Rebecca Pritchard: How Millennials Can Build Wealth

Financial adviser and coach, Rebecca Pritchard specialises in working with millennials to make the most of the unique opportunity of having time and flexibility on their side. She believes that building wealth should always be connected to a goal to keep people motivated and on track.

Wise Girls Money chats to Rebecca about money, and how people can make the best of their finances.

What did you do with your first “real” paycheque?

Getting your first real paycheque is a surreal experience. Chances are, you’re not waiting for it to hit your bank account before considering what you’re going to do. If you’re a bit of a nerd like me, you’ve likely already been on a website like Pay Calculator to work out exactly how much you can expect to clear. Then the planning begins in earnest! Perhaps it’s clearing an accumulation of debts or bills you’ve been stalling on, maybe boosting your savings or perhaps you’re going shopping.

When my first pay cheque came through in my early 20s, starting my career in corporate finance, I was so excited. I had always loved saving money, and now this juicy pay was going to accelerate things so much faster than my part time job at the pharmacy. I didn’t believe in saving a set percentage, but I did work backwards from knowing I needed roughly $150 a week (I was still living at home) to spend, and therefore the rest all went to savings. It took me quite a few months of working full time before I relaxed a little bit and started to spend a smidge more and improve my quality of life (and buy some new work clothes).

When do you think young women should start saving for a new car/house/holiday?

When it comes to saving for our futures, there are no “shoulds”. We shouldn’t save for a car, we shouldn’t save for a house and we shouldn’t save for anything else that isn’t important to us. If you really want to buy a car, or a house, or go on adventures, absolutely start saving and ensure you’re making purchases with cash instead of debt. But no sentence involving your money and your financial health needs to start with “should”. Millennials have different and exciting opportunities than previous generations. Therefore the “shoulds” of our parents and grandparents need not apply. We’re more in tune with our values and have countless opportunities to pursue our goals with intention.

Instead of asking when we should start saving for a house, let’s instead ask when is it a good time to get financially fit? And that time is almost always right now. If you’re working full time, then the time to start is today. Like most things, there will always seem like there’s a better time, but the reality is that starting today with whatever you can will make things easier and better in the long run.

What does financial fitness mean? It’s not about rolling around in piles of money, instead it’s about creating options for yourself and giving yourself the financial means to live an intentional and purposeful