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In today’s world, millennials are looked as the pioneers of their times. They are better educated than their predecessors, more ethnically diverse, and more economically active. But for many of these exceptional young professionals, they have a troubling grasp of reality and fantasy where ‘what their financial situations actually are’ completely differs to ‘where they want their lives to be.’ In the grand scheme of things, this type of mentality continues to cripple the financial savings of many of these millennial’s personal finance. In fact, with such economical uncertainties, such as under employment, underpay, student debt, this generation’s lack of concern with their financial future continues to higher their current financial health and economical aspirations and security each and everyday.

To examine this further, we of course have to evaluate their social, living, and career situations in order to have a full grasp of the problem that continues to plague young professionals. It is not a surprise that many college graduates want to live a more attractive cities such as San Francisco, New York City, Boston, or Miami. As desirable as these cities are, they, in themselves, are incredibly intangible for many millennials to live in. For many of these cities, the cost of living is astronomical. To just live comfortably, many young professionals will have to be making $65K or $70K annually. And with under employment still above 9 percent in 2015, as well as underpaid wages, this ‘lifestyle’ is clearly unrealistic.

And yet, many college graduates are still willing to risk their financial futures for the taste of the lifestyle. Even with student loans, high living expenses, and low wages, many millennials continue to believe that they are the outlier statistic that can beat the odds year after year. As optimistic as that sounds, we have to live in the world of facts. Today, good jobs are rare and the jobs that are out there are incredibly competitive to get. Even with a strong college degree from one of the best schools in the nation, you are still pinned up against another individual with a Master in Science or Masters in Business Administration with an even stronger work background.

Now these facts are not meant to be grim. Instead they are meant to shed a light on the world that we are living today. For example, with more poorly paid retail and hospitality jobs reporting employment for individuals with college degrees, there clearly needs to be a change in what millennials can and cannot do in these cities. In fact, beyond the wages and necessary debt, cities like New York City and San Francisco are clearly impractical for someone making $45K or lower to live in. Going beyond rent, each city has become more expensive. That is the reality. From food, happy hours, and other social activities, millennials and young professionals are continuously being blinded by what they should do (such as saving), than what they are actually doing (spending).

To help with this situation, make sure you have a strong grasp and understanding of your financial situation. Knowing your personal finances from your total net profit to even your future expenses can help salvage a strong economical future in just a few short months. While this may take some time, and potential sacrifice, it will be worth it in the end.