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Causes Why Young Professionals Become Broke

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There are many young professionals who do not have control of their spending since the society which they grew up made them used to a luxurious lifestyle – going to parties, shopping, and going anywhere anytime they want. This then leads them to having many financial problems. Here are the top 5 causes why young professionals become broke.

First: Plainly because they are young

At a young age, basically they do not yet think that they have any responsibility when it comes to money. They simply want to enjoy their youthfulness and without thinking twice, spend lots of money even on unimportant things.

Second: They tend to overspend

Even though these young professionals work, the amount of money they need for items they want to own like gadgets and expensive things are far beyond what they can earn. These then leaves them the choice of applying for credit card like providian bank credit card and orchard bank secured credit card, therefore acquiring debt.

Third: Young people love to explore and travel

Accompanied by doing things they really enjoy, are expenses they have to pay. And traveling is expensive; you pay not just for your transportation but also for your accommodation and other more things.

Fourth: Their friends are also luxurious just like them

Your friends have a great influence on your spending habit. If they enjoy spending more just like you, then it would be hard for you to avoid overspending when you go out with them.

Fifth: They do not have long term goals

Young professionals are usually not future oriented; they do not create long term goals. Financial security never really pops in their minds because all they wanted to do is to enjoy the fruits of their hard work. So the tendency is that they spend their money without setting aside any for their savings for future financial problems.

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