Youth is a time when a lot of people prefer to live well than save.
They spend what they earn on having a flashy lifestyle and up the ante of their standards – all the while giving a go-by to putting their monies in banks, securities and other assets. The younger generation also may or may not place their bets on drawing up budgets and organizing an on-schedule savings plan. In addition, the actual psychological cost associated with a big debt is something they do not think much of beforehand. This includes a very high level of stress and lesser amounts of productive activity due to this.
Not being able to manage finances is troublesome…
Not being able to manage your finances can lead to even long term troublesome end results. Thus, the ability to manage your finances’ study has been on the forefront for many, many years now. It is the heightening concern of many a researcher in this field. One should plan one’s finances – there is no doubt of this. At any given point in time, savings for a home, a vehicle, education for children and health insurance should be high on the priority agenda for folks.
If a person is very young and has just started earning, they should keep aside a portion of their savings to invest in a house as soon as is possible for them to do. Also, ear mark some amount for your own health and that of those who could be dependent on you – like ageing parents or siblings who are not independent et al.
This is not to say that one should lead a life which is full of boredom and no enjoyment or merriment. If one is putting in several hours of hard work in a day, it is also necessary to take some time off and relax and be merry. Also, socially too, one must mix up and have a good social circle of friends, kith and kin. Also, one must entertain and be entertained oneself. It is just that a bank balance with a good figure of savings will stand you in good stead at any given point in time.
This story is from the July 2017 edition of The Observer of Management Education.
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This story is from the July 2017 edition of The Observer of Management Education.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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