(Newswire.net — February 6, 2020) — It is no secret that millennials are the most educated, informed, and technologically advanced generation yet. Their incomes may have reached all-time highs. However, the American dream is out of reach despite all the advantages afforded to this generation. Instead, they have entered an era plagued with a hyperinflated cost of living.
The Implications
Living in the decade with the highest-ever cost of living recorded, Generation Y is faced with challenges that supersede previous generations. On paper, it appears that Millennials are earning more than double the amount of the Baby Boomers, unfortunately, this has not given them an advantage.
Purchasing homes, paying off college degrees, high entertainment costs, and exuberant childcare expenses, are keeping them from achieving financial security and stability. These factors are partially responsible for a different standard of living between Generation Y and their parents.
How Are Millennials Combating the Issue?
Many millennials are taking second jobs, avoiding starting a family, and are living in share houses to survive the financial climate. Others are opting to relocate abroad to avoid the outrageous living expenses and political agendas. Of course, these solutions do not work for the majority of Canadian and American people.
The smartest way for Millennials to tackle financial burdens is to expand their understanding of finances and create a plan for the future. This idea is contrary to the attitude of mainstream Generation Y where living spontaneously, and rolling with the punches, is key. However, those who are informed realize it is imperative that they take charge and plan for the future.
Actions Educated Millennials Are Taking
Millennials are seeking advice to put a stop to financial strain. A strategy that many people have found advantageous for their situation is family income tax planning. In short, income tax planning benefits the taxpayer by maximizing their exemptions and reimbursements.
Experienced Toronto tax lawyers help Millenials with their income tax planning, saving them money by implementing tax techniques like a Registered Education Savings Plan, Tax-Free Savings Accounts, and many others.
The Light at the End of the Tunnel
Rather than complaining, and being sucked into debt and hardship, many intelligent Millennials are taking advantage of using experts in the law and tax rules to overcome the inflated cost of living. With a sound plan in place, the younger generation can thrive in the current financial climate, and rid their fears of financial bondage.