Instant Gratification or Living the Dream?
What would you pick?

As someone who aptly fits into the Gen-Y category and who is entering another phase of their life, it’s safe to say that new goals and dreams are presenting themselves that were unthought of a few years ago. Milestones like buying a home, getting married and moving ahead in your career, are all very real goals for people in their late 20’s to early 30’s. It also doesn’t help that life is getting more expensive as we take on more debt, start a family and generally just want to do more with ourselves.

As a generation that is known for wanting instant gratification, “we want it all and we want it now”. It’s not hard to believe that most people in the Gen- Y group are living pay check to pay check. We want to do everything and have everything instantly, and haven’t given as much consideration to where we will be in 5,10 or 20 years; let alone what our monetary situation looks like in 6 months. Our social media streams are saturated with people who are ‘living the dream’. They drive around in their expensive cars, constantly seem to be on holiday and consume as much smashed avocado as they want. This leads to most people having serious FOMO (Fear of Missing Out)- we ask ourselves why can’t we have the same lifestyles? In reality, social media doesn’t give an accurate view of people, or their lives and it is unrealistic to judge our lives on the lives of others.

As mature adults we need to respect the process, pay our dues and actively plan for our goals. One of the most important aspects of achieving what you want, whether it’s holidays, that car or purchasing your first home, is to save. Save as much of your wage as you can, it may be unpleasant or boring at times, but know that the payoff at the end is worth it. This definitely doesn’t fall under the category of instant gratification. At the same time budget for your expenses. What you are bringing in should be greater than what you are spending.

Protect your assets and your income, by obtaining insurance. Seriously consider whether or not your loved ones could sustain this lifestyle you are building for yourself. Could your partner or spouse afford to pay the mortgage or living expenses if you were unable to work? Could you afford the medical costs if you were to get sick? These are questions that you need to ask yourself.

The best person to speak to about helping you ‘live the dream’ is a financial adviser. Get in touch with us today.

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