As a Christian Life coach, I have been blessed with the privilege of speaking to and mentoring many young people especially in Christian conferences. I remember once being invited to a Youth conference as a guest speaker and guest panellist.
One question that that seemed to resonate amongst many of the young people present was about “Why the church does not teach young people finance management amongst many other “taboo” topics based around real life lessons, so that this generation doesn’t repeat the mistakes many have made in the past.” Being the youngest person on the panel I could relate with what the kids were saying because I too had to make many mistakes financially before i got it together just because there was nobody to sort of guide me. It’s not surprising that many millennials are struggling to buy a car let alone their first home.
Many non trust fund babies such as myself don’t have the luxury of being handed everything on a silver platter which simply translates to Good morning, afternoon and evening , college debt. College debt can be overwhelming, challenging and more often than not a determining factor of whether or not we can make our personal goals a reality. Do I believe that it is impossible to reach our goals? Absolutely not! A bit of intentional planning and living is part of the remedy to fixing this daunting task that can then translate into you buying your dream home.
Landing your dream home doesn’t have to be tied down to you being employed. I can see many doubtful Thomas’ doubting. I often ask many college students why they are so focused on trying to find “THE” job instead of becoming “The Employer”. Don’t limit yourself to just being an employee, Think BIG! You can leave college/university and go straight into entrepreneurship and avoid the dream snatcher (A bribe called a salary). Don’t get me wrong I am aware that self employment is probably not for everyone therefore If landing your dream home is dependent on you being an employee, that too is achievable. Whether you choose the employee or entrepreneurship route the most important factor in achieving your goal is having a plan. My husband and I set a five year plan for home ownership, here are some steps you can take now to get you closer to your goal.
SAY NO TO DEBT!!
Eliminating debt is a necessity if you are going to get your dream house. Let this be a top priority on your to do list and you are guaranteed to say hello financial freedom. I once head a story of someone who paid off $30,000 in two years, find inspiration and see how others have done it. It’s doable. However there is also good debt, the manageable type that helps you build credit, making you trustworthy to lenders.
KEEPING UP WITH THE JONES’
If you think that spending recklessly to prove a point to people who add no value to your growth is important, then you my friend can say bye to your dream home. Be a minimalist! A nice treat here and there is okay, but be mindful of your spending habits.
THE ENTREPRENEUR/THE EMPLOYEE
Don’t just be contented with the revenue your business is making as an entrepreneur or the salary you’re making as an employee. Begin to think of little ways you build your minimal into an abundance of wealth. Get a CASH ISA and have a clause on it that says you cant access the money for lets say 3 or even the full five years of your dream property investment plan, invest in bonds and buy and trade stocks if you must. Let your money make money for you.
Finally, remember in all your plans put God first and He will direct your path. So to conclude, remember saving is very important so that you can have a nice chunk for your dream home deposit. Make it a habit to write down your wants and needs and eliminate the wants so you are not spending unnecessarily. Remember once you begin to manage money and not allowing money to manage you, you are free. Yes, you are the boss of your financial life.
Please leave a comment with some advise you would give to young people about this subject.
Proverbs 3:6 NKJV
6 In all your ways acknowledge Him,
And He shall direct your paths.
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