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 Improvement4 days ago

Things you need to do and think about before the renovation project

If you plan on renovating your home anytime soon, there are certain things you should check of your list before...

Health1 week ago

3 Things You Need To Be Doing To Look After Your Teeth

Many people don’t prioritise looking after their teeth, however it is so important as we only get one adult set...

Autos2 weeks ago

Car Care and Checklist for Road Trip

Are you planning a road trip across Australia? If you are, you must know that you couldn’t have chosen a...

Home Improvement2 weeks ago

Interior Design Secrets For Your Living Space

Interior design is not something that comes naturally to the majority of us. Figuring out how to pull a room...

How to Make SEO Work For You and Your Business How to Make SEO Work For You and Your Business
Business2 weeks ago

Office Building Maintenance You’ll Need To Take Care Of

Like other buildings, office buildings need to be well-maintained so that they are safe, comfortable, and pleasing aesthetically. To accomplish...

Lifestyle3 weeks ago

Text Messages Vs Sexting Apps – What is best for fun?

It’s no secret that sexting has become a popular way for people to get their kicks. But what’s the best...

Picture of Nike High Top Trainer Picture of Nike High Top Trainer
Lifestyle4 weeks ago

Hottest Trainer Brands for 2023

It’s time to update your wardrobe! As we get closer to 2023, it’s time to get the freshest fashion trends....

Lifestyle1 month ago

How To Have Great Personal Hygiene

Personal hygiene should be a basic practice of everyone’s routine. Feeling healthy and clean is a direct response to great...

Business1 month ago

Protecting Yourself From Scams

As the world becomes more digital, unfortunately many people are using this as a way to scam hard-working people. There...

Marketing2 months ago

Marketing Tips For A Gym Wear Brand

When starting a gym wear brand, there are a few things you need to do and one of them is...

Business3 months ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement3 months ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business4 months ago

How Do I Find a Good Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement4 months ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech4 months ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...