Last week, as I was scrolling through social media, I was stopped by a post that at first glance might seem quite innocuous. It read, “Travel. Your money will return. Your time won’t.”
Stories of people who decided to live for experiences and now find themselves on their 40s, with children, and unable to buy their own home. And while consumers of all ages are opting for experiences, it is millennials who are leading the charge. I get that is de-motivating. The problem is, you need to get over it and create a new financial paradigm. Not one based on a social media delivered con.
So, what’s the answer? Am I suggesting that we all don grey suits, take out huge mortgages that will take decades to repay and work ourselves into an early grave? She’s rejected buying her dream house and instead plans longer overseas trips every other year and takes loads of cheaper mini trips and weekend adventures that often include driving, biking and camping. That way she will reach her saving goal of being debt free but she is also indulging in her love of travel and wellness.
When I did my tour of Europe after graduating university, there were usually at least half a dozen young Australians in each youth hostel, usually in Europe for 6 months or more. That was long before social media. Cheap flights and AirBNB have probably had more impact.
Even greater is the impact on emotional and mental health, the dependency and addiction it creates and the rewiring or thinking that has people believing any number of opinions as false fact.
Very true if you look at Fairfax's share price, lol.
jack this true?
Some effected to a far greater extent than others. GreatArticle GoodRead
Pssst - It's not social media. There have always been people who spend rather than save.