Millennials, born between 1981 and 1996, are now the largest generation in the U.S. workforce and are beginning to accumulate wealth. However, this generation also faces unique financial challenges and pitfalls that could hinder their economic prosperity. Here are seven money mistakes that millennials should avoid at all costs to secure their financial future.

First, falling into the debt trap. This generation has witnessed the devastating impacts of debt, particularly during the 2008 financial crisis. Avoid excessive borrowing, whether through credit cards, payday loans, or other high-interest debt instruments. The burden of debt can hinder your ability to build wealth and achieve financial freedom.

Second, failing to save for retirement early. Time is on your side when it comes to compound interest. Take advantage of employer-matched 401(k) plans or individual retirement accounts (IRAs) as early as possible. Even small contributions can grow significantly over time.

Third, neglecting to build an emergency fund. Unexpected expenses will arise, and without an emergency fund, you may be forced into debt or financial hardship. Aim to save enough to cover at least three to six months’ worth of living expenses.

Fourth, not insuring against risk. Millennials should ensure they have adequate health, life, disability, and property insurance to protect themselves financially against unexpected events.

Fifth, failing to invest wisely. Avoid get-rich-quick schemes and overly risky investments. Instead, focus on a long-term investment strategy that aligns with your financial goals and risk tolerance. Diversify your portfolio to minimize risk.

Sixth, overspending on lifestyle expenses. It’s easy to get caught up in keeping up with appearances or maintaining a certain lifestyle. Create a budget and prioritize your spending to ensure your financial security.

Lastly, not seeking professional help. Financial planning can be complex, and it’s important to seek guidance from a qualified financial advisor or accountant. They can help you navigate tax laws, investment strategies, and overall financial planning to ensure you’re on the right path.

By avoiding these money mistakes and taking control of their financial future, millennials can build a secure and prosperous future for themselves and their families. It starts with being aware of these pitfalls and making smart financial choices today.