Just because something is normal does that make it right?
When I talk to most of my fellow 20-somethings I’ve noticed a pattern in conversation topics. We’ll talk about our ambitions, our dreams, our travel destinations, and then someone will pull the reality card and say “yeah right, I can’t afford that.” Considering most of us are starting from the bottom of the financial totem pole (as we should be) it isn’t shocking or even disheartening thinking of these limitations. But then we start breaking down the things preventing us from being able to afford our ambitions, dreams, and travel destinations and I wonder what can be done to give us those opportunities. I’m not a finance specialist. I’m not even a numbers person, but something I noticed is a wide acceptance of the concept of debt, particularly consumer debt.
How is it that most college graduates are already in debt before even finding their first job? Why are we even allowed to own credit cards with no source of income? Now is the time to think of your financial health. Just because credit cards are a normal part of the American economy is it something you should partake in?
There’s some amazing literature out there on finances that can help you to understand ways to manage your money. My favorite so far is Dave Ramsey’s Total Money Makeover. I believe 20-somethings have an edge on financial success by starting at zero. Most people Ramsey helps are deep into the negative before they are able to come out ahead.
Here is a link to Nerd Wallet to help you understand the average American consumer’s debt. The numbers are startling.
Car, credit card, and miscellaneous payment stress doesn’t have to be a regular part of your life for the rest of your life. Now is the best time to do something about it.