Money Mistakes Young People Make Today 

How people use money seems to differ from one generation to another. It may depend on how they may be brought up or on their early experience regarding finances. Adults today may have a different means of trying to save for their future as compared to those of a generation or two ago. In the same way, financial mistakes each generation makes are bound to differ as well.  For the younger generation of today, here are the most common mistakes they make that may affect their plans for a better financial future.  

Living For The Now 

Young adults of today only seem to know of living in the present. After all, they are known for the “You Only Live Once” or the YOLO mindset. While it certainly makes life more exciting with the adventures you can experience, it can also come at a cost. Those who follow the YOLO lifestyle tend to enjoy life now and neglect preparing for the future. They forget to save for retirement. They set aside saving up for the future in order to enjoy a trip of adventure now.    

Habit Of Eating Out Of The Home   

Younger generations today are fond of often eat out at restaurants or at their favorite fast food chain. Most would prefer that rather than preparing the meals at home themselves. Many consider that it can be more convenient by ordering take out. But the flip side of this is that it can be quite costly. Eating out in restaurants or buying food from convenience stores can double and sometimes even triple your budget for food monthly. While preparing food at home may require your time, you can certainly save up a considerable amount of your budget by doing so.  

Money Only Focus At Work 

Today’s generation seem to give prime important to earning more money as their primary goal in life. While it may not be a bad goal to have, it may end up putting you in a worse situation long term. Some young professionals are eager to accept a job that pays a lot of money, not considering the overall long-term impact on their success. Some of these high-paying jobs also come with long overtime hours, stressful environments, and lack of opportunities for promotion. While they may end up getting a high salary, it may be a dead-end job eventually. Instead, young professionals should try to consider working environment and career growth as factors when choosing a job rather than the money involved. They may end up financially successful once their progress and development keeps up over time.  

 

Posted by Ardent Editor on Oct 5 2019 in Money 101 Tags:

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