5 Money Traps You Should Avoid In Your 20s

MONEY

Avoid the road to unnecessary debts

Nobody wants to be ridden with unnecessary debts. However, social media or the desire to impress others with our wealth could backfire especially for those in their 20s. People in their 20s are at an age where they will feel the euphoria of receiving their first paycheck and might indulge in several money traps unknowingly. If you want to have a brighter financial future, then you ought to avoid these money traps especially if you are in your 20s.

Partying, drinking, hanging out with friends. Social life is great indeed. There is a saying, “You only live once”, so you ought to experience all forms of fun at least once in your life. There is nothing wrong with those social norms if it is in moderation. But it becomes a money trap when we are too hooked on it. Those hundreds of dollars spent for clubbing or partying every week or month could have been used for other worthier investments like buying insurance or pension.

There are times when we tend to impress our friends or acquittances with our material wealth. Because of that, we would purchase fancy and expensive handbags, clothes, or takeout at classy restaurants. For what reason? Just to prove that we are living the socialite life on social media.

So that we can get those likes and comments like, “Damn, girl, you living the life” or “I wish I was living the dream like you, dude”. Those likes and comments are only temporary but your debt can be eternal for life. Do not be fooled or fall into the temptation of trying to impress others on your online life if you are struggling financially.

If you are making 6 digit figures monthly, then sure, feel free to flaunt your wealth. Otherwise, avoid the money trap of trying to flaunt your wealth at such a young age with unnecessary needs because you might regret it at later phases of your life.

What do we usually do during our free time? Dabbling in our hobbies or maybe just rotting away in our rooms pondering what to do? In any case, if you have free time and have no clear…

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