A lot of personal finance gurus condemn the work-for-the-weekend, work-hard-play-hard culture that has become rampant among young professionals over the past decade. The drive to have the latest gadgets, the fanciest cars, and the flashiest bling.
And there’s good reason. Most of these “toys” aren’t really investments and most of them are bought with credit. The depreciation and interest alone can eat away at even the sizable monthly incomes some are lucky enough to have.
The recession has made it obvious that only a few young people are even prepared for emergencies such as job loss. Many now find themselves jobless and thousands of dollars in debt.
So one of the key traits of any money smart person is knowing that you need not look rich to be rich. You can simply be content in driving a five-year old Corolla while everyone else in your office is springing for a fancy convertible.
Work smart. Keep a budget. Invest well. You’d be surprised at how much money you’d be able to stow away over the course of your career early on. That way, you wouldn’t be the one to worry about emergencies and the mid-term future.
You can always go for luxury cruises when you get to retire with ample savings for living and leisure.
