Personal Finance Column
The Bank of Mom & Dad is busy these days.
Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.
All told, that adds up to $253 billion worth of financial assistance.
Oct 10 For millennials, feeling like an adult may no longer be about starting a family and buying a house, but rather landing a job and not asking mom and dad for allowance anymore.
A new Bank of America Better Money Habits report, released Oct. 6, found "financial independence" was the top priority of about 40 percent of the 18-26 year olds they asked to define adulthood.
Until a month ago, Andrew Lampert was moving up the career ladder in New York City as a pricing manager at an auto parts company.
Now, national parks are what Lampert, 28, and his girlfriend Elise Murphy, 24, call home.
“The high cost of New York City can make it seem impossible to get by without an income and money on top,” Lampert said. “I’m staying in national parks for free, cooking on an open campfire – no rent, no cable, no utilities."
Nearly a decade after electronic readers revolutionized how people read books, paperbacks and hardcovers have become cool.
"It is like a hipster movement to get back into reading," said Trish Caudill, manager of Books-A-Million in Corbin, Kentucky. "It's almost cult-like."
Remember those days when one of a mom's biggest challenges was getting out of a store without buying a toy for a screaming child?
While online shopping may eliminate in-store tears from kids, the Internet is prompting more millennial moms to make expensive online impulse purchases.
According to BabyCenter.com, 53 percent of moms feel overwhelmed trying to create the perfect life for their children. Almost half of those mothers, some 46 percent, have gone into debt as a result.
Ignorance is not bliss when it comes to one big number for millennials: their net worth. The vast majority of millennials (73 percent of those 18 to 34) have no idea what they have versus what they owe, according to a new survey from Harris Poll conducted for online money manager Personal Capital (personalcapital.com).
Debt may be a drag for millennials, but apparently not as much as cooking their own dinner. A survey from Citizens Bank found that fewer than half (47 percent) of millennials, those in the 18-35 age group, who are college graduates, would be willing to limit their online food delivery in return for reducing their student loans.
Ian Wishingrad may only be 30 years old, but he already considers himself an investing veteran. So when the market began to swoon in early 2016, he kept his cool. It certainly helped that Wishingrad had someone to hold his hand. He works with a financial adviser to diversify the assets he has accumulated as he expands his creative marketing agency, Bigeyedwish.com.
Sasha Amini is planning quite a spread for Sunday's Super Bowl. The 26-year-old, who works in sales at a financial company in McLean, Virginia, will spend at least six hours in his backyard smoking a smorgasbord of meats, including brisket and ribs, to feast upon during the match up between the Denver Broncos and the Carolina Panthers.
Twenty-eight year old Margaret Davis was making nice money as a writer in the legal department of a big pharmaceutical company in New York. She liked her coworkers and enjoyed the job on a day today basis except it was not going anywhere.