As a young professional, there are so many things that I
have realized I have been doing wrong in the past years that I could have
avoided if I was taught of the correct ways to evade it.
How many of the college students today or even young
professionals are fond of drinking branded coffees? I know the taste is very
incomparable to 3-in-1 coffees but considering the price, is it really worth
it? Pastries sold in the coffee shops are also one of the selling points. These
are cooked generously with imported ingredients and priced at a higher tier.
What if you ditched
those and saved the money for future investments?
1.
A glass of gourmet coffee costs P135 on
average
A young professional buys a coffee which
costs P135 three to four times a week. This costs him P405-540. He stays in the
coffee shop for about 3 hours every visit and made him buy a gourmet bread which
roughly costs around P70 (P210 - 280 a week).
The cost he spent on buying coffee and
bread is on top of his daily transportation expenses, monthly cellphone bills
and all.
Why do yuppies spend
that much on things they do not need?
1. Lack
of Information
First of all, financial literacy should be
studied in school. Students shall be taught on how to save and manage money for
the present and the future. They need to be literate enough and wise enough on
how they will spend their money.
Professors should also teach their students
on what to buy and what not to buy. In this case, students will be readied when
they enter the real world of adults wherein they will pay their own mortgages,
amortizations and all.
2.
Bandwagoning
A psychological theory where individuals
will do something primarily because other individuals are doing it, regardless
of their own beliefs, which they will ignore or override. This effect has the
capability to produce wide implications, but is most often seen in the areas of
politics as well as in consumer behavior.
If one buys a brand, one will follow even
if they do not need it just because the brand is famous now or everyone has it.
What do we need to
do?
1.
Read Financial Literacy Blogs
Reading financial literacy blogs will open
your minds to everything. This will make you realize you have been doing wrong
with your money which you could have invested for your future and your families’.
2.
Educate yourself and Invest
Learn about financial concepts and invest.
This way, you can save up money and earn from it. This will give you worry-free
future.
.jpg)
0 Comments