Despite having their own kind of flaws and flailing, the Baby Boomers as well as the generations that came before them has had the mentality and conviction to save financially for their future needs. My parents for example, were able to buy a car and a two-story house including its lot in their late-twenties. Pretty early for a young couple yes, but they were able to save up and buy a car at twenty-six and a house of their own at the age of twenty-eight. In the modern days, however, millennials no longer invest money since you would more likely to see them invest time. They no longer save for the future; they save for travel vacations all around the world. The cliché of buying assets like houses at a young age and staying to live a boring life in the same area is no longer a classic to them. Instead, they buy cars to go to new places for this is what they define as the new trend.
Millennials, being well known for their irrational and sometimes even unreasonable decisions, make the most common mistake possible and that includes living the so called, YOLO life or the ‘You Only Live Once’ attitude. This attitude makes them do things that are beyond the verge of their necessity. Rich girls are cool famous chicks while campus kings are those who can afford the latest clothes and shoes.
It is undeniable how people nowadays think more about keeping up with their social status and gaining new yet fleeting experiences than investing wealth for future purposes. The enjoyment that one feels with buying clothes, eating out, going to parties, traveling and having fun fulfills the said, ‘inner most need’ of every millennial. The said inner most need includes living the moment out of every situation, going out into retail therapies and spending as much as they can simply for satisfaction and leisure. These unhealthy de-stressing methods require them to squander money on dead investments not even knowing what saving is for but then again, we basically save because of one thing, the future.
As the years go by, we cannot deny the mere fact that our necessities such as food, clothing, daily allowances and monthly bills are not getting any cheaper. The price of every consumable is rising every year, leaving everyone spending more and more as the years passes. None of us knows what the future holds and having no emergency savings or any form of cash cushion could mean putting yourself at financial risk and these new breed of financially uncultured generation seem to have faint ideas about financial education, which then leads them to poor financial decisions and even poorer financial management. They only seek temporary pleasures instead of building lifelong foundations of wealth and prosperity free from worries and stress that credits bring, thus making us question where this unfavorable behavior leads.
Bottom line, saving money is incredibly important. Being financially secured gives us the peace of mind and it expands our options which have a major effect on our quality of life as well as the option to retire. As for the millennials, we can only hope that these people don’t wait until it’s too late to worry about their savings.
mytravels 