An Introduction

Speaking from personal knowledge, millennials often feel that their financial assets are insignificant in comparison to those of their baby boomer parents. The feeling that they are unable to afford basic necessities like quality housing in a safe neighborhood and unpackaged, unprocessed food without the help of their parents can be frustrating, especially given the impression that such things were more easily accessible in decades past to similarly situated citizens. This frustration often results in feelings of anger and resentment amongst my peers towards the older generations, similar to those experienced following a burglary. Ultimately, the question of whether or not these feelings are justified is the concern of economists and beyond the scope of these articles. Rather it is important to realize that there are things that can be done to improve your financial situation both now and in the future.

I will address key financial concepts that will highlight the importance of saving money early and the abundance of methods through which money invested today can grow significantly in the future. These articles will also address a subject that will probably frighten many at its mention if it doesn’t put them to sleep first – taxes. Rather than ignoring it and pretending it doesn’t exist, the U.S. tax code should be thought of as a tool to save you money. In the end, I’m hoping that millennial readers will choose to refrain from passing off the responsibility of filing their taxes to their parents or their parents’ accountant and choose to take control of their own financial health with confidence. Depending on the unique circumstances of your life at any given moment, the tax code can be utilized to ensure that you pay no more in taxes than what you are responsible for and that your money is utilized to facilitate the achievement of your goals in the process.

Millennials are notoriously socially conscious and may feel that they are somehow cheating the system by taking advantage of the tax advice offered throughout these articles. But whatever your philosophy may be with respect to tax policy consider our nation’s historical skepticism towards the imposition of taxes in general. We are taught from a young age of the controversy leading up to the Boston Tea Party and are almost as familiar with the phrase “no taxation without representation” as we are with the ABCs. Ultimately, depending on the political party in office more progressive or more conservative tax legislation may be passed but no matter how much or how little tax is imposed by law keep in mind Calvin Coolidge when he famously stated, “collecting more taxes than is absolutely necessary is legalized robbery.” Don’t feel bad about not paying any more in taxes than you are required to by law. If you follow this philosophy, you might find yourself having more free cash at the end of each year that you can put to work as you see personally fit.