817-485-5050 info@schwabagency.com

Life is, among other things, a learning experience. Young Millennials are learning as they grow, but some trends have developed displaying a few consistent financial mistakes.

 

Not budgeting

 

Without effective budgeting we train ourselves to be financially limitless, which can have devastating consequences. Without budgeting we place many facets of our lives at risk, including any savings and the lack of control over debt.

 

Mismanaging credit cards

 

Hand in hand with a failure to budget is credit card abuse. Millennials appear to be consistently making two financial mistakes here: debt-to-credit ratio abuse and not paying on time.

 

Both of these result in lower credit rating scores. Millennials are using their credit extensively, which is not what additional potential lenders and credit providers want to see. Late payments exaggerate the negative impact and credit suffers.

 

Renting instead of buying

 

Millennials are renting far longer, which may be more an indication of the financial status of the nation, but it is having a negative effect on their generation. As the housing markets improve, more Millennials are buying property, but the numbers are still low. In addition, while renting they fail to take advantage of renters’ insurance, placing their possessions at far greater risk.

 

Not saving for retirement

 

It may be easy and understandable for the young to wait on this option, but the longer you wait, the less you accumulate for your retirement. Millennials seem to be waiting longer and placing their retirement at greater financial risk.

 

Passing up life insurance

 

There are no guarantees in life beyond death and taxes. And that first one can happen unexpectedly. Life insurance coverage bought early is far less expensive, especially if you develop serious health problems before you start buying it.

 

For answers to all your Texas insurance coverage questions contact The Schwab Agency, proudly serving clients in the Dallas/Ft. Worth area.

Shares:

The Schwab Agency

The Schwab Agency, LLC has over 20 years of experience within the insurance industry in our community and our goal is to bring you unparalleled service and dedication. Since the majority of our business is through long-lasting relationships with our clients, fulfilling your needs is of the highest priority.

COVID-19 Update:


Due to new increasing cases of Covid-19 our office will be closed to the general public until further notice. Our team will still be working full-time in the office and here to assist with all your insurance needs. Please contact us via phone at (817) 485-5050 or email: info@schwabagency.com.


We hope everyone is doing their part to protect themselves and their loved ones during these hard times, and thank everyone for understanding our decision to do our part to help protect our staff and those in our community.


Tim Schwab.
President and Managing Partner