AseanOutlook.com – Adulting is life, even for most adults that already gone through them. So you can imagine how bad it will be for young adults that are just starting and have no idea how and why they’re tossed into. Thankfully, there are advices for financial planning that helps prevent them from getting into an unpleasant mess that’s hard to escape.
And on today’s article, we’ll be listing 5 advice for financial planning that will help you get through adulthood. Keep in mind, although we use numeric lists, all of these advices are ranked in no particular order, so don’t worry about the number, and read it for yourself.
1. Go take bigger risks
Sounds unproductive, right? But what most young adults are doing wrong right now is that they’re playing it way too safe. There’s a reason this advice makes it in advice for financial planning in most lists out there available on the internet.
The time when you become a young adult (around 20-21) is when you’re at your most free. No need to worry about falling when you mess up because you are, after all, just starting. There’s not much down to go to when you fail.
So, go take some bolder risks, experiment with what you usually are afraid to do.
2. Invest in yourself more
The second advice for financial planning is to invest in yourself. Especially when you are a young adult.
You get to benefit from the education longer since you’re still so young. If you don’t believe it, just compare your benefits right now to a person that’s 72-years old in your position.
Investing in yourself can mean many things as long as you’re learning and growing, you are investing in yourself. Take online courses, read some books, these are all things to get you prepared when you’ve become a fully-fledged adult.
3. Forget about balance; don’t do too many things at once
One of the best advices for financial planning that we can give you is don’t try to balance everything to a concerning degree. It’s a waste of time. Everyone in this world has talent and interest, take yours and commit your time to it. If you’re dilly-dallying around with too many projects at hand, you’ll never finish all of them. Not even one, probably.
You’ll just get side-tracked over and over again without making any significant progress in your growth as a person.
4. Keep your expenses low
This is a bit of an obvious advice for financial planning, but it’s not any less valid either. Instant gratification is a real thing in everyday life, you might saw a shiny phone yesterday, and the next day you spend all of your paychecks just to get that phone that you don’t even need to begin with since your old one is working just fine.
It becomes even worse if the thing that you’re wanting is something like a car or a shiny house. You might be tempted to get a lease for them, and what that just does for you is again, limit your growth as a person.
Why? Because you’re committed to paying that lease now. You’ll be working day and night with that lease nagging behind your head, it can even result in you missing some great opportunities such as internships from other companies for better jobs, and others.
5. Create your very own assets.
Last but not least for our advice for financial planning is quite honestly, one of our favorites.
Since you’re still a young adult trying to figure out your life, go make your assets. It goes hand-in-hand with our other advice above, too. Do what you love, create your own asset, and make a profit off of it.
Statistics have shown that real wealth is generated by owning assets. If you love drawing, try illustrating, open some commissions. The same thing with writing, you can write your own book from your fantasies.
Having and owning your very own assets can be very beneficial for your financial future because it means you don’t have to go to the lengths of salary workers to buy or invest on some stocks.
That’s the time we have for today’s article about 5 advice for financial planning that will hopefully get you through adulthood safe and sound. Thank you for reading this article, we’ll see you again next time with some other general financial tips. Cya!