This article is based on the Money Matter$ Livestream Series.
Hosted by Mathura Kannan. Brought to you by Ascendance & Simply Empowering.
This Episode featured the 22 year old, International Singer-Songwriter, Co-Founder & Advisor of Ascendance, Heerraa Ravindran sharing her personal experiences of transitioning into adulthood. Catch the full episode here.
Takeaway #1 : Money doesn’t buy you everything
One of the common sayings that you must have definitely encountered in your life is Money doesn’t buy you everything. Naturally, there is also a group of people who oppose this phrase with their own valid points. This segment with Heerraa however, helped me to see a different side to the phrase. A new view.
As a young person, we may not value the things that we may have and take them for granted. It could be that I Pad that we keep dropping on the floor, the car that we drive recklessly, the shopping spree where we buy a whole lot of food and snacks than necessary. We do not see the value of things when we are young as we are yet to experience the effort it takes to earn the money to buy it.
One important thing to understand is when you are starting out, it is the best time to learn how to appreciate what you have and take care of things accordingly as we do not earn so much yet. If this habit is developed correctly at this age, it will help you to save thousands if not millions in the years to follow.
Takeaway #2 : Commit according to your capacity
When we first step into adulthood, we may get excited by the prospect of being independent and buying all those things that we have dreamed of. This could create many false or misleading perceptions and goals in us. Many youngsters buy vehicles the moment they step out into the world which is beyond what they can afford. It is not just limited to vehicles but every other things as well.
It is important to stay focused on the usage of the things rather than the reputation that we will be gaining by owning those things. It is not about being the cool kid with the latest gadget but rather it is about having gadgets that is within the range of what you can afford but at the same time gets the work done.
Takeaway #3 : When you are focused on the goal, you will attract the resources
Many times, people react in 2 extremes. Some tend to think they can splurge in everything and anything and ignore whether it is within their purchasing capacity. Some tend to resign to the fact that they do not have the money to purchase it or support their goals. Both of these extremes are not encouraged. It is important to be realistic and understand our current financial situation. However, we can set goals and work towards those goals. By being focused and taking action accordingly we can create our reality.
Takeaway #4 : Focus on becoming Independent while you are still under your parents care
Many of us may actually still live with our parents during our late teenage years and early 20s. This is the best time to slowly taking up expenses involved in sustaining us. You can start by paying for your own food or pitching in for groceries, maybe you can pay a portion of the rent or your phone bill. There are many things involved in transitioning into adulthood and it is important to use this opportunity to learn how to pay for these expenses. Focusing on becoming independent actually drives many of us to start focusing o our career and progressing towards our goal.
Takeaway #5 : You can give back regardless how much you earn
As we begin to earn, we may have the perception that we can only give back to people when we begin to earn a lot. For someone who is starting off, giving back is not really a priority. This plan however fails majority of the time as the habit pattern is built since young and when you grow older, changing priorities is not that easy anymore. It is very important to build the habit of giving back while we are still young.
You can start off by contributing back to society through your time and energy. When you do start to earn however, you can start by contributing 5% towards causes you value. If 5% is not feasible, adjust the amount to fit your needs. As you increase your income and grow in your career, you can increase the % of contribution as well.
Takeaway #6 : Have a guide/mentor or a partner to manage finances
Many of us may think our finances are private and should not be revealed to anyone. It is also the area that if not handled well can easily affect other areas of our lives. It is therefore highly recommended that you get someone to look into your finances and guide you accordingly in this area. Having an independent & objective person to help you manage your finances, it can be managed better.
If you are a small business owner, working with an accountant to ensure you are invoicing on time, collecting payments from your customers on time and paying out in time. By getting appropriate guidance and help you can focus on what you do best.
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