Money -Getting it right with your finances has some great benefits just like there are great loses when you misuse your hard-earned resources.
Money comes in scarcity and that is why it is treasured by the world since having it will give you a happy life on earth.
Investopedia which is a leading financial website in the world reported that many youth make an irreparable financial mistake in their young days because they never look at the bigger picture of their future. This happens during their twenties and would spill its ripple effects into their old age.
Pesatoday.com has compiled some six financial flaws any one must avoid in twenties if you are that kind of an individual looking forward to building a strong financial foundation or freedom.
Avoid over-reliance of credit. Credit is just borrowed money. Unfortunately, any borrowed money must be repaid with profits. You may get money to start a business but over-borrowing could be devastating. You don’t have to live in debts. Borrow what you can only refund.
Leaving beyond your means – many youth want to live a life to lie. In other words, they live a lie so as to make happy their peers or prove a point. This behavior has plunged many into regretful lives. A braggart youth, for instance, would rather order an expensive drink on the counter than to care about his own future.
Unbudgeted expenditure is spending money on anything without first looking at what is appropriate and what is not. Money spent carelessly cannot be recovered. Budgeting is another sure way of planning on where your coin should go. It is also easier to account for such.
Other reasons that lead to hard life for many youth include, lack of savings and setting wrong priorities. e.g buying a car to derive girlfriends around the city every weekend.
