When someone under age 30 says something similar to, “Money isn’t a priority for me,” or “I don’t care about a career right now,” I know that they are heading down a bumpy road. I am not saying that money and careers need to be central to your life to the exclusion of all other goals, just that they need some continual attention and maintenance.
When someone cares little about money management or career planning, I repeatedly witness the same predictable wake-up calls that they experience as they get older. Here are some of the many markers:
- When they are in their 30’s and have no extra money, they’ll be shocked that others their own age can afford to buy a home, a nice car, and raise a family.
- When they are in their 40’s and languishing in a job with no potential for advancement, they’ll be shocked that others their own age are being promoted to job titles toward the top of organizations like, “Vice President,” ”Director,” “Partner,” and “Senior Management.”
- When they are in their 50’s and have little or nothing saved for retirement, they’ll be shocked that others their own age are talking about early retirement from large retirement accounts.
- When they are in their 60’s and see no financial way they could ever retire, they’ll be shocked that others their own age are comfortably retired and giving money to their kids and charities.
There is a financial gap that starts in high school and continues to grow between those that perform ongoing money management and career planning and people who do not. I’m not recommending that you have to work your way up the corporate ladder, but you need to be aware of the financial choices you are making and the long-term consequences of those choices. Otherwise, you’ll find yourself shocked at what your peers are achieving as well.