There is a huge debate surrounding the fact that this generation lives above their means. We have a spending culture that surpasses the realization that we need to invest some of our earnings. We’ve all heard the stories; the girl with a Chanel bag collection to rival Winonah De Jong’s, but squats in her cousin’s house because she has nowhere to live; or the guy that drives a GL 550 but can’t afford the petrol to put in it. These stories may sound absurd but they are a reflection of the misplaced priorities in our society.
Most of us were raised to work hard, be frugal with our spending and save for a rainy day but I’ll just say what we are all thinking in the back of our minds…what if the rainy day never comes? The reality is, this is the ‘YOLO’ generation; we live for instant gratification. So how do we bridge the gap between our parents’ philosophy and our love for the finer things? Simple answer: moderation and planning.
I LOVE Chanel bags and trips to Europe, as much as the next person but I also have financial goals that demand that I invest today if I want to ‘Ball’ tomorrow. I am a proud advocate of living the good life and I don’t believe in shaming people for liking the things that make them happy but there’s also no point in accumulating designer bags with no assets to match my spending. It’s not about living like a hermit but about striking a balance, knowing the difference between what you want versus what you can afford over a period of time.
What if you could have it all?