Financial Tips For The Younger Generation [Part 2]

We have established the fact that it is the actions of people during the early days of their lives that they will reap as results in the later days of their lives. This is the reason the younger generation should be taught on how to manage their finances as early as possible, so that they will grow with it and so as to be free from financial stress. We have taken a look at some financial tips in our previous episode and we will take a look at some more here.

1. Protect your finances

It is one thing to make money but it is another thing to be able to manage it properly. Someone once said that "it is easier to become a millionaire than to remain a millionaire". This only shows that adequate management is required in order for wealth to be sustained. A lot of youths make quite a considerably large amount of money but cannot account for any of them because they lavish the money extravagantly on things that they do not even need.

Maybe this story will paint a picture for you: One guy in my neighbourhood got a contract work to execute which paid him handsomely well. As soon as they paid him after executing the contract, he decided to change his collection of clothes and other wears. There is nothing wrong about buying some good clothing wears but he did it excessively. He went as far as getting designer wears and all without even considering when the next contract will come. Now, he had gone broke and asking for help again after commanding such amount of money. This goes to prove that one of the financial problems of this generation is not how to make money but how to manage money.

You may be making a lot of money but you also need to know how to manage it properly to avoid going broke at the later years of your life. There is nothing as frustrating as making all the money as a youth and still end up being broke. For salary earners for example, you do not have to expend everything before the next salary comes. You have to understand that in life, changes are bound to occur, so you have to fashion your lifestyle to accommodate the changes.

2. Take care of your health

There are some people that do not take their health seriously even when the signs and the symptoms are there, until they finally break down and they will curve out a huge sum of money to treat themselves. Not just that, during that period, their productivity will drop while they will also spend heavily. This is why you should take the matters concerning your health with utmost seriousness. Go for regular medical examinations and checkup, and once you feel any health discomfort or symptoms, do not wait until you are down before you seek medical help, do it on time to prevent the bigger evil.

Some people try to avoid spending on taking care of themselves and their health, but if their health becomes challenged or if they fall sick, they will spend much more than they would have spent on preventing it. That is "penny wise, pound foolish". In taking care of yourself, you should also take some rests, eat well, form good and healthy habit. All these may cost a bit but it will surely prevent a much bigger spending. Remember this popular saying:

Prevention is far better than cure

Each time you notice any health sign or symptom, you should not take it lightly, so that it will not degenerate into something big which will make you spend more and put strain on your finances. It is true that, as young people, it is expected of us to work and hustle hard, but we should also know when to take a break and rest for the sake of our health. Always have in mind that you are not the comptroller of the universe, so take a rest and take care of your health. If your health is challenged, you will be surprised how you will be easily replaced and you will understand that you are neither irreplaceable nor indispensable. The sacrifices that you make to take care of your health may be what will save you from spending a fortune on insane medical/ hospital bills. So be wise.

Thanks for reading