In today’s generation, people are spending to live experiences. It is so different as compared to the previous generations who prioritized long-term security.
The mindset has taken a drastic shift, especially the ’YOLO’ thinking. The iPhones are getting sold like crazy, concerts are going house-full at exorbitant prices like it’s the last possible concert on the planet.
Our parent’s generation might feel, Why is the next generation being like this? The new generation feels, why aren’t the previous generations like them?
Social media has mixed the lines between reel and reality, increasing the pressure for online validation. Are such experiences more about completing a mandatory checklist due to social pressure? Every experience comes at a cost; for many young people, that cost often involves their parents’ hard-earned life savings. Ultimately, they are solely responsible for their doings but short-term joy can become detrimental in the long run. While spending money can be enjoyable, drawing boundaries and maintaining a balance is important.
FOMO – Fear of missing out is a key reason behind such purchase decisions. The more convenience you have, the less patience you have. That’s the underlying driving force behind the rapid rise of the quick commerce industry. The more you see your peers flexing their expensive vacations, luxury homes, and branded clothes, the more it creates the want to live in the moment. New payment ways like ‘Buy Now & Pay Later’ or EMI options are increasingly becoming popular but instant gratification hurts in the long term.
The “Now or Never” attitude isn’t completely negative. It motivates people to take risks, seek out new opportunities, and enjoy life to the fullest. However, it must be matched with fiscal responsibility and long-term planning. Previous generations focused on job security, stable careers, and financial freedom. Now, things have changed and in contrast, the current generation is more willing to take risks, try freelancer jobs, and explore entrepreneurial opportunities. However, this can be a double-edged sword.
Don’t lose your real-world relationships for the sake of social media numbers. And, be extremely prudent with money management and plan your finances in such a way as to achieve financial independence.
Memories are important, but also the financial consequences that come with them.