From student debt to side hustles, millennials talk finances
"CBS This Morning" is partnering with digital media company Refinery 29 for a new series about millennials called My Generation.
Millennials -- the generation born between the early 1980s and mid-90s -- outnumber the Baby Boomers and Generation X. They are an increasingly influential force in American society and are making their mark on a rapidly changing economy.
We spoke with a number of millennials about the financial issues that impact them most.
Lina Abascal
"It kind of annoys me when people say millennials are lazy because I'm a millennial and I'm obviously not lazy," Abascal said. "I care about making money. I am pretty shameless about it."
Abascal said she bought her first house recently. "Every job I've had, every dollar I've spent, I think in some way has related to this. So I'm super happy. But It was hard," she said.
Julian Turley
"I think that we live in a generation in which we're always going to have side hustles," Turley said. "A side hustle is having another source of income to be able to sustain the lifestyle that you want to live. You would use your main hustle in order to finance your side hustle, so your side hustle can become your main hustle."
Meaghan O'Riordan
"Aside from the credit card debt, my husband and I also have significant amount in student loan debt," O'Riordan said. "There's a lot that you could do with $2,000 every month of the year if it wasn't being spent on debt."
"We are all trying to find a balance between spending responsibly on necessities and things that we need and spending on things that enrich our lives and make us happier," O'Riordan added.
Ellis Van Gilder
"Saw friends and family coming out of college with some pretty significant student loans and thought to myself, 'Gosh, that's something that I don't necessarily want to get involved in,'" Van Gilder said. He said he did two years of college after asking himself what he wants to do with his life and whether he needs a degree to do that.
"The answer was no," Van Gilder said.
He also said millennials spend a lot of money on experiences. "My parents I think laugh at when they see and hear what we're doing. But I just chalk it up to my experience bucket is being filled," Van Gilder said.
Watch the video above to see what CBS News business analyst Jill Schlesinger and Refinery29 work and money director Lindsey Stanberry had to say about the finances of millennials.
- See what younger and older millennials had to say about stereotypes of their generation.
