Financial issues while you’re 20’s

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Every generation got a problem and a struggle. When you are young it gives you the ability  to make necessary changes but when you let your issues stay as it is and get out of control it will surely haunt you and derail your dreams.  There are numerous ways how to resolve it but identifying the problem will help us be in a really good position.
1. Brand obsession
Buying branded items are good but buying the same brand all over and over again whenever they release new products is totally outrageous. You are burning a hole in your pocket. Sooner or later you will have a bigger problem if you will continue this.  Being trendy is good but being financially savvy will be better. Practicality will keep you safe from trouble.
2. You want to get rich not be rich
Are you a pretender or a contender? Can you survive once you got an emergency? While you are young don’t just focus on your outside appearance, invest within yourself too. Many young adults keep on hopping in different industry looking for a higher pay so they can finance their lifestyle but they can’t sustain it in a long term. Invest in yourself, study another course. You need to simply change your thinking in being rich. A genuine rich person will never be insecure with their neighbors new phone, new car, new house. A rich person knows exactly their REAL value.
 3. Short term vision
If you got problem with your eyes it is really hard for you to move because you might get hurt. When your vision lacks clarity you are surely in trouble. You got a little problem if you have a game plan. How do you see your finances 5 years from now?  If you know exactly where you’re going then you will be in good shape. If not, then I recommend to think about that, before you construct your house and lay down the cornerstone you need to go back to the drawing board, have a blue print and put those ideas in paper. Try to read it everyday so it will sink in your system. Your vision might change over time but it will be better compare to not having one.
4. Go with the flow
One of the problem being young is the lack of experience and that is equals to shortage of wisdom. You are too busy following the norms and the culture without too much analyzing the effect of it  on the long run. When you follow every ones advice you will be lost. You need a game plan.  Don’t let other people’s lifestyle dictate your spending pattern. Don’t be shy to tell them that’s not on my budget because they don’t care when you are broke.
5. Credit card sucker
 Every month you can’t stop using it. Even in simple items you need to swipe your card. In a culture that debt is normal and having no debt is considered a freak you need to wake up.  Let me tell you that most people who spend using credit card has issue with acceptance and security. According to
With the ever increasing access to credit cards, the number of people with a shopping and spending addiction is astounding.  While the exact number is not known, It is estimated that there are over 14-15,000,000 shopaholics in the U.S. and that the U.S. credit card debt is greater than six hundred billion dollars.
I have a very simple solution to that credit card spending. Throw your card and only buy using cash.
6. Too much reward for yourself
You have a serious problem when you try this kind of life style; travel everywhere, party anywhere, sky is the limit when it comes to spending. I just want to remind you that you are not a rock star or celebrity, but even celebrities go broke sometimes when they cannot sustain this lifestyle with low earnings over bigger expenses. Rewarding yourself is a great way to give you some boost but if when you strike the balance with reward and wisdom you will hit the jackpot with great repeatability.
7. No financial heroes
Having no inspiration is a suicide. Try to look for an inspiration or a hero. Someone who will help you to achieve your dreams financially like your friend who are successful and books that’s very timely to your situation. Remember that you can’t do it all. Even superman got kryptonite that sucks his power sometime. So when everyone around you spends higher than they earn you badly need to be the hero in that generation.
8. You hate the idea of saving
There are people who don’t have any idea why savings is good. For them, saving money is more on depriving yourself with something that you really want now. Yes, they are somehow correct but they should focus more on WHY we need to have savings compare to  focusing on HOW they should save. If you got no savings you cannot afford the future. All billionaires understand the value of having a really good buffer (Savings). They can easily move whenever they need and want to.
9. Voucher fanatics
I love the idea of vouchers with a really big discount but according to studies it will increase your spending habits. When you love buying things that you want you normally go overboard with your real budget because you think you can save more. The problem with the idea is you think that the promo won’t happen again. With the fear and greed that you got it will increase your chance to have a financial disaster.    

David Isaiah Angway is a Financial Evangelist

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Filed under Decade, Finances, Personal Finance, responsibility, young

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