Why Millennials Around Me Will Never Leave The Rat Race

These days, millennials are all hyped up about the Instagram lifestyle. The consumerism of content forcing the instant buy is scary. Today all our life is mapped into data shared by the major Internet companies around the world and we seem to like it.

Our purchases, our hobbies, our tastes and everything else we have not thought about. Most of us do not realize it, but instead of living the YOLO life we should prioritize our future well being and financial security first.

I am a strong believer that we should find ways to make money work for us instead of us working for it for the rest of our lives. People live in a dream world, where the life we wish is simply mapped into a picture.

What people forget is that our world is changing at a faster pace, we are living longer and the work we do today will most likely be done by robots in the near future. I do not see any millennials around me meditating about these risks. Seems I am the exception…

As I start 2020 with a great feeling of financial discipline during 2019, it is with great disappointment that I see the most educated generation being fooled by perfect pictures of how our life should look like. For most of us, our salaries are now much higher than in previous generations, but we seem not to know how to manage our finances.

People take hours to plan their next vacations but are not able to spend 30 minutes per month on budgeting. More than half of the people that I know have no clue about how much they spend on clothing, dining, hobbies…all they know is how much they earn!

Most of them have no emergency fund, no investment accounts, no real estate and still they think they are OK.

This endless vicious cycle of working and spending with no hard limits, the easy access to credit, the YOLO way of living will most likely build the most in-debt generation of all times.

The constant comparison with our peers, especially due to social networks, is not helping us to understand that we should be much better off than previous generations and that the process of building wealth is so much easier for us.

Taking action

For all the millennials reading this and feeling trapped into the debt and consumerism bubbles, I urge you to take control of your life and isolate yourself from bad habits.

Think before you buy liabilities and take your time to learn about wealth creation. Make goals for yourself, be accountable for them and start making choices in your life.

The FIRE movement really changed my perspective of life and allowed me to considerably grow my net-worth while giving me the opportunity to retire in a few years.

Disclaimer: I am not a financial advisor. Always do your own research when investing.