“Millennials Care About Brunch More Than Financial Stability” – and Other Cold, Hard, Facts.

“All these people drinking kombucha and eating kale chips aren’t saving anywhere near enough to pay for the long, long lives they have ahead of them.”

Ashby Monk, Executive Director of the Global Projects Center, Stanford University

A financial advisor is last on the Millennials’ list of people to ask for financial advice (WSJ, 2015).  This might sound counterintuitive, but it’s easy to understand why.  Without a lot of liquid assets, with significant debt, or with a distinctly different set of values than our parents’ generation, the traditional sources of information feel outdated or irrelevant.  Plus, they’re always giving us a hard time for things like avocado toast or enjoying a fermented tea every once in a while.

We might not be seeking financial advice from a traditional source, but the “Silver Tsunami” is coming, and we are approaching the dawn of the greatest wealth transfer in the history of mankind, where an estimated more than $59 trillion will go to heirs and charity by 2061. There is–however remote it feels–a possibility that Millennials won’t always live in tiny spaces with partition walls to fit more friends so rent is cheaper in order to afford more brunch.

Though some are skeptics of this so-called wealth transfer, Millennials are nevertheless entering our primary earning years and desperately need solid financial advice.  While many young adults rely on their spouse or partner for fiscal assistance, a contemporary is often in the same boat, without the real knowledge to bring financial goals within range.  Floating along can be more fun with a friend, but it doesn’t necessarily make either one of us any smarter.

Studies show that more young people are relying on the Internet as a way to keep financial info anonymous.  Podcasts, personal finance blogs, and Robo-Savers are all popular mechanisms for understanding finance in a financially-illiterate generation.  In an article for Institutional Investors, Ashby Monk touted automated savings systems over automated financial advisers, saying that the former will have a significantly greater impact on the wealth of our nation and the wellbeing of our generation.  Still, none of this advice is tailored to the individual, and the sheer amount of information quickly becomes overwhelming, which renders it unhelpful.  Yes, it’s great to start robo-saving 10% of your paycheck for “the future,” but how do you know when the future has arrived?  Who can you turn to for help? Um and let’s not forget, what happens when you don’t have the 10% to save in the first place?

If you already consider yourself a “financial optimizer,” then you’ll immediately know the value of the unbiased offerings from Cinch, which has only you and your best interest in mind.  What’s even better about Cinch, however, is that everything is transparent.  We’re not trying to trick you into saving your own money or to pass judgment on what you choose to purchase; you have a life and a lifestyle that you need to support.  Instead, we’re offering solid, judgment-free advice without the pressure, hassle, or cost of the traditional experience, from the convenience of your smartphone.

With the help of some truly smart technology, I’m sure we will see to make our wealth last as long as our lives, with an enviable work-life balance, no less.  Now, let’s go enjoy some rosemary-truffle-something, because rosemary just might be the key to that long life ahead.

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