I have been doing research on the economic stagnation of some young people (through my friends) to understand the big problem behind this thing that is hurting so many people especially us young people. In my research there are some things that I have noticed so I wanted to discuss them here, it may help at least one young person to avoid this economic problem. So let's start!
I tried to do different research from different people to get different answers, but comparing the answers I got, I found that the biggest problem for many young people stuck economically is not having a good plan for spending money. Many young people work hard and earn good money, but they fail to make good use of the income they earn and they end up with economic problems in the future. So here we see that the economic problem for young people is not laziness as many of us think, but the biggest problem is how they spend their money! So what can be done to help young people avoid future economic hardship due to their unplanned spending? I will mention a few things that will help in this, you can add more by commenting.
- Financial discipline - A large percentage of young people who work hard and earn money, fail to spend it in the right way! Many young people misuse their money because they are confident that they can spend it all and later they will work again to earn another amount! This is bad because they forget that there is an emergency that can happen and need immediate money, or they may lose their jobs for different reasons and find themselves in a challenge that they did not expect. So it's good to have financial discipline because it will help you spend your money in the right way.
- Savings - To achieve your goals in the future you will need to have savings because without savings you will have to start all over again whenever you think of achieving your goals! When we are young we have a lot of goals for our future, so it is very important to save some of our income for our future. Although savings do not have to be money, so save what you know will help you later in achieving your goal, no matter what it is.
The savings you save today will help you avoid tomorrow's challenge!
-Dreamer
- Money management - It's a big mistake to spend a lot of money on different expenses without having a notebook to record your daily expenses, which means it will be easier for you to go out of your daily budget without knowing it. There are many ways to record your usage and not necessarily in a notebook, but you can use accounting software such as Microsoft Excel. You can also read this article to learn more about how to use Microsoft Excel to manage your revenue streams in the right way.
- Investments - Another good way to protect your economy is to invest in your income. Instead of misusing your income, it is better to invest in different opportunities to make a profit! There are many ways to invest your money incl2uding lending individuals because you will get repaid with interest which will be your profit. If you can do this it will be much easier for you to protect your economy and achieve your goals in the future.
Those are the four tips to help young people to avoid financial problems so that they can achieve their goals. I do not know much because I am still studying, so please add anything (tips, strategies) that you know may be helpful as well. Thank you so much!
Thanks for reading, and have good luck!
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