What Young Adults Should Know About Money

in #money7 years ago

No one knows exactly what the future holds. Preparing for the future is the best thing a young adult should do. Knowledge about finance is really important for everyone, irrespective of age. It's all about saving for the rainy day and becoming financially stable. Financial stability is only attainable when an individual plans ahead. It's just like taking steps till you finally get to the desired location. Today, we will be looking at some tips that may help.




Image Credit: lipstiq.com


Where does your money go?

Many do not really earn much in the world today. But it's so common to hear people say they don't know how they spent their money. I have a friend that talks as if his money vanishes. This is where proper budgeting comes in. Every penny earned should be accounted for. It's wrong to just buy any goods that is advertised. Most times, the seller is only trying to make his profits. No one starts a business with a sole aim of doing charity, a business is to earn money. Having that in mind should help one think carefully before getting something.




Image Credit: US News Money


Think about retirement

In West African pidgin language, it is said "body no be firewood", that means a very agile young man today will eventually get old and become less active. With retirement plans, one can prepare for the future effectively. Any plan made for the future, could be termed a retirement plan. When such plans are made, one doesn't have to stress much when old. The retirement plan could be done in banks or even with cryptos stored for future use.




Image Credit: asteelelawoffices.com


Have an Idea on taxes

When you are offered a job with a mouth-watering salary, you need to calculate how much it will be when taxes are deducted. Planning without such deductions, makes a budget invalid. So an idea on how to calculate taxes is required, perhaps basic math calculations. If you are not really good with math, some online websites could help with such tasks.




Image Credit: Affluence Funds Magazine


Managing funds properly

Every time you borrow money, you are robbing your future self - George Best
It's best to avoid borrowing money if possible. Thoughts about paying back could be depressing, especially when it is a huge sum of money. To be in control of funds that will come in the future, the present funds needs to be managed properly. As a young adult, if you do not know much about money, now is the best time to do. Books and even online materials are there for you to keep yourself up to date. When the right things are not learnt now, you are indirectly giving rooms for regrets later on. If you want to buy something that will hurt your savings or even need you to borrow more, you have to ask yourself if it is really worth it.

Go save some cash fam :)


follow_jaff8.gif

Sort:  

Eccellente soggetto amico, i giovani devono pianificare il loro futuro!

it is no longer news that if you want to successfully fail, fail to plan.
Everything in life is dependent on planning
Whatever you stumble upon without proper planning vanishes 90% of the time because you never had plan for it
Nonetheless, it is always good to get rid of ignorance, plan for your future and learn to be accountable to yourself.
Amazing post jaff

The idea of savings cannot be overstated...money saved up can become a life saver in one's life.

Amazing post my beloved brother.
I need to learn a lot from you.
Sincerely speaking.

Money. Very easy to spend. If you fail to save, blame yourself later.
Nice one Bro.

Nice one sir! @jaff8
From a book titled - "the richest man in babylon", It became clear that these your above stated points might be easy to see,accept and practice but it is most often easy not to see, accept and apply. Your friend being a typical example. The incredible thing about these points you have explicitly stated is that they are ubiquitous and have stood the test of time(They are TRUTH!) - since the Babylonian era!😊
It is unfortunate many do not see it!
Many will now through this post.
Thanks for the enlightenment sir! @jaff8

Can we distil the principles of sensible financial management into bullet point? If so then we can elaborate on each in subsequent posts. Let's try.
Here's a few I'd suggest:

  • Learn not to spend more than you earn
  • Learn to save for the future
  • Learn how to spend wisely
  • ??? (there have to be more others can contribute.

Really wonderful piece. Saving is an integral part to achieve financial buoyancy. According to Warren Buffet

spend what is left after saving not the other way around.

Have a wonderful day!

I also think it's important for young people to visualize what goods and services cost. Maybe they would learn to appreciate the dollar a little more.

The key is to always realize that today would pass and tomorrow will come , so if you waste the money today, there will none tomorrow, so financial knowledge is very much valuable, thanks for sharing @jaff8

Coin Marketplace

STEEM 0.17
TRX 0.15
JST 0.028
BTC 62264.03
ETH 2431.11
USDT 1.00
SBD 2.50