Connect with us


Organizing Your Finances; Why It’s Not Just For Retirees

Money matters are things that we all sometimes just don’t want to face up to. This can be especially true when we are young and the problems of financing a retirement literally seem to be years in the future.

The trouble is, the longer we leave it to become organized, the harder it can be. By the same token, the earlier we get to grips with our long-term financial planning, the more chances we have of enjoying a successful and secure future.

Modern Pressures

Anyone in middle age who has been taking home a decent salary for years and paid down most of their mortgage might be expected to have their financial house in order. However, recent global economic shifts and changes mean that younger people might not have such a straightforward time when it comes to planning their future, or even their present.

People in their 20s and 30s face increased pressures in terms of getting on the property ladder. Buying real estate is harder than it was before the banking crisis as regulations have been tightened and lenders set higher criteria.

Not only that but many students now leave higher education having already built up large sums in loans and borrowing that were needed to get them through college.

Must-dos and Must-don’ts

Having a basic economic plan is a must-do. Young people need to know exactly what is coming in and how much is going out in order to have an overview of how much, if anything, they can put away for the future.

Choosing between savings plans and investments can also be complicated. IRAs and 401ks might be easy to understand for someone who is used to looking at safe havens for their spare money, but for younger people trying to make ends meet, the very idea of putting money aside can be a difficult thing to come to terms with.

Taking advice is something that we should all do. Whether it is from a family member or from a prominent person such as Wes Edens, the billionaire owner of the Milwaukee Bucks who is famous for helping his young players learn how to handle their finances, having a trusted and experienced source of knowledge can make all the difference.

Edens is on record as saying, “I know when I was 22 (years old), I made a lot of bad decisions.” He explained how he wanted “to help guys out to understand financially how to be in a better place.”

Individual Cases

Of course, not every young person will have the kind of income that professional basketball players can generate, but even those on modest salaries need to look towards their later years.

Building up a habit of making savings and investments, even from the smallest starts, can be a great way to lay the groundwork for a worry-free future.

Although personal contact with the likes of Wes Edens may not be available to everyone, his advice and that of many others can be found easily online and then applied to individual circumstances.

Continue Reading

Recent Posts

Autos1 day ago

In a Car Accident? Here’s How to Find a Great Lawyer

If you’ve recently been in a car accident, you know that it can be an overwhelming experience. Not only do...

Education2 days ago

Considering Therapy? Here’s a Few Common Therapy Techniques Explained

If you’re considering therapy as a means to improve your mental health, you may be curious about the type of...

home repairs home repairs
Home Improvement3 days ago

Top 5 Home Repairs You Should Never DIY

DIY home repairs are all the rage these days. But before you jump on the bandwagon, there are some things...

Health2 weeks ago

The Power of CBD Oil for Relaxation: How to Use it for Sleep and Stress Relief

If you’re struggling to get a good night’s sleep or feeling stressed, try CBD oil. CBD oil has a moment...

General2 weeks ago

Benefits of Getting your Mobile Phone Repair

Mobile phone repair is a task that needs high skills and experience. That is why we always recommend users trust...

Home Improvement2 weeks ago

Great Ways To Clean To Get Your Security Deposit Back In Full

Moving is almost always stressful as there are tons of things to plan and do. Getting your security deposit back...

Home Improvement2 weeks ago

DIY Garage Door Repair: Tips and Tricks for Fixing Common Problems and Maintaining Your System

If your garage door needs to be fixed, wait to call a repairer. Many common problems can be fixed quickly...

Education3 weeks ago

7 Tips to Choosing the Right University for You

Are you considering continuing your education at university? If so, it can be overwhelming to decide which school is right...

Finance1 month ago

3 Ways Loans from Credit Unions Are Different From Major Banks

If you’re in the loan market, you may wonder if a credit union is the right choice. Here are three...

Food1 month ago

The World of Coffee: Exploring the Aromas, Flavors, and Benefits of the World’s Most Popular Beverage

Coffee is one of the world’s most popular beverages, enjoyed by people of all ages and backgrounds. It’s also one...

Education2 months ago

New Driver? 5 Things to Consider When Looking for Driving School

When it comes to choosing a driving school, there are many factors to consider. Not all driving schools are created...

Home Improvement2 months ago

Landscape Irrigation Systems: The Basics

If you’re a homeowner, you know that keeping your lawn and landscaping looking nice can be a lot of work....

Travel2 months ago

5 Things to Look for in Luxury Hotels

When it comes to luxury hotels, there is a lot to look out for. Here are five key things that...

Home Improvement2 months ago

Is There a Difference Between Commercial and Residential Concrete?

If you’re a contractor, you know that concrete is a versatile construction material. But did you know that there are...

Law2 months ago

5 Tips to Find the Right Litigation Firm

When it comes to selecting the right litigation firm for your legal needs, choosing wisely is of utmost importance. It’s...