The age group may not like buying big-ticket items, but they can benefit from early investing behavior.
After living through the Great Recession and dealing with student debt, the millennial generation have developed their own way of planning finances and spending their money. Their decision to invest now or invest later can have great dividends later on.
Entrepreneur Network partner Phil Town describes some of the unique behaviors that set millennials apart in their spending behavior.
Millennials would rather spend their money on a trip to Europe or a concert, rather than on a nice car or living away from their parents — or to put it another way, millennials are presumed to spend money on experiences rather than possessions.
Millennials are also known to splurge on convenience items, according to Town, spending more money on transportation and eating out more often than other age groups.
Some of these habits can be extremely helpful down the line, though it is also important that millennials set aside a portion of their income for investing in their future. With a few years head start, Town emphasizes that early investments will have great reward.
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