The dreaded vulture of bankruptcy is familiar to many young people. And where does it come from? Too much buying on credit. We live in a "gotta-have-it society" and everyone likes to join in. Usually an apprentice's pay or a starter salary doesn't stretch far enough, but you still want to be part of the crowd. Why not, when so many installment plans are on offer and being broke at a young age isn't far off. Most people don't learn from experience either. They immediately saddle themselves with the next problem.

It'll Work Out Fine

A new phone, a car on a lease: that's where the trouble starts. Everyone else does it, so why should you miss out? No, you don't want that, because showing off is in. Here's what the going-broke-young disaster looks like:

  • You click through the many online shops
  • Ordering on credit is quick
  • You pay off your vacation in installments
  • You buy furniture on an installment plan
  • The car is conveniently leased
  • And in the end, you don't own any of it

And nothing about this will work out fine. On the contrary, you've already piled up a mountain of debt at a young age. Mostly through foolishness and inexperience, and because you like to go along with everyone else.

Broke young

There's Another Way

Broke young and far from a normal life. Before you wrestle with loans, installment plans and overdraft interest, take a moment to reflect. Is all that luxury worth this mountain of debt? Your paycheck can't cover it and so shortfalls are inevitable. In grandma's day, plenty of money was tucked away under the mattress and set aside for hard times. Today, loans and overdrafts are readily on offer. But these cash injections don't really help. Going broke young doesn't have to happen if you take the older generation as a role model. After all, saving for a rainy day is a saying that didn't come out of nowhere. There's another way, and you certainly won't be an outsider for it. And then you won't need a debt counselor.

A New Path Opens Up Prospects
Broke young sounds pretty awful. If you want to afford something, you pay for those extras with a side job. That way you keep your income and expenses firmly under control and don't go off the rails so quickly. You can watch the others sink while your own affairs are in order. You don't need to have everything to join the conversation. Listening to the others is enough. And they've miscalculated by a mile, and being broke young is knocking at the door. New paths open up good prospects and set you free, without the bank and creditors breathing down your neck. Saving and living sensibly is the surest way to reach your goal.