This article from Ben Carlson wills ave you a lot of thinking time when it comes to helping young people achieve financial balance in their lives.
One’s first earnings are easily consumed, and credit cards add to the problem. The essence of financial success is to balance today’s income with tomorrow’s needs. If you over-borrow or under-provide for the future, you will endure hardship when you cannot add to your income by working. If you over-save, you cannot enjoy the present to the fullest. Taking your children to Disney World at 27 instead of 7 is futile.
“There are like 5 different layers of Ben content here — 1) retirement savings, 2) behavioural finance, 3) spending money, 4)striking the right balance between happiness now and comfort in the future and 5) luxury vehicles.”
It addresses building assets in layers and along a timeline:
If they think about it, most people catch on to the idea of balancing money in time. The technique follows more easily then.
You can see the article here. Should Young People Save Less and Spend More.
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