Live in the Moment vs. Future Planning
Since I belong to the millennial generation which is deemed as probably the most confused generation of all time, I want to discuss how we are stuck between the ‘now’ and the ‘future’. This generation has been described as the trophy kids who are rewarded just for participation but are also the most entrepreneurial generation. We are the ‘live in the moment’ generation, but also the most educated generation that wants to have a secured successful future. So how do we bridge the gap between our want to live in the moment and having a comfortable future?
We are a generation that was either studying or entered the workforce during the financial crisis which triggered a shift towards prioritising quality of life, experiences and adventure over money. I can’t count the number of times I have been tempted to try out a new restaurant with a fancy ambience or taking a short trip over the weekend just because I can afford to do so now. However, this disturbs the long-term plans, especially financial plans. I have been hearing a debate for quite a while now where millennials are considering whether to live in a rental house all their lives and use the money on travel, adventure, etc. or to pay loan instalments for 20-30 years to get your own house. I personally think this is a choice of lifestyle people must make. If you are happy with moving around house to house in your post 60s age then sure do that, but will you really be able to do that?
Our generation does tend to save, but only for short term goals, such as to take a trip in the next 6 months or to buy a new phone. The thought of saving for a house, for our unborn children’s education or our own retirement seldom crosses our mind. Sometimes I don’t even want to check my bank account balance to avoid disappointment and stress!
I think a balanced lifestyle can be achieved because the good news is that we are a smart generation that has access to information instantly and have parents or elders that have done a commendable job on savings and efficient future planning. Take 1 to 2 days to figure out your current income and expenses and your future financial goals (doesn’t have to be very detailed as I am sure at this age it’s not easy to figure what you want to do 30-40 years down the line), 1 day to discuss with your parents to give you tips based on their experiences, 1 day to research on different financial tools to help you record your incomes & expenses and if required 1 to 2 days to find and meet with a good financial planner that will understand your goals and help you stay on path. These 6-7 days out of your whole “live in the moment” life – which most of us anyways spend on Facebook, Instagram, YouTube and Snapchat – will help you to keep living in the present and have a set strategy in place for your future as well.
So, having an expert by your side will be a good idea because apparently, we are also the laziest generation of all times!
– Aakash Mehta –