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BUSINESS Wednesday 23 OctOber 2019
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Millennial Money: Vanquish these 5 financial fears

By SEAN PYLES formation," Zimmerman
Associated Press Rand says. "For bringing up
Fear can consume you. your score, start on posi-
The anxiety of the un- tive financial behaviors,
known can drive you to like making on-time pay-
pull the blanket over your ments," she says. If you use
head, whether you're wor- credit cards, keeping the
ried about a rustling sound percentage of your credit
outside your bedroom win- limit you use below 30% on
dow or that you won't have all cards will help too.
enough retirement savings. 5. BROKE RETIREMENT BLUES
Financial fears — not want- "Among my clients, there's
ing to check your credit, a kind of feeling of hope-
confront your debt or lessness when it comes to
even discuss your student the idea of retiring," Zim-
loans — can feel especially merman Rand says. But
shameful. But facing those starting early is most impor-
fears can empower you to tant, not waiting until you
take action. can put away a lot.
1. STUDENT LOAN STRESS HOW TO CONQUER IT: If
Student loans topped the you have a workplace re-
list of most-feared financial tirement plan that offers
topics among U.S. adults, an employer match, con-
according to a 2019 survey tribute enough to get it. An
of 1,006 consumers by TD In this June 15, 2017, file photo, people walk inside the Oculus, the new transit station at the World individual retirement ac-
Ameritrade. Student loan Trade Center in New York. count is a good alternative
debt, at 36%, outranked Associated Press if you don't have a work-
even living paycheck to cial coach Kimberly Zim- and that's never the case," go a credit check or ap- place plan. Set yourself up
paycheck (26 and credit merman Rand. After that, says Maura Attardi , direc- ply for credit because you for success by automating
card debt (20%). work toward having a few tor of financial wellness at thought your credit profile contributions and bump-
HOW TO CONQUER IT: Un- months' worth of expenses Money Management Inter- wasn't up to snuff? You're ing up how much you're
derstand your loans in de- saved in case of job loss. national, a nonprofit credit not alone: 46% of 1,503 U.S. saving every time you get
tail — that's key to knowing Make saving easier with counseling agency. adults surveyed by the fi- a raise.
whether you're on the best direct deposits from your This fear can be a self-fulfill- nancial service company Avoid withdrawing money
repayment plan. Know paycheck or automatic ing prophecy: You're afraid Finicity found themselves in from your retirement ac-
each loan's term, balance, transfers from checking to to check your overall debt just that situation. count to get the maximum
interest rate and whether savings. because of how high it HOW TO CONQUER IT: benefit from compound
it's a federal or private loan. "On the professional side, might be, but while you're Check your own credit interest, where you earn in-
For unaffordable federal since we're not in a reces- not looking, you keep ac- score at your favorite per- terest on your interest.
loans, look into income- sion right now, see how you cruing interest. sonal finance website or "The magic of compound
driven repayment plans . can improve your job skills, HOW TO CONQUER IT: List bank website, and access interest is truly magic —
For private loans, you may your network, your resume, each account, interest rate your credit reports for free and it works," Zimmerman
be able to refinance for a so if the unfortunate does and balance. Then choose via AnnualCreditReport. Rand says. "After you've
lower monthly payment happen, you've already a payoff strategy. One com. been saving for years, your
(but it may cost more over- laid the foundation to tran- popular option is the debt Looking at your score and investment begins to dou-
all). sition to a new position," snowball, where you pay reports will help you under- ble a lot faster. For millenni-
2. RECESSION ANXIETY Zimmerman Rand says. off your smallest debts first stand your options for im- als, now is the time to start
Indicators like slowing glob- 3. CREDIT CARD DEBT CON- then roll those payments proving your credit. investing."q
al economic growth hint CERNS toward your bigger debts. "Go through your credit re-
that a recession might be Paying off credit card debt 4. CREDIT CRISIS port with a fine-tooth comb
coming, raising fears of job can feel like a never-end- Ever been afraid to under- and contest any untrue in-
loss and asset depletion. ing task, but there are ways
HOW TO CONQUER IT: to get it done.
Shore up your savings and "I've had clients who come
diversify your skills. Build up to us for debt counseling
at least $500 in savings to that have the fear that
cover an emergency, ad- they're the worst situation
vises Boston-based finan- we've ever seen financially,