4 Things Every Young Person Should Learn About Life With Money

Our society is more innovative than at any time in history in large part due to a millennial generation that understands technology like a native language. Advancement is multiplied and productivity is boundless (if harnessed wisely that is). However, much goes into a properly functioning and thriving society. Proper perspectives about finances and commitment to wise money management are essential. Without these, rapid innovation and growth just become a dizzying sequence of bubbles and bursts! For each young person out there with whom you can share this, here are four things they will need to learn about life with money:

1.

Don’t believe everything you hear and read. The rate of information growth is already staggering and the pace is increasing. This adds to the proliferation of financial ideas — many of them bad ones — and it’s easy to think you are missing out on something! The key to not being seduced by bad ideas is to create a plan that is based on solid principles that have stood the test of time, circumstances, and cultures. Your plan should include an outline of your priorities (what you are aiming to accomplish), strategies to get there, and the reasons behind those strategies. This plan should be flexible and when it is rooted in timeless principles, it’s less likely to change on a whim.

2.

Accept personal responsibility. Apply this to your career, finances and relationships. Although it may be far easier and convenient to blame people around you if you are not experiencing success, it is essential for your well-being (and those you care for) to accept responsibility for making your own situation better. In the end, a politician or a boss who promises the world to you and doesn’t deliver is not responsible for your success or failure. Check out my recent column, 7 Questions to Wisely Grow Finances, for greater insight into how to take personal responsibility in your finances.

3.

Learn to be content with what you have. Many people might express that when it comes to money “they just want enough to be happy.” How much is that? Consider that your needs and circumstances are constantly changing. Being content with what you have is a choice, not a dollar amount! It’s a waste of good years to think someday you’ll achieve enough to be happy. Contentment is cultivated from a proactive attitude of thankfulness for all that you have rather than a focus on what could make your life better. And content people just seem to make more objective, less emotional decisions which is an important factor in long-term success.

4.

God owns it all. Psalm 24:1 says, “The earth is the Lord’s, and all it contains, the world, and those who dwell in it.” Think of your personal responsibility as a commission to maximize resources for good while providing for your family and being generous and ready to share. The Parable of the Talents in Matthew 25 addresses this calling. God is the Creator and has never relinquished ownership. It is truly freeing to embrace the scriptural theme of God’s ownership. After all, God puts the burden on Himself to provide and care for those who seek Him.

Combine the innovation of our day with timeless principles to pursue a thriving future…

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