immoral to have a lot of money or that the poor will not progress. It is key to eliminate those ideas that have been instilled in us all our lives. We require a mindset or mental programming of business, abundance, growth and development that helps you see how you can improve in different aspects of …….