7 Financial Don’ts for Every Millennial

Here are the seven things that millennials should absolutely stop doing to get their financial plans on track.

Woman holds up her hand to signal STOP.
(Image credit: Getty Images)

How time flies. The oldest millennials are turning 40 this year, a big milestone for many reasons – including financial planning.

Despite working through the Great Recession and the COVID-19 pandemic, many millennials are making solid strides in their finances. Bank of America’s recent Millennial Report shows that 73% of millennials are actively saving and one in four has accumulated more than $100,000. On the flip side, the survey found that 27% are not saving at all. And more than three-quarters are weighed down by debt, with one in six millennials owing $50,000 or more, excluding home loans.

Whether you are on the right track or need some help getting started, it’s good to have a plan in place. Here are seven things to stop doing so our fellow millennials move in the right direction:

Patricia Sklar, CPA, CFP®, CFA®
Wealth Adviser, CI Brigthworth

Patricia Sklar is a wealth adviser at CI Brightworth, an Atlanta wealth management firm. She is a Certified Public Accountant, a CERTIFIED FINANCIAL PLANNER™ practitioner and holds the Chartered Financial Analyst® designation.  Sklar uses her CPA and investment background to help develop and implement financial planning strategies for high-net-worth and high-income earning individuals.