young professionals http://www.wisebread.com/taxonomy/term/12086/all en-US 7 Things Successful Millennials Do http://www.wisebread.com/7-things-successful-millennials-do <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-things-successful-millennials-do" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000057439872.jpg" alt="Group of millennials learning how to be successful" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Who doesn't want to be successful? People spend millions of dollars a year trying to learn how to do it &mdash; whether in business or for their personal lives. (The most popular books on Amazon are, you guessed it, books on how to be successful.) Even successful people scour resources to learn how to be more successful.</p> <p>But for <a href="http://www.wisebread.com/5-facts-millennials-should-know-about-retirement-planning">Millennials</a>, the definition of success &mdash; and the path there &mdash; is a little bit different. Work hard, stay focused, and consider these seven steps for becoming a successful millennial.</p> <h2>1. Invest and Save</h2> <p>Successful Millennials know that if there ever was a motto in life to follow, it should be &quot;Invest and save.&quot; In fact, being young is your best investment advantage. You have time on your side &mdash; and all that time means that your money has the best chance to grow, thanks to the power of compounding. The first place you will probably invest is in your employer-provided 401(k) or IRA; successful Millenials aim to save at least 5%&ndash;10% of their income now, in order to reap big rewards later.</p> <h2>2. Healthy = Wealthy</h2> <p>Successful Millenials know that being healthy not only leads to feeling better, but also to being more successful in all areas of life. Following a consistent workout schedule coupled with eating well is a strong recipe for success. With online tools such as <a href="http://www.youtube.com/channel/UCFKE7WVJfvaHW5q283SxchA">Yoga with Adriene</a>, and cooking sites like <a href="http://www.spoonuniversity.com">Spoon University</a>, there are no excuses for not learning how to eat well and workout on a budget.</p> <h2>3. Learn and Learn Some More</h2> <p>Successful Millennials never stop learning. Forget the fancy (aka expensive) degrees. It's never been easier to follow the old adage, &quot;learn something new each day.&quot; Acquiring new skills will eventually lead to more job opportunities and salary increases. Millennials are also a large part of the new entrepreneur generation that emerged during the economic downturn. Successful Millennials have taken that entrepreneurial spirit on, and dedicated themselves to reading at least one new article a day, investigating new career opportunities, and growing their skill base by utilizing free and low-cost online learning with sites like <a href="http://www.lynda.com">Lynda.com</a> and <a href="http://www.udemy.com">Udemy</a>.</p> <h2>4. Travel Your Way</h2> <p>Successful Millennials don't just sit back and watch life pass them by; they travel, and travel a lot. The world is more accessible than ever, and with good financial strategies to utilize credit card reward points, and lodging alternatives like Airbnb, budget traveling has never been easier. Successful Millennials not only like to travel, but they are far better at balancing life and taking time off to recharge than their older counterparts.</p> <h2>5. Perfect Your Passion</h2> <p>Successful Millennials charge head first into developing their passion and never look back. There are so many career options that didn't exist even a few years ago. YouTube stars are making six-figure salaries, bloggers are traveling the world and making a solid living, entrepreneurs are launching ideas funded with startup money that is now more accessible, and new careers are emerging in areas of social media and marketing. The most successful Millennials find a way to infuse their passion into their career, and if that career doesn't exist, they simply create it.</p> <h2>6. Give Back</h2> <p>Successful Millennials love to make money, but more than anything, they love to give back and affect change. Millennials love to find ways to better society, such as companies like <a href="http://www.toms.com">Toms</a> that donate a pair of shoes for every shoe purchased, or entrepreneurs like <a href="http://www.detroitdirt.org">Detroit Dirt's</a> own Pashon Murray who makes money by giving back to her growing community. Successful Millennials know that giving back is not just about money, but also about offering skills and talents that can change their community in new and inventive ways.</p> <h2>7. Redefine Wealth</h2> <p>Successful Millennials understand that the old-school definition of wealth no longer exists. The 1980s version of wealth, with BMWs and classic clothing, bores successful Millennials. For them, wealth is about all of the steps in this list. It's about creating a life and a lifestyle that infuses their passions, skills, talents, mindset, and vision of the world together to create a better financial future. Successful Millennials know that no matter how much (or how little) money you have, you can always be wealthy if you've created a life as true and original to you as possible.</p> <p><em>What steps are you going to take to become a successful Millennial?