4 OF THE BIGGEST FINANCIAL PROBLEMS FOR MILLENNIALS â AND HOW THEY ARE COPING WITH THEM
Matt Logan|2018If you are a Millennial, odds are you are struggling on one or more financial fronts. Millennials, defined as those born between 1981 and 1996, face a number of financial obstacles that are unique to their generation. What other generations sometimes fail to realize is that these difficulties are not caused by poor judgement or slack work habits on the part of the Millennials, but are instead the direct result of entering the workforce during or after the Great Recession.Here’s a look at four of thebiggest financial problems for Millennials, and the ways they are coping with these challenges:
Image Credit:Smart Asset
High housing prices
The price of home ownership has risen sharply for Millennials compared with past generations. The cost of buying a home has increased 73% from 1960 to 2000 (when adjusted for inflation). A report bySmart Assetfound that home prices are so much higher than average income in some cities that it can take almost a decade to save for a down payment.
How Millennials are coping:Home ownership among Millennials is at an all-time low, according toNBC News. Millennials are delaying purchasing a home, along with other life changes such as marriage and parenthood, in large part due to their financial burdens.
Image Credit:Pew Research Center
Soaring rent costs
Millennials entering the workforce face the highest rents of any generation.Zillowreports that the current average rent in the United States is $1,600, while Gen Xers paid just $850 at the same life stage, according toStudent Loan Hero.
How Millennials are coping:As a result of soaring rent costs and otherMillennial financial challenges, more young adults live at home than at any time since the 1940s, aPew Research Center Analysisfound.In 2014, 18- to 34 year olds were more likely to be living in their parents’ home than with a spouse or partner in their own household.
Image Credit:Business Insider
Crushing cost of a college education
The cost of attending a 4-year private college has more than doubled over the past 30 years, according to the College Board. Costs at public institutions have increased even more, more than tripling from 1988 to 2018.
How Millennials are coping:The high cost of college has left many Millennials with a steep burden of student loans.Business Insiderreports that Millennials who took student loans graduate with more than $17,000 in student loan debt on average. Graduates in the Northeast tend to carry even more debt, averaging as much as $27,000 in student loans.
Image Credit:GoBankingRates
Looming Social Security deficits
Social Security benefits for Millennials are expected to be just 75% of what retirees are paid now. If funding decreases occur as predicted, the average monthly payment in 31 years would be just $1,908. This would leave Millennial retirees so close to the poverty level they may be unable to pay the basic costs of living unless they have their own savings.
How Millennials are coping:Six out of 10 working Millennials have already begun saving for retirement, according to a report byWells Fargo. Millennials will need to save significantly more than workers in past generations, however.Timereports that with inflation rates of 2% per year, $1 million in retirement savings will be worth just $453,000 in today’s dollars and buy less than $2,500 of monthly income for life.
There is some good news when it comes toMillennials and personal finance. Because of compound interest, a Millennial who starts saving 15% of annual income at age 25 will have enough to retire by age 67.If you are a Millennial who would like some help dealing with the financial challenges you face, reach out to financial advisor Matt Logan atwww.MattLoganInc.comor call at (336) 540-9700. We can help you devise a livable financial plan that will allow you to meet your financial goals, including paying off debt and saving for a down payment, while still saving for retirement.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached athttp://www.mattloganinc.com/, 336-540-9700 ormatt@mattloganinc.com.
Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., MemberFINRA,SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice
The IB curriculum is an international curriculum developed by the International Baccalaureate Organization (IBO). It is designed and intended for students from 3-19 years old and is used in more than 140 countries worldwide.
What’s more interesting is that this rigorous curriculum focuses on holistically developing a child, not just their academic or technical skills. Of course, this means that students will learn about global citizenship and community service as they learn their academics. But, aside from that, do you ever wonder about other benefits you could get from taking IB courses?
The Benefits of Each IB Course
The best thing about the IB curriculum is that there are different courses you can take depending on your interest and age while matching your qualifications. And to be more specific, we want you to see the list of courses together with their aims and missions that could benefit you in the end.
IB Primary Years Program
The International Baccalaureate Primary Years Program, or IBPYP, is an educational program that helps prepare students to succeed in their later years of schooling. It’s designed for students ages 3-12, focusing on three core concepts: language arts, social studies, mathematics, science and technology, and the arts.
With this course, you can enjoy the following benefits.
Offers you a great and strong knowledge and skills foundation at the very beginning.
Prepares you and your future by teaching you the foundations you need.
Easy to understand subjects and preparations intended for young learners.
IB Middle Years Program
The IB Middle Years Programme, known as IBMYP is an academically rigorous, internationally recognized course of study for students aged 11 to 16. The curriculum focuses on intellectual, social, emotional, and physical development and includes interdisciplinary activities that encourage a holistic approach to learning.
With this Middle Years Program, you can be a well-rounded, globally-minded student. This course will also encourage your critical thinking, creativity, and communication skills from an international perspective. You’ll encounter subjects ranging from language to science, mathematics, arts, and personal project.
