It's time to revive some memories…
Did an elementary school teacher tell you that the multiplication tables you reviewed so much in class would help you do math when becoming an adult? Or did a high school teacher talk to you about the importance of having financial goals?
Let's think about the university… did anyone give you strategies to end the month with money in your pocket?
Topics about money are a collective taboo. We all need to know things about our personal finances, but no one dares to put their cards on the table. Why? Who knows…
Precisely for this reason, we talked with Julio Méndez, Skandia Mexico's CEO, and we came to the conclusion that it is possible to change the financial mindset of people, the trick is to take a picture of our reality and do everything to improve our economic situation.
5 Attitudes you must correct to improve your finances
1- Say goodbye to the evil of all evils
Selflessness is killing your existence. Think about it: Why, to go to a football game, do we investigate costs and even set aside a special date? And why do we feel zero motivation to go to financial forums?
Start looking for information that helps you grow.
2- Short-termism
We live in short-term, two days seems like an eternity.
Let's begin changing our mindset to start considering those 15, 20 or 30-year investment products that (no matter how long they wait) are going to give us peace of mind when we're about to retire.
3- Shake off your laziness pleeaaaaseee
Finances are not an easy thing for many people, to shake off the "I'm lousy with money” thoughts.
There is no magic pill that will make you quickly understand investments. It's a whole process, and you should get the taste of it once and for all. Give it a shot, you'll see that it's not as bad as it seems.
4- Hey, open your eyes, look up!
Our story is not the same as that of our parents or grandparents.
They lasted their entire lives in one job.
At our age, they already had a house and children.
Today we live in a more competitive world both in the labor and the business world, prices have risen and everything is just more expensive while work opportunities have become more demanding.
However, each journey is different, the question is, what are you doing today to improve your current financial situation?
5- Don't take too long
Millennials are said to be a half-hearted generation (although this is not really the case). Focus on what we are: a more informed and fast-acting generation.
Start investing and if you have doubts, look for an advisor. Youth does not last forever and if you save early, you'll have much more earnings in the future.
Basic tips for choosing a financial instrument
This one's another tip that you should take into account and that nobody told us before.
The financial world is wide and extensive, there are thousands of savings and investments instruments, so take these points into account before choosing anything.
- Check out how solid the financial institution is (it must be 100% reliable. Read about its history and validity).
- Ask if the financial instrument you'll select has tax benefits (there are many in which you can deduct taxes).
- Find a good financial advisor (something like your guardian angel to help you see the light at the end of the tunnel called “adult life”).
- Additional benefits (make sure your financial product has life insurance, trust, investment product, savings, or choice of your beneficiaries, etc.).
If you follow these steps, you'll be closer to true financial wisdom.
Your ancestors will be proud of you but above all, those who come after you (sisters, sons, granddaughters, cousins, etc.). It's time to change the mindset and talk about all that we were not taught in school.
