put another way.
What are some of the ways that people deal with peer pressure from freinds to spend money on luxuries now, rather than investments that build positive cashflow?
How does one comprimise and at the same time keep those relationships?
dodgy
Anyone out there?!?!? There’s heaps of us!!! Where abouts are you based?
Forget the peer pressure – I know exactly what you mean – in fact, I have told very few of my “friends” about my aspirations to buy property. Their idea of getting rich means going to uni, getting a good degree, finding a good job and buying a nice house in the suburbs with a garage to house their company car, and maybe a boat. With what they have left over, they won’t save – they’ll go on the most expensive holiday they can afford.
I’m 19 and do not yet own any property, but every day I make sure I am closer to my goal when I go to bed at night than when I was when I got up in the morning. I don’t care what other people think – I’ve only got one shot at this life.
Age doesn’t negate effort – you can never be too young or too old.
Bumble,
Why do the couple have to be under 28?
[eh]
Tam
Because we’re under 28. I just think that people young like us will understand some of the things that older generations don’t.
hi Bumble,
I too watch all my friends spending, spending, spending while I focus on minimising my lifestyle so as to do as much investing as I can.
I don’t think this attitude is particularly restricted to a certain age group. There is a widespread problem with living beyond your means right across the age groups.
I am only just starting to get a property roll on and the looks on my friends faces when I mention I am doing another property deal is priceless.
But, you will have to sacrifice a certain amount of luxuries to get ahead otherwise you will just become one of the masses.
Do you want a holiday and a shiny car now? Pay for it with the rest of your working life?
Or…Would you like to never work again and have as many holidays and sports cars as you want…… and, hey why not shout your friends a holiday at your own island resort for christmas….?
If you have seen a glimpse of the better life You Can Make for yourself…..I think you would be crazy to then go back to an average existance
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Live, Learn and GrowLifexperience
I think some of you are being a bit harsh. If she wants to mix with people her own age, why should you have a problem.
Originally posted by YoungBumble:
put another way.What are some of the ways that people deal with peer pressure from freinds to spend money on luxuries now, rather than investments that build positive cashflow?
How does one comprimise and at the same time keep those relationships?
That’s better!!![biggrin]
Unfortunately YoungBumble, all too often people (regardless of their age) find themselves critisized by friends and family for many things that they themselves do not subscribe to. One such example, is as you have detailed, in being told to not worry about the future, enjoy life while you are young and live it up so to speak. This is in a round-about way valuable advice for you should not sacrifice every bit of fun, but for the long term, is not of much value and shows the lack of consideration for your dreams by the person(s) giving this advice.
It is hard to have to battle with family and friends who disagree with your investment goals, we all have been there, and some of us, face it regularly, not so much by family and friends, but through the disinterest or disdain from people who do not share our investment goals and thereby restrict the social interactions embodied by same.
Sometimes the best you can do if people don’t wish to discuss your plans is not to, but rather steer conversations away from such topics. These pressures do test friendships, and you may even lose the odd one or two; that’s life (it happens) but overall, it helps to sort out the acquaintances from the true friends, and as for family, if they really love you, they will (albeit not necessarily agree) be supportive.
Finally, participate in forums such as this, including SS (Somersoft) and attend investor meetings to meet like minded investor types, who share your goals to make financial future a priority.
Cheers,
Jo
P.S. APerry, there is no problem wanting to, or indeed, mixing with people you own age, I fully recommend it. But the way the original post was made, almost implied a “looking for similar” young people for ventures other than investment, and thereby would not be taken seriously by genuine posters!!!
Hi Young Bumble
The other contributors have all given you sound advice on coping with peer pressure, so I will only comment on how we do it.
We deal with it by having separate budgets. Neither is allowed to cross over. It makes for less hassle, gives you rewards and a life, but also allows you to continue your investments. If there is only one of you, it takes a little longer, but it does add up if you stick to it. As far as dealing with peer pressure, it’s your life and remember that the decision to spend is yours. I actually save up a small amount, invest it in shares, and when it reaches my goal, spend it. The majority of my other funds go into paying off my PPOR until I need a deposit for an IP, when I draw on the PPOR. Gets my PPOR down quickly, the IP pays itself off, and I have a holiday every so often. Currently have $500 invested to get a big screen. (Is up to $1350 in two months). I can wait, and the reward is better than instant gratification because I know I have earned it and only outlayed an original $525 – incl. trading costs.
My sister does it another way as she has trouble saving. She pays extra tax and doesn’t miss it in her pay. Then once a year, she has a splurge to get it out of her system. She has her wage paid into two bank accounts (one for investing & one for everyday living) and has learnt to live this way. Any pay increases go into the investment account. If she had access to it all, she would spend it, so has worked out a way where she does not have easy access and does not know how much is in the account at any time. Budgeting is the best thing we ever started. You can have it all, just not instantly. And is 12 months too long too wait for something you really want.
Hope it helps
CalderWow Calder,
Thats textbook stuff on using investments to pay for luxuries….I’m impressed.
Live, Learn and GrowLifexperience
Layby. Makes you think about if you really want it or NEED it, then makes you budget it out over a period of time. The good thing is, if you change your mind you only lose a few dollars!
We layby things we would like and pay them off at about $20 a week and it’s like your birthday when you pick it up. EXCITING! Bigger items well, they just have to be bought when we can afford the extra $100 a week to go on the layby.
We don’t feel peer pressure to get things at all. We are 26 and 27 and are very proud of what we have achieved in our lives and don’t give a stuff about what anyone else thinks.
My 2c.
Steph.Success is 1% inspiration and 99% perspiration.
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