Today’s post is a guest post from Carrie at Careful Cents. You can read more about Carrie at the end of this post.
When I was a teenager, I had a ballroom dance teacher that was pretty hard core. He was funny and friendly, but when it came time to dance he was very focused. He worked us to till we were exhausted, and in a lot of pain. Only then would he let us rest for a bit and get some water. Once break time was over he always said the same thing “You kids are young, you don’t need time to rest, you’ll bounce back”.
I hated him for cracking the dance whip, but I can truly say I’m an amazing dancer and have excellent rhythm because of him. The main thing I learned, was that being young is something to take advantage of and to push yourself beyond your limits.
Teenagers and young adults don’t need time to rest. You don’t need to sit back, drink lemonade on the beach somewhere and let life happen to you. Being young is one of the best times in your career and finances, if you can make the most of it. Below are 5 reasons to become debt free and invest in your career while you’re still young.
You have less responsibilities
Whether you’re single or a young couple just starting out, now is the perfect time to work hard and make smart financial moves. Once you start having kids, building a family and putting down roots, you won’t have as much time to focus on your career and money issues.
When you’re young you can live a little, and not be as affected by mistakes or poor choices. The older you get the more people that depend on you, and the harder financial mistakes will be to overcome. The longer we live the more baggage we tend to carry, so start now by ridding yourself of unnecessary financial baggage.
You develop productive lifelong habits
Bad habits are hard to break, and they don’t get easier as you get older. As humans we become more set in our ways, and more set in our way of thinking as time goes by. One of the best things you can do when you’re young is to develop smart, lifelong financial habits.
If you learn stay within a reasonable spending plan, invest for retirement and become a diligent worker now, you will have that much less to worry about later. It’s never to late to make changes, but it’s a lot easier now than 20 years down the road.
You can teach your kids a great example
As you begin to have children, you will either be a good financial role model or a bad one. And believe me, kids pick up on everything. If you hide your purchases or spend money you don’t have, your kids will learn that too.
The best way to teach anyone is by example, and while you’re young is the best time to practice being a good example for your (future) family. You won’t always have the answers or do everything right, but if you start practicing now, you won’t have to take a crash course later.
You can build a great foundation
Once you reach your 40’s and 50’s, you really start to peak with your career. You’ve put in hours and hours of time, and really honed your skills. You know what you’re good at, and what you’re not. You have the potential to make a lot of money within your area of expertise.
If you go into this period without any debt, imagine the money you can save, the places you can travel and the wonderful life you can retire to. Building a good foundation now and putting in lots of hard work, can help maximize your earning potential later.
You have lots of energy
Like my dance teacher used to say “You can rest when you’re older”. Young people are strong, and have lots of energy in comparison to older folks. We can endure longer work days and are more adept to handle stress.
Take the time to work like crazy, find what you’re truly passionate about, and maximize your skills now. There will be plenty of time to sit back, and relax in retirement. But only if you put in the hard work and dedication while you’re young.
What are your reasons for getting out of debt now?
Carrie Smith, is the writer behind the Careful Cents personal finance blog. She’s a Certified Bookkeeper and financial blogger who loves to travel.
She’s also a career junkie, social media addict, debt hater and food lover. Find her on Twitter and Facebook.