1. Waste Not, Want Not!
While an occasional indulgence for yourself or treat for your loved ones would only be expected, the abominable credit card debt loans facing borrowers around the country (and especially the youngest citizens) call out for a more steadfast resolve toward achieving a debt relief that will endure. Too often, folks from of our generation have been led to believe that they can make themselves feel better by spending as freely as they wish without ever having to pay the consequences – or, indeed, pay anything aside from the account balance minimums – but there’s an even greater sense of well being to be drawn from concerted attention toward preparing for fiscal stability.
2. A Pinch In Time Saves Nine!
Seems almost too obvious to mention, but the best way to ensure an early retirement means storing away money from virtually the moment you start your career. Although financial planners will regularly tell their clients to earmark a full twenty five percent of the net annual income for the purpose of savings, it’s probably more realistic to ask young men and women just beginning their professional lives to tithe – in a manner of speaking – one tenth of their disposable earnings for the eventual cause of providing for their golden years. (In the event of a family emergency, these accounts may be rapidly drained well before you even sniff the proper age, but better to start up your retirement fund and avoid bankruptcy than see your entire estate held up for garnishment or forfeiture for auction.)
3. Time Is Money!
Don’t fall into the trap of pretending that you’ll be young forever, and don’t put off all of your financial preparations or debt relief actions until your career has progressed and you’re making more money. If anything, youth should be judged as a benefit in and of itself. While consumer finance instructors tend to concentrate upon explanations of compound interest within the context of credit card debt and ever more burdensome fiscal obligations, the rewards of interest bearing accounts could be just as beneficial as the debts are destructive. Provided you make judicious use of what funds are available and prize the slow and steady accumulation of monetary resources through safe measures (and forget about the temptation of get rich quick schemes with equivalent degrees of risk), even the smallest investments could eventually reap untold wealth after half a century’s growth.
4. Don’t Lose The Forest For The Trees!
Among the multitude of difficulties about which young Americans must concern themselves, often in ways that their parents never would’ve dreamt at a similar age, lies the predicament of what to do with the financial burden of the parents themselves. As baby boomers grow ever older – thanks to significant advances in medical science, life expectancy rates have been extended by more than a third for Americans on average since the days when our grandparents were entering retirement – many of them have proven unwise investors, and they’re hardly immune to credit card debt relief worries. Unfortunately, young professionals first able to help their loved ones with financial assistance often end up supporting their parents or siblings at the expense of their own fiscal futures to their eventual detriment. Clearly, you cannot turn your back on your family, but simply opening your wallet blindly won’t be a lasting debt solution.