Principles are not always fun to human beings, but the fruits of having regulations are rigorous and advantageous. Principles are even harder to for and follow among young adults. Financial principles serve as a bitter cup when you know you have the money, but you cannot spend it however you like because you have to mind your tomorrow. The financial success of a person mostly counts on one’s behavior. The money choices you make every day determine where you will be financially a few years from now. Financial discipline does not only entail saving; it also involves wise spending and wise investments. There is a need for the Irish to learn some of the core money principles, especially during these economically challenging times. The following are some of the critical money principles which would prove life-changing among the young Irish.
- Always spend less than what you make- This is probably the most basic yet the most crucial money principle of all time. Young people always feel the pressure to look rich rather than be rich, but don’t let social media fool you. Everybody has their own life on their bills. The pressure of spending your paycheck for lunch at Ashford castle does not make sense if you only struggle for the rest of the month. This principle in layman’s language means, live within your means.
- Wealth is not made overnight- Young Irish men and women feel the constant pressure from the young people who are billionaires and millionaires. However, it would be wise to note that everybody’s life is different and their financial journeys. Successful young people have had their fair share of challenges while building their empires.
- Invest when you can- This probably sounds ridiculous to the youth, but it is one of the principles that guarantee a young person financial stability at a very young age. Investing while young is the best decision the Irish youth could make as the investments create their financial security in the future. Investments are also a way of creating wealth while still young. Most of the billionaires and that we see today chose to invest while young, and well, Patrick and John Collison aren’t doing so wrong, are they?
- Time is money- Every hour spent doing nothing could be an hour spent making money. Most of the young people in Ireland prefer spending most of their time engaging in fun leisure activities. Still, if the activity isn’t making you money, it should be given minimal time and attention.
- Keep away from debt- The Irish youth must learn that accumulating debt is a step closer to financial instability in the future. If you cannot afford something, then you probably shouldn’t buy it. Debts are burdens that young adults can do without.