There was a time when success followed a predictable path: graduate, get a good job, buy a house, have kids, and retire with a pension. That was the American dream—at least, for past generations. But for Millennials, that dream doesn’t just feel outdated. It feels impossible.
Student debt, rising housing costs, flat wages, and unstable job markets have rewritten what financial achievement looks like. As a result, Millennials are walking away from many of the traditional milestones that defined adulthood for their parents. And despite the criticism they often face for doing things differently, they’re not failing. They’re adapting.
Here’s a closer look at the financial “milestones” Millennials are skipping and what they’re doing instead.
Financial Milestones Millennials Are Skipping
Skipping: Buying a Starter Home
Doing Instead: Renting Strategically or Co-Living to Save
Millennials aren’t buying homes at the rate previous generations did, but it’s not because they don’t want to. It’s because the math doesn’t work. Between debt, lower-paying careers, and skyrocketing home prices, buying a home isn’t just difficult; for many, it’s financially irresponsible.
Instead, Millennials are renting longer, choosing flexibility, and prioritizing affordability. Some are even embracing co-living setups or moving in with family to save aggressively. The stigma around “still renting” is fading as people realize the cost of homeownership isn’t always worth the trade-offs.
Skipping: Getting Married Young
Doing Instead: Delaying Commitment or Choosing Long-Term Partnerships Without Marriage
Marriage has become more of a conscious choice than a default step. Millennials are waiting longer to tie the knot, often until they’re financially stable or emotionally ready. Some are opting out entirely, favoring long-term partnerships without legal formalities. This shift isn’t about cynicism. It’s about avoiding the legal and financial mess of divorce and aligning their lives with more modern values.
In many cases, Millennials are redirecting the money they’d spend on a wedding toward travel, savings, or paying off debt. The result? Less pressure to conform and more focus on financial independence.
Skipping: Having Kids in Their 20s
Doing Instead: Prioritizing Stability or Choosing to Be Child-Free
Millennials are also waiting longer to have kids or deciding not to have them at all. With the rising cost of childcare, housing, and education, many simply don’t feel financially or emotionally prepared. Instead of being viewed as selfish, these decisions reflect deep financial realism.
For some, the choice is about achieving certain levels of stability first. For others, it’s a way to focus on careers, passions, or relationships. Either way, it’s a rejection of the idea that reproduction equals fulfillment.
Skipping: Climbing the Corporate Ladder
Doing Instead: Building Side Hustles, Freelancing, or Job-Hopping for Better Pay
The loyalty that once defined corporate culture is gone. Millennials aren’t sticking around for the gold watch and retirement party. Instead, they’re job-hopping for better salaries, building side hustles, freelancing, or starting businesses. Stability isn’t found in tenure anymore. It’s found in adaptability.
The focus has shifted from climbing a single ladder to building a portfolio career that offers freedom, flexibility, and income diversification. For Millennials, it’s about control and alignment, not corporate prestige.
Skipping: Saving for Retirement in a 401(k)
Doing Instead: Investing in Diverse Portfolios or Real Estate
Millennials have watched pensions disappear and 401(k)s become unreliable due to employer variability and market volatility. Instead of relying solely on traditional retirement accounts, many are investing in real estate, ETFs, or even cryptocurrencies.
They’re also more likely to focus on financial independence, not retirement, in the conventional sense. Some aim to work less or retire early—not in their 60s, but in their 40s—thanks to smarter savings, lean living, and unconventional income streams.
Skipping: Owning a Car
Doing Instead: Using Public Transit, Biking, or Car-Sharing
For many Millennials, car ownership isn’t a rite of passage. It’s a financial liability. Between gas, insurance, parking, and maintenance, owning a vehicle doesn’t make sense in urban areas or for people working remotely. Instead, they rely on car-sharing apps, biking, or public transit.
It’s not about laziness or irresponsibility. It’s a values-based decision focused on cost, environmental impact, and practicality. And in cities with solid infrastructure, it works.
Skipping: Buying Brand-New Anything
Doing Instead: Thrifting, Upcycling, or Buying Secondhand
From clothes to furniture, Millennials are more likely to buy used. This isn’t just about saving money. It’s about sustainability and conscious consumption. Fast fashion and overconsumption don’t resonate with a generation that’s grown up amid climate anxiety and economic precarity.
They’re curating lives with fewer, better-quality things, often sourced from local thrift shops or online marketplaces. It’s not only practical. It’s also very intentional.
Skipping: Life Insurance Policies in Their 20s
Doing Instead: Building Emergency Funds and Paying Down Debt
While previous generations might have rushed to buy life insurance policies early, Millennials are prioritizing what’s most urgent: building emergency savings, paying off credit cards, and tackling student loans. Life insurance, for many, comes later after they’ve hit more immediate financial targets.
It’s a strategy based on triage. When you’re drowning in interest payments, the smartest thing to do isn’t to protect the future. It’s stabilizing the present.
Skipping: Traditional College Routes
Doing Instead: Learning Skills Online or Earning Certifications
Millennials were told that a degree was the key to success. Then they graduated into a recession and discovered a diploma didn’t guarantee a job or a livable wage. Now, many are encouraging younger generations to take different paths.
They’re turning to online courses, boot camps, and certifications that deliver practical skills without the six-figure debt. Lifelong learning, not four-year degrees, is becoming the new standard.
Skipping: Chasing the “American Dream”
Doing Instead: Redefining Success Entirely
At the heart of all these skipped milestones is a deeper truth: Millennials are rewriting what success looks like. It’s no longer about owning a white picket fence and a golden retriever. It’s about mental health, flexibility, purpose, and enough money to live well without sacrificing everything along the way.
They’re learning to define success on their own terms, whether that means traveling the world, working remotely, or simply living without anxiety about the next bill.
A Generation of Realists, Not Failures
Despite the media narratives painting Millennials as irresponsible or entitled, the reality is this: they’re doing what they can with what they’ve been given. They’re not skipping financial milestones out of rebellion. They’re choosing smarter, more personalized paths to financial security.
And maybe, just maybe, the milestones need to catch up with them.
What’s one financial “rule” you’ve broken, and why did it work better for you?
Read More:
Why Millennials Secretly Hate the Current Retirement System
Why Many Millennials Will Die With Debt—And Be Blamed for It
Riley Jones is an Arizona native with over nine years of writing experience. From personal finance to travel to digital marketing to pop culture, she’s written about everything under the sun. When she’s not writing, she’s spending her time outside, reading, or cuddling with her two corgis.
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