Being a millennial is tough. There are dozens of negative stereotypes that people are locking onto, massive student loan debts, and mediocre starting wages. Though a lot of those millennial stereotypes are completely false, there still are some important aspects of life that millennials aren’t exactly that well versed on.
Here are three important aspects of adult life that millennials need to focus more on over the next few years:
- Health Care Coverage — When you’re young, you’re invincible — at least that’s how you act and think. In reality, however, you are far from invincible. You’re just as susceptible to contracting various diseases and serious health concerns as anyone else, so you need to make sure you have proper health care coverage. Without quality health care coverage, you could end up spending a fortune every time you visit the doctor, especially if you are in need of major surgery or expensive medication. Inevitably, you will end up struggling financially unless you have at least some type of insurance coverage.
- Finances — Sadly, only 24% of millennials currently demonstrate basic financial literacy, according to a study from the National Endowment for Financial Education. Schools are partly to blame, but at some point the responsibility to understand the various aspects involved with adult finances should fall on the shoulder of the individual. If you don’t know how to fill out and balance a checkbook, properly save money, take care of your loans, and handle all these other essential parts of your financial life, you could be in serious trouble down the line. At the moment, roughly two-thirds of Americans would struggle to come up with $1,000 in an emergency, especially younger individuals. Handling money needs to be at the top of every millennial’s priority list.
- Life Insurance — Similar to the lack of knowledge in terms of health insurance coverage, millennials don’t like thinking about life insurance policies because they are young and healthy. Well, they are only young and healthy at the moment. Eventually, life happens, and they need to be seriously thinking about this important aspect of adulthood.
If you want to learn more about the health care coverage, financial planning, and life insurance, contact a financial advisor right away.