When a child under 5 makes mistakes you should blame it on the parents for not setting a good example is what I was told. However, in India when a 24 year old (or even a 54 year old) listens to his parents and makes mistakes whom do you blame?

The millennial for asking?

The parent for not realizing his incompetence (it is almost always the overconfident father)

The millennial for not learning?

Plain environment for creating shitty products and then blaming the salesman?

Welcome, to the mistakes by Millennial – and I see many of them. Those of you who see only 1 or 2 should not draw a conclusion on the basis of what I see. I see some brilliant millennial who do not eat sugar, take care of their health, take care of their money and have amazing calmness. Well all generations see a mix of good, bad, ugly and worse.

1. Putting Money, Things, and People: In that order. Yes giving importance to money is good, yes it can buy things, but ignoring the people around you like your uncles, aunts, friends, classmates, parents, grandparents – makes no sense. I tell older people that if your nieces/nephew remove their ear plugs to listen to you , it is the modern equivalent of touching your feet. Money is important, but so are relationships – professional and social. My best business has come from friends who referred me for lectures, training, investing consultancy, etc. Even from a money point of view, relationships are useful dude. Do not sacrifice health, relationships, etc. to reach a goal. The path is just as important.
2. Saving all the money: I am sure you were thinking that the MILLENNIAL saves too little! Yes that is also true. Some millennial save all the money and that too in wrong instruments. I met one guy whose take home pay goes in paying 3 EMI for 3 houses. One for himself, one for his parents and one investment. His new wife is using up ALL HER INCOME to run 2 families – her inlaws and her own. She has no personal savings. Her name is not on (even as a nominee) in any of the 3 houses.
3. Investing without a Goal: Many of them start a SIP in the flavor of the month – and will have 12/15 sip in amounts ranging from 1000 to Rs. 12000!! Yes you should invest, but please give your SIP a direction and a destination. And you should invest a sensible amount while spending on yourself and your family. Investing is important, but has to be done scientifically. Also read point number 2 AGAIN.
4. Goal setting has to be for Lifestyle and Happiness, not chasing things. So a trip to Spain may be better than upgrading your IPhone! Make sure that the GOALS are set properly, with a thought and after some deliberation. “Make more Money” is not a goal. Saying I want 3 sources of income totaling Rs. 100,000 a month post taxes is a good goal to start with. Fill in the number yourself. For some it might be too small and for some Rs. 1L maybe too high! Put in your own numbers.
5. Buying a house too early: Buying a house at your age of 30 or even in your 30s makes no sense. If you live till 120…think what happens to you at age 65. You will need to build another house…and another one at age 90!! Rent much longer makes sense. However for many there is parental pressure to buy a house. Just push back – a little harder. You can find support in this blog and its linkages!!
6. Not investing sensibly: Day trading is not a way to meet the market! Some kids are under pressure to buy (and hold) shares which their parents choose. Don’t disappoint yourself (and them) when your portfolio turns out to be a bad one (under their guidance).
7. Read this https://www.amazon.in/You-Can-Rich-Too-Investing/dp/9384061379/ref=sr_1_2?ie=UTF8&qid=1540613126&sr=8-2&keywords=you+can+be+rich+too