The 7 Financial Mistakes of Young Adults

What they are & how to avoid them.

1) Relying on Willpower Instead of Automated Systems

When it comes to your financial life, do not rely on willpower. Modern technology has abstracted finances to the point that it is very difficult to comprehend the financial implications of the actions we take.

When you hand someone something tangible like a $20 bill, your mind processes all of the aspects of that exchange. Primarily because you physically see your capital move from one place to another. However, when you do something like swipe a credit card or send money over Venmo, the actual exchange is facilitated behind the scenes.

When it comes to your financial life, do not rely on willpower.

It is hard for our minds to comprehend these money movements when we cannot truly see the exchange, and that is why willpower usually isn’t effective when it comes to personal finances.

The good news is that you can leverage the abstraction that technology provides to your advantage. For instance, you…