Young and In Debt

First and foremost the title does not refer to me or anyone I know in particular…. it’s just a general observation at how the generations a little above and below, mine included, tend to spend more than is earned, not plan for the future and forget to save.

Through certain personal experiences, readings and observation, I have learned that the most important thing in life is living sustainably, being able to balance living well and living within one’s means. To be financially stable and sustainable. In light of factors that may… deflate certain dreams, the most important lesson i will take growing up is this. I may not end up the richest, most powerful or most successful (career wise) but I will not allow myself to be in debt after 50. I don’t want to have to work knowing that If i decide not to, i’ll loose my house or my car… i don’t want that uncertainty… that burden when i’m in my 50’s. If i can buy a BMW and not be in debt after 50 then great if I can’t then i’m gonna have to deal with it, or more specifically, my Ego will have to deal with it. I want to be able to retire with MY home, MY car and my money and not have to worry about paying this and that… the money I have after i retire should be for me to live with, comfortably. In fact, I have already put this plan into actions but making a very conscious effort to save and not spend frivolously.

Back on point, overspending has become a major problem (especially credit card related spending, credit card debt is frightening), and probably is part of this never ending economic problem we’re going through, and we need to learn to curb it… not stop it. We need to balance our spending, yes it “fuels” the economy but if the “fueling” isn’t sustainable it’s only a matter of time before it all falls apart. Young people, myself included, need to be patient and not jump to buying a expensive car when we’re in our first jobs just because it seems that you can afford the installments. Planning and patience is crucial ingredients in forming a sustainable lifestyle, and in the end it’ll be far more worth it, and longer lasting, than the novelty effect of buying a brand new shiny toy.

Straight From the Heart,

Arkay6