IB Diploma Program
The International Baccalaureate Diploma Program, also known as IBDP, is a two-year pre-university curriculum that prepares students to succeed at and outside the university in their coming years.
There are many benefits to being part of the IB Diploma Program, including:
A challenging academic curriculum that prepares you for university and your future career.
A focus on improving well-being through personal development, community service, and action research projects.
A wide range of elective courses across various disciplines allows you to discover your forte and passion.
All these IB courses could be overwhelming at first, especially if this is your first time. But the good news here is that there areib online tutors who can help you find the right course and let you enjoy the maximum benefits of your chosen course.
Leverage your IB learning through a private tutor!
Each IB course has its benefits. But if there’s a common denominator about these benefits, it’s the fact that the IB curriculum, together with its courses and subjects, can train and improve you holistically. Moreover, if you want to take IB as an opportunity to improve yourself, then getting a private tutor can leverage this by giving you the help you need throughout your journey. Private IB tutors are trained and have proven expertise in guiding and assisting you before, during, and after your learning process.
Relocating from Ohio to Florida represents a significant life transition. Whether it’s the warm weather, career opportunities, or the desire for a change of scenery, Florida has become a popular destination for those seeking new experiences. But, while moving to the Sunshine State is an exciting prospect, it can also be overwhelming if you’re not fully prepared. To help make your transition easier, this guide provides everything you need to know for a smooth, hassle-free move from Ohio to Florida.
1. Why Florida? Benefits of Relocating from Ohio
Before diving into the logistics of your move, take a moment to reflect on why you’ve chosen Florida as your new home. For many, the decision to move comes down to Florida’s beautiful beaches, warm climate, and a lower tax burden, with no state income tax. Whether you’re retiring or seeking new job opportunities, Florida offers a relaxed yet vibrant lifestyle with plenty of outdoor activities, including boating, golfing, and nature exploration.
While Ohio has its own charm, especially with its four seasons and rich history, Florida’s year-round sunshine and abundance of recreational opportunities have a unique appeal.
2. The Key to a Successful Move: Planning and Preparation
Planning is the cornerstone of a smooth move. The more time you allow for preparation, the less stressful the process will be. Ideally, begin the moving process at least two months in advance. This gives you time to organize your belongings, hire movers, and handle any paperwork that comes with the relocation.
Start with a checklist: Break your move into manageable steps. Tasks like hiring a moving company, setting up utilities in Florida, and changing your address with USPS can easily be forgotten, so it’s best to stay organized.
Budget for your move: Long-distance moves come with a cost. In addition to hiring movers, don’t forget about gas, lodging, food, and unexpected expenses. Setting a realistic budget will help you avoid last-minute surprises.
Moving is the perfect time to downsize. Before you start packing, go through your belongings and separate them into four categories: keep, sell, donate, and discard. This decluttering process will help you reduce the amount of stuff you need to move, saving you time, money, and effort.
Packing tips: Use high-quality packing materials, including sturdy boxes, bubble wrap, and packing tape. Label each box by room and contents for easy identification when you unpack. Keep in mind that professional movers may offer packing services, which can save you time and hassle.
Pack essential items separately: Keep important documents, personal items, and a few days’ worth of clothes in a separate bag that you can access easily upon arrival. This ensures you won’t have to dig through boxes for your essentials.
4. Choosing the Best Moving Option
When planning your move, consider whether hiring professional movers is the best choice for you or if you’d prefer a DIY approach. While renting a truck can be cheaper, hiring movers can save you time and effort—especially for a long-distance move like this one.
Professional movers: They handle everything from packing and loading to transporting your belongings. Be sure to get estimates from at least three different companies and check reviews before committing.
DIY move: If you’re confident in your ability to drive a rental truck and manage the logistics, this option can save you money. However, it will require more time and physical effort on your part.
5. Preparing for the Journey
The drive from Ohio to Florida can take anywhere from 12 to 16 hours, depending on your starting point. If you plan to drive your car or a rental vehicle, it’s essential to plan your route ahead of time. Using a GPS app will guide you, but it’s also wise to check for alternative routes in case of road closures or construction delays.
Vehicle preparation: Ensure your car is in top condition before the long drive. Check the oil, tires, and brakes, and make sure all fluids are topped off. If your car has been sitting for a while, consider taking it for a quick inspection before the trip.
Travel essentials: Pack snacks, water, and entertainment for the journey. If you have pets or children, make sure to bring everything you need to keep them comfortable during the drive. Also, book accommodations along the route if your trip requires multiple days.
Whether you’re renting or buying, finding the right home in Florida is a crucial part of your relocation. The state offers a wide range of housing options, from beachfront condos to suburban homes, so it’s important to know what you’re looking for.
Research Florida’s cities: Different cities offer different lifestyles. Miami, Orlando, and Tampa are bustling metropolitan areas with plenty of opportunities but can come with higher living costs. On the other hand, areas like Jacksonville, St. Petersburg, and Gainesville may offer more affordable options while still providing access to Florida’s attractions.
Consult with a real estate agent: If you’re unfamiliar with the Florida housing market, consider working with a local real estate agent who can guide you through the process and help you find a home that suits your needs and budget.
