This article on personal planning is by the Kinnect Team — Kinnect makes it easier for families to share important information. Make sure those who rely on you have everything they need. Find out more about Kinnect »
Millennials – that ever topical group of people in their 20s and 30s born roughly between 1980-2000 – are apparently not buying life insurance, and they’d rather focus on enjoying today rather than preparing for tomorrow, according to USA Today and Bloomberg in recent articles. This group appears to be taking a longer time to reach traditional life events like getting married or having children, that would typically trigger planning essentials like policies.
Unless you’re a tech-millionaire at that age, you probably think estate planning isn’t the priority because you haven’t amassed the assets that people a couple decades older may have.
Alas, this is exactly the right time to be responsible and make thoughtful decisions about the future. With Millenials, the motivation comes from what they value today, and transposing those values to tomorrow.
Millennials really value life experiences over items, building memories and friendships through travel and adventure. Unlike the generations before them, they spend their money on alternative travel, opting more for adrenaline-based or unique travel experiences rather than all-inclusive resorts or more luxury like Gen X and Boomers might prefer.
That’s all good, but now’s the time to protect yourself with a simple will. It’s considered normal to sign a waiver before skiing or diving, ziplining or ATVs, so take it a step further to take personal precautions. Travel insurance, personal contacts and keeping your family up to date with any crazy plans is the logical next step.
The internet is ablaze with cat videos and dog tricks, who’s driving this craze?
Millennials are responsible for adopting more furry companions than any other age cohort according to a recent study and it’s no surprise they have replaced early marriage or family building with the comfort of a furry buddy.
Harness that love and be sure that your four-legged companion is taken care of if you need help at some point. Do your loved ones know how to care for your pet, where their info is, etc?
Unfortunately, the law considers pets property rather than a part of the family, which means if you don’t assign them in your will, they might end up in a shelter or worse. You can set up a pet guardianship and instructions to be sure they’re in good hands.
Vintage is the New Vintage
Millennials and their hipster offshoot have dusted off many trends in collection, from cameras and typewriters, to clothing and jewellery. Vinyl has never been hotter, old tools and knick knacks from the days of yore are reborn.
With respect for craftsmanship and bespoke quality should come some curated documentation, like a Will or a Trust. Millennials work hard to create their stylized world, some simple information and organization should come along for the ride.
The Digital World
You guessed it, Millennials own the internet.
Most social networks claim Millennials as the largest active cohort, having likely been in high school when the web was a blaze and social media came onto the scene.
It’s no surprise that privacy and security are top of mind for these same folks as they build their social empires online.
Choosing the right tools to organize themselves should be the next logical step in controlling their digital footprint.
It doesn’t matter what generation you come from, what’s everlasting is safe and secure information for you and your family.