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Millennials are doing one of two things. They are either not planning at all or they're taking too little risk. So here's what you need to do. You need to put some sort of game plan together, address what I call your big three, Pay down your outstanding debt, get your emergency reserve fund at six to 12 months of your living expenses and start small with a little retirement plan contribution. That's it. That's all you have to do. The big three.

People in their 20s and 30s are typically just starting to find their way in their careers, but when it comes to their financial lives, they usually make one of two mistakes -- they're either not doing any planning for the future, or they're taking too little risk with the investments they are making.

Jill Schlesinger, a former financial planner and the author of "The Dumb Things Smart People Do With Their Money," outlines three concrete steps millennials can take to address these two mistakes and get their financial lives on track. 

Related.Don't Try This at Home: The Dumbest Mistakes Smart People Make With Their Money

Watch: Everything Millennials Need to Know About Retirement - Ask Bob