Group of friends looking at their social media apps on their phone in a Coffee Shop:
Friend 1: Wow! What a wonderful dress Kylie Jenner is wearing.
Friends 2: Woah! How awesome is that drone he’s using? Good for our next travel goals.
Friend 3: Hey guys, this restaurant serves mouthwatering desserts. It’s only two blocks away.
Friend 2: Ok let’s go to that restaurant, how much budget do you have?
Friend 1: Sorry I need to pass muna, I need to save for this Kylie Jenner Dress.
Friend 2: I guess I need to pass too, this drone is too awesome, I need to get it before summer.
Friend 3: WHAT? They serve “Buy 1, take 1” Chocolate Cake, let’s go now before its too late.
This kind of conversation is usually seen to millennials today and you might be thinking how shallow and unreal they are in handling money. But if you will look at our culture today, we have to admit that money management is not easy as it looks especially for young people. As being millennial myself, I learned many things about how I handle money in this present time. And with all the trends and pressure of our pop culture, I can really tell that it’s hard not to follow with the flow.
Since we cannot control the culture, we can learn to control how we think about the money we have. It is often said that the mindset someone’s mold will determine how he/she will journey. In money, it doesn’t matter how much we have, it’s about how we “handle” it that counts. Do we see money as a tool or a dangerous pill? It depends on how you perceive it.
For young people, we have to admit that it’s hard not to handle our finances with all the trends and pressure of our pop culture. But with these 3 “Money Test,” it will put right direction with the money you have so you can prioritize where you should put it.
1. Is it a “NEED” or a “WANT”?
When we were kids, we were taught by our parents to know the difference between needs and wants by simply going to the mall. We tend to choose toys over clothes, arcade over groceries, and movie over bills. That’s why when we don’t buy that favorite toy or play to the arcade, we tend to be mad and throw tantrum inside the mall. Now we get a bit older, we don’t act as a kid does when we enter the mall, but the feeling of a rush when we see that beautiful dress and smell that delicious meal is still there. We tend to negotiate and feed our conscience with many compromises just to make the new iPhone gadget a “need.”
Before we go to the school, mall, or hang out with our friends, we have to distinguish the difference between the “needs” and “wants” by simply listing down your “priority list” (how much money is allotted for your food, transportation, etc.) If it’s not part of your list, don’t buy it. Little adjustments will be fine but make sure that you will keep the right pace of discipline with you in and out of your home.
Young people, knowing your “needs” and “wants” will make your burden light despite the pressure of this pop culture. Just like they said, if you’re priorities are clear, your decisions will be more simple.
2. What is your #LifeGoals?
What do you want to be when you grow up? I want to be a teacher when I was little. Now that I’m teaching, what’s next? Our goals in life do not end after college, young people. As we become employee or businessman, our life goals shifted into different and bigger picture like traveling around the world, getting a new house or car and much more. And let me tell you this, these goals of having great things will not happen if you’re just spending too much money for “not so great” stuff.
So start aiming big, young people. Start listing those #LifeGoals and take steps forward in putting some of your money to that goal. It doesn’t have to be big amount immediately, take a small amount of your allowance or salary and start saving or investing it in stocks or insurance policy. It is better to start little than none and see how it will grow to make your #LifeGoals into a reality.
3. What is the “PURPOSE” of this money?
For us millennials, we only think of money as a “tool” to sustain our need. But when disaster strikes and we don’t have income or saving to provide for needs, we see money as a “struggle” and a “chain” in our neck. No wonder even at young age, children are already committing criminal cases because of poverty in the family. Do we ever ask ourselves why we work? Why need money? And what do we do with or without money? Young people, we have to set a right mindset when it comes to money. Start by answering these questions:
– Why are you working to earn?
– What is the “main priority” of our income?
– A few years from now, what kind of retirement we want to live so we can live our last days with dignity and grace?
– When calamity comes or someone in my family is diagnosed with a critical illness, do I have a savings or insurance to provide for it?’
– Do I want to be a “blessing” or a “burden” to my family financially if ever death comes?
All these questions will put your heart and mind at ease. Because answering these questions will see the purpose of your money and how you will use it differently. Money supposed to be a “blessing” and not a “curse,” so better make the most out of the money you have.
You want to get your money further, start saving and investing. Cut off those unnecessary spending and fix your eyes towards your #LifeGoals and make the most out of your money. Talk to a reliable financial advisor now and choose to live brighter for today and your future goals ahead towards #FinancialFreedom.
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