10 Money Mistakes Millennials Should Avoid (No. 10's a Shocker)

As a millennial myself, I’ve been there. And as a wealth adviser, I’ve seen it all. So, here are the top 10 money mistakes no one (especially millennials) should make.

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Many millennial households are on their way to building substantial wealth. They are saving 20% or more of their paychecks, investing in 401(k) accounts, and keeping their debt levels low. But others, even those with good educations and solid careers, are making financial mistakes. And some are making them over and over, digging a hole from which it may take years to climb out.

The coronavirus pandemic (COVID-19) has certainly impacted our health and our way of life in an unprecedented manner. The virus has also impacted the global economy, stock and bond markets, and for some, even their employment status. The coronavirus is very serious and very real, and for millennials, the stakes have never been higher.

Millennials can still help themselves over the long term by avoiding several key errors. As a wealth adviser by trade, and more importantly, as someone actually of this generation who has personally gone toe to toe with many of the financial challenges often faced by millennials today, here are the 10 most common millennial money mistakes I’ve witnessed:

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Tom Presley, CPA, CFP®
Partner / Wealth Adviser, CI Brightworth

Tom Presley is a Partner and Wealth Adviser at CI Brightworth and focuses his time on developing and implementing comprehensive financial strategies for high net worth and high income earning individuals. A Certified Public Accountant and a CERTIFIED FINANCIAL PLANNER™ practitioner, Tom is a member of the fee-only National Association of Personal Financial Advisors (NAPFA). He and his family live in Marietta, Ga. Tom enjoys sports, history, music, travel, theater and cooking.