7. Understanding Florida’s Tax and Legal Requirements
One of the main advantages of moving to Florida is the absence of state income tax. However, there are other taxes to be aware of, including property taxes, sales taxes, and insurance rates.
Property taxes: Florida’s property taxes can be higher than in Ohio, so it’s important to factor this into your budget when buying a home. Be sure to research the property tax rates in the area you’re moving to.
Insurance: Florida has higher homeowner’s insurance premiums due to the risk of hurricanes. You may want to shop around for insurance options and ensure you have adequate coverage for storm damage.
Driver’s license and vehicle registration: Upon moving, you’ll need to update your driver’s license within 30 days and register your vehicle with the Florida Department of Highway Safety and Motor Vehicles (DHSMV).
8. Adjusting to Florida’s Climate and Lifestyle
Florida’s climate is much different from Ohio’s. With hot, humid summers and mild winters, it’s essential to adjust to the heat and humidity. Be sure to drink plenty of water, especially during the summer months, and use sunscreen when spending time outdoors.
Hurricane season: Florida’s hurricane season lasts from June to November, so it’s important to be prepared for storms. Create an emergency kit, and make sure your home has storm shutters or other protective measures in place.
Embrace outdoor activities: Florida offers endless opportunities for outdoor activities, from beach trips to boating and fishing. Take advantage of the state’s parks, trails, and nature reserves to fully enjoy the Florida lifestyle.
9. The Final Touches: Settling In
After your move, take time to get to know your new community. Florida is known for its friendly residents, and you’ll find that there are plenty of social events, clubs, and organizations to help you settle in.
Whether it’s exploring local attractions, meeting new people, or joining clubs, Florida offers plenty of opportunities to become part of the community. Don’t forget to explore the state’s diverse cuisine, including fresh seafood, Cuban dishes, and Southern comfort food.
FAQs
Q1: How long does it take to drive from Ohio to Florida? The drive typically takes between 12-16 hours, depending on your starting point and destination in Florida.
Q2: Do I need to change my driver’s license when I move to Florida? Yes, you must update your driver’s license within 30 days of moving to Florida.
Q3: Is Florida’s housing market expensive? It depends on the area. Coastal cities like Miami and Orlando tend to be more expensive, while other regions are more affordable.
Q4: How do I prepare for Florida’s hurricane season? Create an emergency kit, make sure your home has storm protection, and stay informed about weather updates.
Q5: What is the best time of year to move to Florida? The best times are typically spring and fall when the weather is more moderate.
Buzzmoving works with the best movers nationwide to provide reliable and efficient moving services. Request your free quote today and get professional support for a smooth move.
Do you want your child to improve their English language skills?
English enrichment programmes are designed to help students improve their reading, writing, and speaking skills. Class formats are more versatile compared to traditional classes.
Instructors use different approaches to ensure that students make the most of the programme. While the end result is also focused on the child becoming better in English, the experience is much more relaxed.
Anenrichment programme centre in Singapore, for instance, may use the self-learning approach instead of the spoon-fed style. Students become the masters of their learning experience.
Instead of merely listening to the instructors as they explain concepts, students get to work on their assignments on their own. They get to study at their own pace and try to complete challenging worksheets. They develop self-learning skills and a sense of responsibility.
But, of course, the specific steps in a programme vary depending on the subject and the students.
Bringing out a child’s potential
Usually, when you enroll your child in anEnglish Enrichment programme, the centre doesn’t focus on age alone. Worksheets and activities are instead based on a child’s skills. Students may be of the same age but that doesn’t mean they receive the exact set of homework.
This is beneficial as it ensures that children receive the support they need. They’re not rushed in the sense that they don’t have to ‘keep up with the rest of the class. They progress within their abilities, which later on improves, as they proceed with the programme.
Before starting the English Enrichment class or programme in Singapore, instructors may ask to meet you and your child. They assess your child and also provide orientation for parents or guardians.
The goal is to make the entire experience as simple as possible. Fun is an important part of each programme and students are guided so they’ll grow a love for learning English.
Common features of English Enrichment programmes
Here are a few of the common features of English Enrichment programmes:
Word association. Young children are taught basic words and their meanings. Repetition is used to help students become familiar with these new words, phrases, or sentences. Instructors ask students to recite words, which they also show in written form. The use of images or actual objects helps make the session more interesting for the naturally curious students.
Reading and writing. Again, the worksheets vary depending on the student’s skill level. To start, instructors may ask students to trace and copy letters. They may also read aloud words and sentences to show students the proper pronunciation.
Silent reading. For older students who already know how to read, instructors may include silent reading activities in their programme. They may also be asked to compose short sentences on their own. The sentences or reading materials may become more complex as the students move further into the programme.
Summarisation. As students become better readers, they may also be asked to summarise passages or stories. They may also analyse and comment on reading materials.
At the end of the English Enrichment programme, students become more confident and independent as learners. You might not have to be beside them anymore while they answer their worksheets.
Overall, you’ll see that English Enrichment centres in Singapore use different strategies, so choose what you feel works best for you and your child.
