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

Home Improvement2 months ago

How To Add More Value To Your Home

If you have some spare cash in the bank, it is likely you would like to spend it on your...

Lifestyle2 months ago

What is a Deep Plane Facelift

Cosmetic surgery is a choice that needs a lot of research and when it comes to thinking about a facelift...

Entrepreneur2 months ago

Unveiling the Demand for Digital Marketing Courses: A Comprehensive Analysis

In recent years, the realm of marketing has undergone a seismic shift propelled by the digital revolution. As businesses increasingly...

Home Improvement2 months ago

What Does an Effective Wardrobe Spring Clean Entail?

Spring is upon us which means one thing and one thing only. It is time for the annual purge of...

Business4 months ago

Your Basic Guide To Creating A Unique Investment Blog

Starting your own blog is great and once you get the ball rolling, it can be a good passive income...

Business4 months ago

3 Low-Risk Ways To Get Your New Business Started

Once you’ve got an initial business idea and believe that it will be a success, there are some basic things...

Lifestyle4 months ago

Conquering the Co-free Zone: Tips for Thriving as a Remote Worker

Adjusting to an office environment can come with its downfalls in the sense that it might be a shock to...

General5 months ago

3 Ways To Take Control Of Your Finances Starting Now

If your finances have taken over and are bringing stress to your life, we understand just how overwhelming it can...

Travel7 months ago

Best Places To Visit In The North Of England

If you live in England, you will know there are many different places to visit for the weekend. There are...

General7 months ago

Green Home Improvement Ideas

In a world where environmental concerns are growing, the concept of “green” has gone beyond a trendy catchphrase and is...

Lifestyle7 months ago

How to Host an Unforgettable House-Warming!

The time has finally come. You have moved into your dream pad, and are officially adulting in your very own...

Autos7 months ago

A Guide to Parking Lot Striping

The journey to a well-striped parking lot begins with the right paint. In this brief guide, we’ll unravel the mystery...

Business10 months ago

Business Tips For Protecting Your Finances During A Recession

In 2023, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Lifestyle11 months ago

Tips For Cleaning Your Trainers

If you’re into your trainers and streetwear, you’re likely to be very conscious of keeping them looking their best! So,...

Marketing11 months ago

Branding Trends For Start-Ups in 2023

Branding is incredibly important as it impacts how your business reaches and connects with its target market. If you’re branding...