Young adults nowadays have many ways to get money. With the rise of technology, most people can now work online. Although the income isn’t always stable.
We’ve seen this happen many times, where a YouTuber thinks that because they’re earning a lot of money, they can spend it all. Then later, that YouTuber runs out of cash, and they don’t know what to do.
Millennials indeed have many job opportunities, but even though, they are struggling – do you know why? Let’s take a look.
Taxes
Most older adults don’t even understand taxes to the full extent, so how can we expect young adults to comprehend this matter? Taxes are a serious issue, and this can take away thousands of dollars from you, depending on your income.
Millennials who work online don’t even know they have to pay taxes. Even though they aren’t working for a physical company, they still have some income – and this has to be reflected in the tax papers.
Not filing your papers correctly can lead to severe problems like penalties, sanctions, and even prosecution. In order to avoid this issue, canadiantaxamnesty.ca states that you can prevent this from happening by filing for a voluntary disclosure program.
This program consists of correcting those errors you may have on your papers. This way, you can submit valid information and live your life knowing you won’t have tax issues!
Impulse Buying
The issue of the modern market is that most companies are releasing products left, right, and center every single day. Also, the marketing campaigns for these products are very eye-catching, and most people feel impulsed to buy those products in order to stay “trendy.”
Millennials are heavily influenced by the internet and “influencers”. So, if a specific internet celebrity recommends a certain product, a lot of people who follow that person will be more inclined to make the purchase.
This is very prominent in our modern world. That’s why many companies prefer to work with significant influencers rather than putting an ad on television – also, it’s less expensive. Once we are accustomed to buying on a regular basis, it’s even more difficult to stop the habit.
Student Loans
When a college student finally graduates, they have to start thinking about how they’re going to pay their student loan.
This is an issue for most people. These loans are pretty expensive, and the interest rate keeps going up each year the loan isn’t paid. This is why a lot of Millennials aren’t even attending college.
In a survey, about 20% of the respondent said that those high tuition costs make college not worth it. It’s shown that college cost increased immensely from 1985 to the early 2000s.
Final Thoughts
Being a young adult in this day and age is no easy job. We have to struggle with all the financial issues of the modern world that weren’t as prominent a few decades ago.
Millennials don’t cause most of these problems, but even though, we’re suffering the consequences. High living costs, expensive student loans, paying taxes, and the pressure to buy certain products are some of the issues that we are going through.
Some experts call Millennials the richest but most broke generation at the same time, and we think this is true. While some make a great living out of the internet, others can’t seem to save any money to achieve their dreams. Whatever your personal case, we wish you all the luck in your future!
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