If you are just starting your career and you will receive a salary for the first time, or if you have less than two years of work, pay attention to the following recommendations.
A person has critical things in his first two or three years of life: he learns words, some very simple but fundamental habits, he needs vaccines and strengthen his defenses, he begins to become aware of his place in the family and the world. Imagine that something similar happens in your working life, but with the advantage that it is you (and not your parents or anyone else), who decides how you will manage the results of those first and decisive years of work.
If you are just starting your career and you will receive a salary for the first time, or if you have less than two years of work, pay attention not only to your daily tasks but to how you spend each weight you receive.
What is the most paid in 2017?
The people who are working for the first time or have relatively little time to join the ranks belong to the millennial generation, which in addition to being one of the most numerous in history, is already living its golden age in terms of power shopping. In 2015 alone, the United States had 92 million young people between the ages of 15 and 35, according to a report by Goldman Sachs.
This generation is already beginning to bear fruit from their first labor efforts, and unlike their parents, they share their main (and first) expenses in:
# 1 Housing.
Although according to Condusef, at least 60% of the salary of a millennial is earmarked for income, there is a high tendency to economize this disbursement. From 2005 to 2010, the percentage of young people between 18 and 34 who chose to stay with their parents, even though they are already part of the labor force, went from 26.9% to 29.9%. On the other hand, those who live alone and who were born between 1981 and 1995, spend 65% of their monthly budget on a mortgage or rent, according to the consulting firm Principal Financial Group.
# 2 Experiences.
It is a significant expense to which the first salaries of any person are going to stop. In the Goldman Sachs study, he asked himself, “How important is it for you to own a car, a house, and a luxury bag?” The answers confirm that young people do not seek to own material things but to live experiences: 25% of respondents stated that they planned to buy a car only if they needed it.
Another 30% said that it is not in their plans in the short term; 30% stated that the purchase of a home is an important activity but not a priority. And 25% reported that they do not plan to buy a luxury bag or asset shortly, while 30% said it is important but that it is not a priority in their finances.
These concepts are important and necessary for anyone, especially those who for the first time feel financially independent. However, there are some pitfalls in this thrill of money for your work effort. Stay alerted, because if you do not know how to manage, the unpayable debts of your life can originate in your first two or three years of working life.
Also read: 10 Questions To Ask Before You Quit Your Job
Spending ant the office.
In ComparaGuru.com we have experimented several times to measure how much money goes in those “small” daily outgoings in the office: coffee, sweets, cigar, the companion who sells by catalog … At least $ 1,800 a month. For 12 months? And do you still think that you earn a little money?
To lend money or to make an endorsement.
At last, you receive an income for your efforts, every fortnight you spend some difficult days, but you are on the right path until some family member and/or friend knows that you “already work” and asks for a loan or help to pay a loan. Error. Your financial maturity still does not come, and taking on the debt of a third party is a fast path to the economic crises of the future.
Debts are greater than 12 months.
Are you 100% sure that you are at the job indicated? Are you still in the three-month trial period? Do not take credits until you secure stability with which you feel comfortable. Enjoy every stage of your economic growth.
Also read: Are You Addicted To Your Paycheck? 7 Reasons You’re Salary Addict
Do not start a good credit history.
So bad is to get into debt, like not doing anything for money with your money. You are in the ideal period to get a credit card with low requirements and begin an impeccable financial trajectory.
Waste bonuses, watery.
One of the main advantages of being a salaried employee is to enjoy the benefits of the world of work, such as bonuses, bonuses, and benefits. Not knowing what you deserve is tantamount to losing your money. A smart decision?
Find out what benefits the company where you work and plan them in the long term, it is money that takes at least a year to reflect in your account. Think of benefits as the best incentive to start your own savings.