This 1 Bad Habit Prevents Millennials From Achieving Financial Freedom, According to a Millennial Who Retired at 28 … by Glenn Leibowitz via inc.com Article
Glenn Leibowitz: Millennials just can’t seem to catch a break these days. For several years now, people have been piling on criticism about how they’re not motivated like earlier generations. What would you say about this?
Dandan Zhu: You hear a lot about what’s wrong with Millennials in the media. I think it just boils down to the simple fact that we Millennials, because we’re happy, hopeful people, we actually prioritize socializing much more than previous generations did.
Instead of investing in ‘boring’ activities like wealth creation and income generation, we’re spending 80 to 95 percent of our free time dedicated to ‘fun’ pursuits. But it’s this single-minded prioritization of short-term gratification that is distracting us from building wealth, creating successful careers, and learning techniques to manage money correctly. …
But if you follow Maslow’s hierarchy of human needs, fun falls into the category of ‘self-actualization.’ It comes only after people have managed to secure basic sustenance like food. However, people today are fast-forwarding to happiness before they can actually build the foundations for happiness.
Millennials are not the only ones at fault, of course. This relentless pursuit of happiness is an obsession of all demographics now.
The sad thing about happiness is that it’s fleeting. Without building your foundation and the rest of Maslow’s hierarchy of needs, happiness can’t be sustained. Eighty percent of American adults are at risk of bankruptcy and financial ruin with just the slightest financial setback, yet most don’t even know it. …
… you may want to start preparing for your future. You should probably know well the benefits and drawbacks of various investment strategies. … That doesn’t happen overnight. In fact, you could spend an entire lifetime learning how to be financially adept and still not know everything.”
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