Each generation seems to produce their own personality and style due to major events and trends during their life history. The Millennials, or Generation Y, have begun to create unique traits which include self-expression, confidence, technological expertise, tattoos and the aptitude to be open to change.

Millennials are becoming the most educated in American History. This trend is being motivated by the demands of a knowledge-based economy. Many undergraduates enroll in graduate school despite the limitations of a failing economy. Many feel that they currently have enough money, and that they will eventually meet their long-term financial goals.

Generation Y will be the first generation to be completely reliant on their own savings and investment skills. After watching the previous generation, Millennials learned to recognize and avoid the dangers of living beyond their means.

Generation Y need not despair as they have time on their side.  For example, if at age 25 you manage to save $400 a month, annualized at 8 percent interest, you will accumulate a nest egg of approximately $2 million by age 70*. If you take advantage of an employer who offers a 401(k) matching contribution, your monthly payment to reach this goal would be less.

Millennials should seek expert financial guidance. This helps to understand how much risk to take with your savings as you start to accumulate funds for retirement. See the financial challenges of the future as an opportunity to learn from the past and gain rewards in your future.

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*This is a hypothetical example and is not representative of any specific investment. Your results may vary.