Why 20-somethings should start learning to budget

Imagine this, an unmarried 11-year lawyer and now junior partner. After several years of law practice in Makati, what does he have to show for it? A car, a lavish lifestyle that includes travel to faraway countries, eating at lavish restaurants, fancy clothes, hot nights out, and nothing much else. On his eleventh year as a lawyer, he realizes he wants his own home so that he could stop renting.

So lawyer buys (I use this term loosely since the purchase was financed through a bank loan) a pricey one bedroom unit within Makati Central Business District. The young lawyer, asks the inevitable question, why not buy land instead??? As much as I want a house and lot, a condo is all that I can afford, the boss says. This definitely stuns the young lawyer.

Source: www.giphy.com
Source: http://www.giphy.com

Why was it so shocking? Outwardly, this  partner lived and looked the part of a mega successful lawyer but apparently did not have much in reality, such that he could barely buy the home that he wanted.

This partner’s story saddened me. It could have been avoided had he learned early on how to budget his money. He had eleven (11) years to prepare the cash to buy his dream home. With regular budgeting and saving, compound interest could have helped him raise the cash.

Have you heard of similar stories like this, comment below.

xoxo,

20  something lawyer

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7 thoughts on “Why 20-somethings should start learning to budget

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