Economic Advice for Millennials in 2016
The Fermanian Business & Economic Institute at Point Loma Nazarene University recently issued the 2016 economic outlook report. Chief economist Lynn Reaser offered a rosy (albeit cautious) forecast for the San Diego economy, slightly higher interest rates and expanded hiring. Additionally, the report included a small segment on action steps for students and millennials in 2016. I thought the comments were of interest and worth sharing with others. Among the suggested actions Dr. Reaser offered were these points:
Manage your student debt
“Spending to expand your knowledge base and skills should be one of the most valuable investments you ever make. Approach student debt cautiously, having a clear plan in mind with a career path that will enable you to pay off your loans in a timely manner.”
Move actively to find a job after graduation
“Finding your first full-time job is hard work, although the 2016 market for new graduates should be much improved over past years. The first year after graduation is generally not a good one to delay the job search with an extended period of travel or leisure. There will be opportunities for those activities later.”
Find a long-term advisor
“Someone with greater experience can provide critical guidance throughout your career. Find someone you respect, including your boss, and learn as much as you can by listening, observing and seeking feedback.”
Do not be a job hopper
“No job is perfect and there will always be frustrations in every position. Loyalty and perseverance will deliver significant rewards over time, while a resume filled with a plethora of short-term positions can be a red flag for potential employers.”
Learn to invest
“Young people are often counseled to increase their savings, but with interest rates at meager levels, they also need to learn how to invest for the long-term. Many online and other resources are available and it is important to understand stock, bond and other markets and initiate an investment plan.”
These all represent the wisdom and experience of a respected economist whom I count as a good friend and a valuable asset to the San Diego community. SDCCU also offers some of the best in financial education and money tips. For information on educational seminars offered throughout the year, visit sdccu.com/seminar.
View clips of recent seminars on the SDCCU YouTube Channel.