WAYS MILLENNIALS AND GEN Z’S ARE VERY FINANCIALLY UNHEALTHY
The millenial generation and the Gen Z’s can be said to be the entrepreneurial generations. These sets of people are more anti 9 – 5, corporate lifestyle and the idea of working for others and are all for “start your own business” and make your own money lifestyle.
While these in themselves are not bad, these sets of people may not have gotten a hang of what all these mean. They rush into this entrepreneurial life and in the process, lose out on the financial security, growth maturity and access to lots of financial pillars that had sustained generations of old.
Due to the lack of business sense and financial growth maturity, millennials and Gen Z’s can be unsystematic and really slapdash with money. We are so lackadaisical with money that many don’t even think of preparing for the future.
Most don’t even want to talk retirement because for them that equals getting old ergo death. However this is a very wrong mindset.
As millennials and Gen Z’s and yes, as the entrepreneurial generation, we really need to become more organised and accountable with money so that we can secure a better future for ourselves.
How is it these generations are very sloppy with money?
More often than not, most of us find ourselves in the category of people who don’t know how to save. Granted, we may put a couple of bucks aside in our savings account every month but how much of this is enough for emergencies and retirement? When we are caught up in perhaps a brief bout of unemployment or when we find ourselves in situations that seem to gubble these savings e.g medical issues, are we able to cope? We should learn to save for emergencies as well as retirement. That is a healthy budget.
No budget at all
Sad as this may sound, truth is not every one has a budget. Some people live on the “Now” belief system and don’t think of saving for a rainy day. This is very dangerous because without a safety net, what do you fall back on when things go topsy-turvy?
Faking the expensive life
Just to keep up the pace or save face under peer pressure, so many people buckle and get caught in the net of “fake it till you make it”. Some people live that very expensive life they cannot afford just because they want to look the part. Choosing to live in expensive areas when you really don’t have the sustainable means for this, buying expensive clothes and shoes…How wise is this? Don’t you think you would be more in debt with this kind of lifestyle than if you choose to live within your means and still look fly? Think about this.
Having no backup plan
Not everyone is lucky enough to immediately make good money off that passion of theirs. Most have to build to be able to find their way into the society before they can even make a buck. So in the process of chasing your dream and trying to make a living out of what you love, what is your back up plan (that puts money in your pocket) if this takes longer than expected? Try to think up something you can do on the side that is just as lucrative and enjoyable to be your back up plan incase your dream takes too long to come true.
Choosing “likes” over money
It would seem a lot of millennials and Gen Z’s want fame over hardwork and making successful money. Everyone wants to be world-renown, we are too busy gazing at the top that we fail to recognise the mid-level opportunites that would skyrocket us to that top. Start small and climb your way to the top. Such fame lasts longer than that gotten overnight which you can lose just as easily as you got it.