Worst Financial Mistakes that people make in their 20s

Millennials
  1. They think education and talent are enough to become super successful. And ‘I will never touch a book again as long as I live.’ They only find themselves outdated with time.
  2. They neglect their health. With a youthful body there are fewer health problems, hence many cut down on health maintenance. They are reminded when they have run into trouble but by that time it will be very difficult to recover.
  3. They don’t start saving money. They think, ‘I still have time. I will save when I earn enough money.’ But the truth is there will never be enough money. And the best time to save is now!
  4. They equate happiness with money. Because they had limited access to money as children, they will assume that money is the key to all happiness.
  5. They give up when things get tough. They think there is ‘always’ another road that is easier. The reality is in most cases there is not alternative and you have to breakthrough.
  6. They let others define them. They do not take time to discover themselves, hence the environment dictate who they are and who they eventually become.
  7. They are impatient. They want all, and they want it now!
  8. They try to please everyone. Their rule is ‘you have to be nice to everyone.’ Seriously, you cannot please everyone. It’s practically impossible. You will always find some who oppose you or with different taste.
  9. They think all friendships can last forever. Friendships are seasonal. Some seasons are longer than others. As a result they get stuck with outdated friendships that do not fit their current goals and direction, thereby creating a negative force that weighs them down.
  10. They think moving somewhere new will solve their problems.
  11. They create bubbles around themselves.
  12. They see things in black and white. They do not realise that there is also the grey areas. Actually there is a rainbow of colours.
  13. They look for their ‘soul mate.’ A soul mate is a myth and a teen fantasy.
  14. They try planning years in advance.
  15. They think they’re the only one of their friends struggling.
  16. Instead of building a solid personal economic track record, they easily fall into and fight causes they have little idea of. This can be in religious, political and social activism. They only to discover when it’s too late that they have lost time, building other people’s wealth.
  17. ‘Your first salary determines life time wealth.’ This is not true. The size of your salary is one of the many things that are involved in your wealth growth. Wealth growth is to do with accumulation. Accumulation is the difference between income and expense.

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2 Comment

  1. Great article.

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