Guide to personal finance management
Millennials, a group of people born approximately 1984 and after are often deemed to be tough to manage. In a world and time as demanding as the current one, the millennials often suffer the most mainly due to the environment and technology surrounding them. Unfocused, lazy, narcissistic, spendthrift and self interested are adjectives that are extensively used when discussing millennials and their extravagant lifestyle.
Spendthrift is the big one though with money being an asset so tough to gain but so easy to lose. Depression, mental disorders and suicide in some cases are often reported which really makes you wonder what’s wrong with them. Although more educated than their predecessors, the millennials still earn a comparatively lesser amount for more reasons than one, leaving them with hardly anything in reserve. Let’s look into some ways through which you can manage your money without compromising on certain essentials.
1. Avoid luxuries, initially :
Branded clothing, customized watches and modified cars look even more intimate when you’ve bought it yourself rather than merely showing off your father’s assets. Many millennials tend to focus more on gathering the best of everything in the market available right from phones, laptops, clothes, shoes. With limited income, these commodities take away a handsome amount leaving you scrapping for most of the month. Simple pants and decent phones work just as fine as their prodigal sons do. Follow this until you get a significant rise in your finances after which you can go D&G!
2. Be with your family :
Judged me, didn’t you? As weird and wrong as it sounds, spending time with your family can actually save you loads of money. First of, you don’t pretend to be someone you’re not in front of your mother, do you? With peers often comes the pressure associated with it wherein you end up spending more than you should just to get a high social stand among them. The case is totally opposite with mum and dad who know you and your accounts inside out. Also, there’s no ego involved here, at least not financially!
3. Save for a purpose :
Saving money just for the sake of it is absolutely ridiculously. Every third guy you meet will ponder on the positives about saving, and he’s right to be honest. But as with anything you do in life, saving money should also have a purpose attached to it, be it retiring early or buying a car or something too strange to put in words. Should you find no answer when looking for that purpose, than you’d be better off living in the moment!
4. Invest! Can’t stress this enough :
I can’t imagine how you’re going to be as wealthy as you intend to be without investing in an asset. Stagnant money in savings bank is a risk of an entirely different kind, a risk of mediocracy. Investing from an early age is a must have habit with innumerable assets up for grabs. Stocks, mutual funds, peer to peer lending, real estate, gold and government bonds are some pretty famous assets that have turned investors from virtually being bankrupt to wealthy individuals. Most successful money lenders tend to regret the fact that they didn’t invest from an early age. You don’t wanna have another regret in life, do you? Head over to LenDenClub and get going!
Financial stability isn’t just subject to these things. Patience, perseverance, humility and honesty will go a long way in helping you to whatever your financial aim may be in the longer term!