Are you 23 years old? Maybe don’t spend your savings on that 80 inch 4k TV.
Do you even have any savings? When I was 25, I had delusions of playing professional poker for way longer than I should have, longer than 5 minutes. When I was 22, I spent $200 on a vintage polo shirt for a Halloween costume. When I was 19, I spent $60 on a spray tan in preparation for a beach trip. Trust me when I tell you of the follies of young people and how they part ways with their money. Science shows that the impulse control parts of our brains don’t fully develop until our thirties. Selfie sticks and innumerable regretted tattoos show that young people tend to make poor financial decisions. The nature of youth is that you feel invincible, you don’t have the life experience to properly assess risk. This is especially true when assessing financial risk, or not, as many young people don’t have that word in their vocabulary. If you want a 4k TV to play Grand Theft Auto V on, you can get a magic card from the bank that lets you pay for it in the future, in the minds of many young people, not pay for it. The nature of wisdom, on the other hand is that you’ve had the life experience of seeing the consequences of all the stupid decisions you made. You finally understand the importance of your credit score when you can’t buy a house. You’ve figured out that a 300% APR is bad when you’re still paying off a payday loan you took 5 years ago. Youth cannot be given to the wise, but wisdom can be given to the young. Despite what some people say, money is everything, it is power and freedom. Do what you can to acquire as much wisdom from others about how and how not to use your money. Listen to them when they tell you about their mistakes and when they tell you about the mistakes you’re making. Young people in their early 20s are lucky, in a sense, the 2008 recession, while nearly destroying the economy, destroyed the ocean of easy credit that poor financial decisions are based on. These young people have less opportunity to do something stupid with their money. However, this is not a substitute for learning how to make good financial choices. Those opportunities will return, and that’s when young people will need the wisdom and good decision making to make choices that will impact them years down the road. If your under 30, you have one task. Figure out how to not do stupid things with your money, figure out when you’ve already done something stupid and learn from it. Smarter people than you, Google, accountants, etc are great resources for this. At the very least, ask yourself what’s more important, the Apple Watch you WANT now or the credit and capitol you’ll NEED in the future.