Spend Now, Save Later is an article I found on Wednesday. This article kinda hits home for me.

The article talks about recent graduates who want to invest in their success, rather than build their retirement nest egg. In contrast to those $30,000 Millionaires, this group is serious about establishing wealth for themselves. What sets them apart from the rest of us is their tolerance for risk. They’re willing to give it all up!

But who can blame them? I hear everywhere that those in their 20s are young. By being young, you can take greater risk in your finances. In other words, risk it now, hope for the best, and work in an office if things go sour later down the line.

Personally, I am somewhere in the between the extremes (save all your money vs. use all your money). I am not afraid to invest my time and money into a side business project. I find the adventure of entrepreneurship to be exhilarating. However, I am not prepared to lose it all by age 30, and have to worry about where I will get money for next month’s rent. I have more significant priorities than just being young and rich.

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3 Responses

  1. Business Twins

    July 12th, 2007 at 1:10 am

    1

    I have the same mentality as the Spend Now, Save Later article. My brother and I are both 20 (identical twins) and are funding/starting an ecommerce website expected to launch in about 3 months. We are putting all our hard earned money in this business because we know that if we get 2% of the market share, we will be making millions of dollars. There is also a huge profit margin from online ecommerce sites from local retailers.

    The way I look at it is I’m willing to spend 20k and lose it right now because I have nothing to lose. But once I get married and have children, I have college to pay for, a roof to keep over my head, and have food on the table. There are to many risks involved once you get older. That is unless your 30 and still living with your parents :p

  2. Danny at Money Socket

    July 12th, 2007 at 5:25 pm

    2

    Life is all about balance. Its good to take risks and make mistakes while we’re young, but its also dumb to ignore those risks and forget about the future. But if you’re going to make mistakes and lose money, you might as well do it now since (like business twins said) you don’t have any dependents right now.

  3. ambellamy

    July 14th, 2007 at 1:16 pm

    3

    i don’t like the idea of just loosing it all… where does all the hard work go then… no where… u start back where everyone else is if its all gone… with nothing…

    i think some risk is essential because nothing is guaranteed…. but i think that you can learn when a risk is worth it while keeping some things back that don’t have so much risk attached to it… it’s all about balance… and so i second Danny…

    but i won’t be risking it all in my twenties… slow and steady wins the race


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