When you talk about getting old in front of millennials – the individuals who are currently between the ages of 22 and 37 – you tend to get varied reactions. Some folks may cringe about the idea of having their smooth skin replaced by wrinkles and fine lines. Others’ minds go a little dark and say that they prefer to die early instead of dealing with old people’s issues, including illnesses or retirement. Nevertheless, what’s apparent is that the millennials generally have anxiety over getting old because they don’t know what their life’s going be once they reach their 60s or 70s.
In truth, despite the number of independent adults out there, there is almost the same number of individuals who still partially depend on their family. Many have regular work, but their earnings are usually not enough to fund everything they want to do in life. While some act as if they live a high life when you look at their photos on social media, the reality is that they have a hard time making ends meet or holding on to a job. With all these problems that they already face, it is not surprising for them to be worried about old age.
Still, we believe that getting old is an achievement – something that not everyone can experience no matter how much they have wanted to. It should not give you anxiety, especially if you prepare for it way before you become a senior citizen. Below are some things that our fellow millennials should do now to be able to age gracefully.
1. Invest More
The first issue that young adults have is their lack of intention to invest in businesses or properties. They tend to save money so that they can travel in any country that catches their attention and take a lot of selfies there. Others dream of having a car because they find it too inconvenient to ride the train or bus to work. In short, a good number of millennials capitalize on stuff whose values depreciate or that may not have a value at all.
When you buy your first house before even reaching the age of 25, for instance, the market price will appreciate over time. Regardless of how big or small the lot is, you will be able to sell it at a higher rate a few years later. If you open a business around the same time and advertise it well, you can stop being an employee and become the boss of your own. Once you hit your 60s, therefore, you won’t have to worry about your retirement or your kids’ future.
“You don’t need to be a math whiz or expert in personal finance to improve your financial situation”, according to Brad Klontz, PsyD.
2. Splurge Less
Like we’ve mentioned above, some millennials feel the need to splurge and blow all their money on clothes, fine-dining restaurants, and other luxurious things after getting their paycheck. A close friend of ours, to be specific, has admitted to spending half of her salary on shopping and justifies this habit by saying that she deserves it after working too hard. However, in the end, she barely has enough money to pay for rent or buy real food.
If you want to become old worry-free, you ought to stop splurging every time there’s money in your hands. You deserve to treat yourself – that’s true. You did not steal that cash – that’s also true. But who else has a high chance of being homeless if you spend on clothes or shoes that will get worn out after a few uses and not save up except for yourself?
Brian K. Sullivan, PsyD said “Spend money to make money.”
3. Wait A Little
One reason that we tend to hear from millennials who typically max out their savings account or credit cards when asked as to why they keep on traveling or buying whatever they want is that “there’s no better time to accomplish all of that than now.”
That is something that we beg to disagree on, however. You do not have to wait until after retiring from work before having an opportunity to do the things that make you happy. It is unnecessary for you to have millions of dollars in your bank account to become entitled to go to places. At the same time, however, how difficult can it be to wait for a little – until you have more financial independence than now, to be precise – before you act on your initial plans of touring the world or purchasing anything your eyes can reach?
What we are trying to help you avoid by following the tips above is experiencing regret once you get old. “Why did I not buy a house when the prices were affordable, and I still had a job?” “Instead of buying clothes that I’m already too old to wear, I should have spent on a better healthcare plan.”
According to Joe Lowrance, PsyD, “Financial wellness is a component of overall wellness.”
Regret is worse than anxiety, in the sense that you can overcome your fear of what’s to come, but you can never bring back the time lost or wasted. Let’s start adulting now and become more responsible than ever, fellow millennials. Cheers!