Like pretty much everything right now, this recession is unprecedented. And it’s amplified the inequalities that already existed for different groups in America. Including millennials, whose incomes still hadn’t recovered from the last recession. Before anyone had heard of COVID-19, millennials already had less wealth than previous generations did at the same age.
And it also puts millennial women – who already earned less, carried more debt, and were less likely to save and invest than men – at even more of a disadvantage. Recent LinkedIn data found that millennial women have been getting a smaller number of available jobs. It’s even worse for women of color, who had fewer opportunities to build wealth as White women.
Yes. Just because you’re starting from behind doesn’t mean you have to stay behind. Learning about money – from how the news affects your wallet to how to financially prepare for big life moments – is the first step.
But there’s more we can do. That’s why we’ve created a Memb’rship program that gives you the info, tools, and encouragement you need to get – and stay – on track with your finances. Becoming a Teal Memb’r of theSkimm gives you access to:
An iOS app where you can get a custom, step-by-step plan for prioritizing and hitting all your money goals
A private community where you can connect with other Memb’rs navigating their finances
Exclusive content curated – and sent directly to your inbox every week – to help you make smart money moves
And since we know money is tight for a lot of people, your Memb’rship fee is on us through the end of 2020.
Knowing how much to save is part one of managing your money well. You also need to know what order to tackle things in to put yourself in the best financial position. That’s why – with the help of Certified Financial Planners – we’ve created a goals roadmap. Here’s a sneak peek:
Start an emergency fund. Because sh*t happens. Thanks for the reminder, 2020. Eventually, you’ll want at least three months’ worth of take-home pay saved. But we’ll help you get to one month’s worth first. So you’ve got some cushion if life throws an expensive surprise your way.
Pay off high-interest debt. Credit card debt, personal loans, and anything else with a rate over 9% falls into this category. Interest is expensive. And the faster you get out of debt, the less you’ll pay.
Level up. With your high-interest debt gone (congrats), you can focus on everything else. Think: crossing the emergency fund finish line, paying off low-interest debt, aaaand the fun stuff. Like buying a home, starting a biz, taking a trip or having kids.
You’ve got a vision for what you want your life to look like: where you’ll live, the places you’ll visit, and what you’ll own. We’ve got info and tools that can help you get closer to making those dreams a reality. Let’s go.
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