Saturday, February 27, 2016

Gen Y: Three Simple Tips To Improve Your Financial Responsibility


In the Malaysian society, there are vast opportunities for job employments and innovative business start-ups for Gen-Y. You just need know how to follow the money. With that being said, it should be a breeze to stash away your funds right? No! There are hidden bills, costs, expenditures and the declining rate of the ringgit currency (RM) doesn’t help either. The hope of earning your first million before your thirties may slowly fade away. The transition towards adulthood may be exasperating, especially for young adults who have not mentally prepared themselves for the financial responsibilities that awaits them. But fear not! Here are 3 tips to be the financially-savvy Gen-Yer that you are meant to be.

1) Increase earning power
Getting a job with good growth prospect can push forward your earning power. Once you have a steady income, the more you can afford to spend. Learning is never-ending, so remember to constantly pick up new experiences and knowledge throughout your job tenure. It is important to fit your goals and values to the business direction. Not only will your job satisfaction increase, your performance at work will also show a significant improvement. This increases the chance of a job promotion too! On the other hand, if you are looking to be an entrepreneur, a start-up is a proven method to push up your ability to make money. However, bear in mind that starting up your own business is a 24/7 job that requires drive, passion and skills. It will not be easy but the benefits reaped are definitely worthwhile.

2)
  Own a credit card

According to socialmarketing.org, William J. Schroer mentioned that one in nine Gen-Yers owns a credit card co-signed by a parent. The significance of credit cards is highlighted in this world full of technologies. Without it, many people suffer paying huge expenses by cash. You need to know your spending habits to be a financially responsible adult. For example, you prefer to redeem weekly rewards after swiping your card. Getting the best rewards credit card in Malaysia to gain points and enjoy rewards for each transaction you make. Besides earning reward points, reward credit cards give you great cashback too! Disclaimer: Do keep track of your daily spending to avoid swiping your card too frequently.
3) Take measured risks

What does it take to be financially independent? You need to define your own goals and achievements. 90% of the Gen-Yers are assumed to have savings account since a young age. Despite so, keeping money in the bank does not guarantee financial success. Step outside of your comfort zone and invest in valuables you deem worthy such as properties, gold, shares and education. Yes, you heard it right! Education is a long-term investment that gives you a well-rounded aspect in life. Quoting Nelson Mendela, he reiterates that ‘education is the most powerful weapon which you can use to change the world’. Do plenty of research before taking the risk and you are destined for financial success! With these pointers in mind, create your own set of objectives in life and put your plans into action. If you want to invest, never put your eggs into one basket, diversify your investments and get a good financial mentor. If you a searching a credit card that provides you with rewards and gifts, get a rewards credit card that gives you the best of both worlds – saving money while you spend! That is all it takes to be a financially stable Gen Y adult. What are you waiting for? 

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