We all plan our life well in advance. Like future major events like owning a house, children ‘s education, their marriage etc. I came across many articles which talk about diligently saving to retire early at 50, even though they have just started their career. We think about our future and our finance like its are so predictable and real. Actually, They’re not. the future is unpredictable

If you are planning your life under the assumption that everything will remain as it is, you are putting yourself and your finance in great danger.

Deep inside our heart, we intuitively understand this, but we don’t know what we don’t know, and that makes imagining anything different extremely challenging. But these perspectives and biases can hinder us by limiting our flexibility to adapt to an ever-changing world.

Most of the resources intended to guide our futures come from the past.
Just because something has worked previously, or is “the way we’ve always done it”, doesn’t necessarily mean it’s right for you or your money every time.

Most of our advice comes from our parents and mentors sharing their good-intentioned wisdom from their own experiences. They believe in what worked for them because it worked for them. They want it to work for you, too, but it’s possible it won’t. The world we live in is much different than the one our parents lived, and it will continue to change in ways that challenge our current strategies.

If you’re diligently putting money towards yesterday’s dreams, you’re going to get left in the dust.

We are in an education bubble.

I am paying a higher fee for my daughter ‘s kinder garden as I paid for my college. As post-secondary tuitions and fees continue to rise, so do student debts. On the other hand, a stagnant job market leaves many people struggling to recognize any adequate ROI on the degrees they paid so much for.

Accessibility to education is an important piece of an equitable and productive society, but the job market is becoming so saturated with Bachelors degrees, these credentials no longer guarantee the salary bump they did in the past — even though they cost much, much more to obtain.

The cost of getting a degree is higher than the salary we get after getting a job.

Unemployment for university graduates has been rising. We often quote the statistics that a college graduate will earn much more in their working lifetime than someone with only a high school diploma, but as the cost of education continues to rise and well-paying jobs continue to disappear, this statistic will not hold true forever.

I am not telling that you don’t let your children study or you don’t pay for their education. Time is changing and the new generation doesn’t believe in a 9 to 6 job. They want freedom and fast money. I hope they pursue whatever is working in their present.

The economy is changing, more and more people are finding their ways to the entrepreneur. We are a generation of Uber drivers and bloggers and Instagram stars.

Initially, most jobs that have become obsolete by technology have been primarily in manufacturing and trades, but as our technology becomes more sophisticated, more jobs are at risk of disappearing. Creative work is one of the best defenses against these changes. Of course, People have understood this and hence there are so many entrepreneurs and startups.

One of the best ways to approach your career is with the understanding that your job will disappear, and have to ensure that you have an alternative career. Creating a job for yourself might seem intimidating and difficult, but it’s easier than living without any work at all.

You might not retire at age 65 because you might not retire at all. The current life expectancy is approximately 80 years old. But with advances in science and medicine, People might live to be over 100 — and there’s nothing to say that number won’t be even higher in the future. 65 became the retirement age when life expectancy was only 62. If the current age of retirement had kept pace with increases in life expectancy, no one today would be able to retire at even 60.
Don’t retire. There’s no good reason to leave your career in the middle of your life when you will likely have so many more years of value to offer. Accumulate mountains of cash so you have choices in the future, but think about more than your escape from the workforce. Find or create a job you love, and do it until the day you die.

Dream home

With the every rising day real estate market I the urban area is becoming out of reach for more and more people. Owning a home can become a big hurdle in your wealth creation goal. Gone are the days when ownership of a home is considered as a long-term wealth accumulation. Many people have gone bankrupt for paying down payment of a home. And then sacrificing everything to pay monthly installment.

Being a homeowner can do more harm than good for their finances.
For many young people living in moderate or cool real estate markets, home ownership can still be a good long-term play. But for those of you living in small cities, it’s time to shed the stigma around renting and accept that home ownership might simply not be in the cards for you. Know that you can still become financially secure without it.

I don’t pretend to know what the future will look like in 20 years,
I only accept that it will likely be much different than the present I currently live in.
Imagine being asked at 10 years old what you wanted to be when you grew up and you said social media marketer or cybersecurity specialist. These careers didn’t exist. That’s what the future will be like.
There are plenty of careers that we can’t think of because those are still not invented. The problems they will solve are worries we’ve haven’t yet experienced. The needs they satisfy are ones we don’t even know we have.
Your future will be depended on the economy, political situation, advanced technology and more opportunity than you can presently imagine.

You can’t predict anything, but you can still prepare for it. Pay your debts, save cash, and be open to non-traditional paths to building wealth. The future will be much different than what we think right now but that doesn’t mean you can’t achieve your goals.

Thanks,