PURCHASES MILLENNIALS ALMOST ALWAYS REGRET

The millennial generation is growing up and learning financial lessons along the way. The oldest members of this group are now in their early 40s. Even the youngest millennials are several years past college-aged, meaning they’re old enough to have made at least a few regrettable purchases. While everyone makes spending mistakes, it’s what they learn from them that counts.

If you’re a millennial — or even if you’re not — you might already be guilty of some of these common spending mishaps.

New or Luxury Car: “It feels good to buy a first ‘fancy’ car, but years later when the opportunity cost sets in and they realize that money could have been invested and used as the entire down payment on a new home, that’s when regret sets in,” said Noah Damsky, CFA, principal at Marina Wealth Advisors.

Big Weddings:The average cost of a wedding in 2022 was $30,000, according to The Knot. While it can be hard to put a price on the memories associated with a wedding day, it’s not uncommon for millennials to wish they’d opted for less expensive nuptials.

“Millennials may be pressured into spending a lot on weddings, but the expense can add up quickly and lead to regret over not saving for other goals, such as a down payment on a home,” said Marcus P. Miller, CFP, founder and financial planner at Mainstay Capital.

Peloton Exercise Equipment: During the pandemic lockdown, Peloton equipment was all the rage, as it allowed people to exercise in the comfort and safety of their homes. However, Julian B. Morris, CFP, principal and founder at Concierge Wealth Management, said most people he knows now prefer the energy of a live class or gym environment.

College Degrees With Few Career Opportunities:“Many millennials have racked up debt to pursue degrees in professions with scant employment opportunities,” Galstyan said. “While education is essential, before spending money on a degree, it’s crucial to consider the employment market and possible earnings opportunities.” Millennials who regret their college major can’t go back in time to change it.

Jennifer Taylor