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/shannah-game">Shannah Game</a> of <a href="http://www.wisebread.com/7-things-successful-millennials-do">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-millennials-have-changed-money-so-far">6 Ways Millennials Have Changed Money (So Far)</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/21-things-that-young-adults-absolutely-need-to-know-about-money">21 Things That Young Adults Absolutely Need to Know About Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/its-the-21st-century-why-is-your-money-stuck-in-the-20th">It&#039;s the 21st Century — Why Is Your Money Stuck in the 20th?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-leave-college-without-making-these-5-moves-for-financial-success">Don&#039;t Leave College Without Making These 5 Moves for Financial Success</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/financial-tricks-to-master-for-a-happier-life">Financial Tricks to Master for a Happier Life</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance career entrepreneurs investing millennials success young professionals Tue, 04 Aug 2015 13:00:15 +0000 Shannah Game 1507541 at http://www.wisebread.com Why Roth IRAs Are Ideal for Young Professionals http://www.wisebread.com/why-roth-iras-are-ideal-for-young-professionals <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-roth-iras-are-ideal-for-young-professionals" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/young professionals.jpg" alt="young professionals" title="young professionals" class="imagecache imagecache-250w" width="221" height="240" /></a> </div> </div> </div> <p>The sooner you start saving for retirement, the more time you have to save for it and the greater the likelihood that you will have a large nest egg. Young professionals (20s and 30s) who make a decision to start saving for retirement can do so in many different types of savings and retirement accounts.</p> <h3>Financial Challenges for Young Professionals</h3> <p>Most young professionals are still becoming established in their career, so their incomes may fluctuate. For those who are single with no children, they are being taxed at the most disadvantaged tax filing status. So theoretically, they pay more in taxes. For others who decide to get married and start a family, they have to deal with expenses such as wedding costs, larger living space, more vehicles, childcare expenses and other expenditures. This is also a time when people begin making payments on college loans.</p> <p>When it comes to saving for retirement, young professionals need a way to <a href="http://www.wisebread.com/retirement-accounts-and-money-to-spend" title="save for retirement">save for retirement</a> that will allow them to have great flexibility and as many tax advantages as possible.</p> <h3>Roth IRA Flexibility</h3> <p>A Roth IRA may be the answer for most young professionals. You can go online and open up a Roth IRA in a matter of minutes. Whenever you choose you can contribute money to it. You can contribute up to $5,000 per year or up to your taxable income for that year, whichever is smaller. Money in a Roth IRA grows tax-free and can be withdrawn tax-free.</p> <h3>Roth IRA Tax Advantages</h3> <p>Unlike most other retirement accounts, if a young professional wanted to withdraw money that they contributed to their account, with <a href="http://www.rothira.com/learn/rules.php">Roth IRA rules</a>, they can make tax-free withdrawals at anytime. This is huge, because withdrawing money from most other retirement accounts before age 59.5 will leave you with a 10% tax penalty along with being taxed as ordinary income. If the money that was contributed to the Roth IRA has any earnings like interest, dividends or capital gains, this money can be withdrawn after a seasoning period and justification period. The simplest seasoning and justification period is reaching age 59.5, but there are other seasoning and justification periods such as becoming disabled or being a first-time home buyer. So when you go to purchase your first home as your primary residence you can withdraw up to $10,000 of earnings tax-free. All of these tax-benefits are not available in any other retirement vehicle, so the Roth IRA is an ideal retirement account for young professionals.</p> <p>Saving for the future can be a difficult task, especially while you are in your 20s and 30s. Therefore, you need as much flexibility and tax-advantages as possible. A Roth IRA can be the retirement account of choice for most young professionals.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/debbie-dragon">Debbie Dragon</a> of <a href="http://www.wisebread.com/why-roth-iras-are-ideal-for-young-professionals">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-set-up-an-ira-to-build-wealth">How to Set Up an IRA to Build Wealth</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-your-ira-beats-your-savings-account">4 Ways Your IRA Beats Your Savings Account</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/choosing-a-retirement-account-whats-available-and-what-s-best-for-you">Choosing a Retirement Account: What&#039;s Available, and What’s Best for You?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-important-things-to-know-about-your-401k-and-ira-in-2016">5 Important Things to Know About Your 401K and IRA in 2016</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-calculate-future-value-and-why-it-matters">How to Calculate Future Value, and Why It Matters</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Investment Retirement retirement accounts Roth IRAs young professionals Fri, 07 May 2010 12:00:04 +0000 Debbie Dragon 46145 at http://www.wisebread.com