There's something like the "you can’t have your cake and eat it too" aspect of millennials and their finances. Most expect to have a great retirement at 56! It may be hard to do because collectively, they owe a trillion dollars in student loan, credit card and other debt, and love buying lunch every day and running up hefty bar tabs.
“If they need a million dollars to retire, I ask ‘how much money do you have now?’ If the answer is $10,000 --- then we have some work to do!”
What happens when the unexpected happens, like they lose their job or become ill? Moraif answers,
“Three to six months of emergency funds to handle their daily expenses should be saved in an easy-access account.”
Moraif says it's do-able, but eating out a lot, going to concerts and buying the latest iPhone may not be part of the plan! Moraif’s day-to-day advice is,
“Always remember TOMORROW, when you spend TODAY. Will you be happy tomorrow that you spent $5 on a cup of coffee?”