Do you truly know if you are doing ok financially? Well, according to a new survey conducted in October 2013, if you’re a millennial, just ask a friend. Millennials, reportedly, rely on friends’ financial habits to determine their own.
“Nearly three quarters of 25- to 34-year-olds look to their friends’ financial habits to determine their own,” the survey, released by the American Institute of Certified Public Accountants and the Ad Council found. “Two-thirds say they’re stretching to keep up with where their friends live, where they go to eat, what they wear, and what gadgets they carry.” But keeping up doesn’t keep you from falling behind. The survey also suggests:
•40% still need money from mom, dad or other family members to make ends meet
•42% used a credit card to cover necessities in the past year
•34% were contacted by a bill collector in the past year
•25% missed a credit card or other debt payment
Along with these results, the AICPA and Ad Council launched a new series of Feed the Pig public service advertisements to help young women forge their own path to financial security. According to the Feed the Pig, “too many people adopt a ‘tomorrow’ attitude when it comes to their money. Or worse, they panic because yesterday has already come and gone, leaving in its wake a whole lot of shoulda, coulda and woulda.”
In an effort to become more financially stable, FTP offers the following tips:
Step 1. Budget your money…because planning is the new spending.
Step 2. Set your goals…it’s how realists make financial dreams come true.
Step 3. Get smart about spending…i.e., avoid overspending and employ comparison spending.
Step 4. Give Uncle Sam his due…with the no-grumble guide to paying taxes.
As many of us tend to share our financial stability only with our closest friends, I find this survey to hold some validity. I have often times heard stories of the amount of debt carried by some of my girlfriends and have cringed thinking, “Well, my debt isn’t as bad as theirs.”
I have also felt that I was at the time of my life where I should own a home because some of my girlfriends owned homes; I was in my 30s and that is what single girls in their 30s did. They became homeowners! le sigh
So, I have made decisions and have had financial epiphanies based upon where my friends are financially as well. However, here is a nugget of advice. If you are going to compare yourself financially to someone else, sit closer to that girlfriend who is debt-free and/or working towards it, even if she isn’t dining out every evening, wearing a designer shoe or traveling internationally…..yet.
Also On Black America Web:
This Week’s Celebrity Instagrams (10/15-10/21)
31 photos Launch gallery
1. Just a NY girl with BIG dreams....
1 of 31
2. HAPPY CHILDREN=QUALITY PARENTING. We don't always see eye to eye on everything and that's normal. We're human beings. But we come together and do it right for what's important, the kids. We are not enemies, we are parents. And we are parents 1st. S/O to @monyettashaw for making Mason's bday memorable. S/O to @itscrystalsmith at home taking care of our other lil' Prince. ❤️❤️❤️ THIS IS WHAT CO-PARENTING LOOKS LIKE. #Blessed #Happy #AboveTheDrama #BiggerThanUs
2 of 31
3. So happy to finally be able to share with you all that I’m the new Global Brand Ambassador for @Revlon! Follow my day on RevlonSnaps. Yay! Choose Love, Everybody! #RevlonXCiara #chooselove #ad
3 of 31
4. Glam on point!!!@makeupbymotoko & @shaylinjoneshair #easybreezy @lifetimetv #beachesmovie #january2017 😘
4 of 31
5. ✨True love ✨📸: @jessiemarrerophotography
5 of 31
6 of 31
7. Today was not easy..but by the grace of God we all got through it. Words cannot express our gratitude for all of your Prayers, Positive thoughts and Support for us throughout the years. Tommy will be missed but most certainly never forgotten...And PLEASE don't ask "Where's Martin?.." he was there too...just not in this picture. Lol! God bless you all.. #LoveConquersAll #MartinShow
7 of 31
8 of 31
9. West coast get ready for #RockyHorror. I will be live tweeting again. #letsdothetimewarpagain
9 of 31
10. #THEKEYS pre order yours now ... Available everywhere #NOV22 #WeTheBest 🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑
10 of 31
11. We about to ROCK at #KCABlackBall!! All for our life-changing effort to end 🌎 AIDS.
11 of 31
12. Today's #SNAPJACK is brought to you by @yazzthegreatest 😂😂😂💋💋💋
12 of 31
13. Damn girl you kinda old to be headed to the Go Go. You coming in at the age they leaving. LMAO
13 of 31
14. Daddy daycare B-Boxin with @acewellstucker @shopraisingace
14 of 31
15. #FBF Naviyd & URV "LIL MONSTERS"
15 of 31
16. HAPPY BIRTHDAY TO ONE OF THE BIGGEST LEGENDS IN OUR HIPHOP HISTORY! @snoopdogg CONTINUED BLESSING AND LOVE FAMILY!!!!! REAL OG!
16 of 31
17. Thank you for a beautiful night VSU! Let's do it again! #HOMECOMING
17 of 31
18. Had a great time this morning with my familia Erica, Griff & Truth!!
18 of 31
19. Check out my interview on @essence facebook live. #inmyownwords #nycpromo #day2
19 of 31
20. #She💋 #tbt #TheCoveAtTheAtlantis #DawgPawsAndAll
20 of 31
21. Bae #retailtherapy
21 of 31
22. Why me and @coryhardrict got the same pose... and notee... new mouth #naked
22 of 31
23. When my husband is my personal 'hype-man'! it kills me every time! 💜😂 #WHATNOW #lostfiles📷
23 of 31
24. Diggy Simmons
24 of 31
25. Hand full of @jacquieaiche 💙💎💍 @esnail_la 💅🏾
25 of 31
26. SuperSoulers! You can watch my interview with Carl Lentz live from my Facebook page, tomorrow at 11a ET| 8a PT. #SuperSoulSunday
26 of 31
27. 💋 .. When the friendship is easy like Sunday morning. ☀️
27 of 31
28. Sunday mornings are the best........... hugs and cuddles with my angel
28 of 31
29. #huggar16 #hellohuggars
29 of 31
30. My gym is everywhere!.. #RnBMoney #TheGeneral 📸: @twelvepastseven
30 of 31
31. Nothing I would rather be doing... Rocko setting up our movie, Romelō working on a puzzle & Laiyah singing and sharing all she's learning at school... I'm so grateful for the joy they've brought into my life ... Praying for peace , joy & love in the home of EVERY family ♥️ #HeadScarfPJSunday LOL 😂
31 of 31