When you’re young, money seems like this thing that’s always in your mum’s purse or dad’s wallet. But as you become an adult yourself, you learn more about it, particularly when you get a job. 

 

Here are some of the things people learn about money as they age: 

 

What You Spend It On Matters

 

When you are young, you spend most of your money on clothes and going out. However, as you get older, those priorities change. Instead of blowing a week’s wages on a night at a bar, you focus more on home improvements, family expenses, and finding ways to secure a comfortable life for yourself. It’s less about using money, and more about keeping it to support a more relaxed and laid-back lifestyle. 

 

You Need To Plan For The Long-Term

 

Another change you might notice is your increasing preoccupation with planning for the long term. You aren’t just focusing on one or two days in the future but, instead, looking further ahead and managing your finances to improve your life for decades to come. 

 

During your 20s, you don’t put much money into pension funds. However, as you age into your 30s or 40s, you start putting away more money to support yourself in retirement. You don’t want to work forever!

 

You Realise Debt Isn’t Always Bad

 

You also notice that debt isn’t always bad as you get older. Instead, you start seeing how owing money to other people, especially banks, can help you acquire the assets you need to generate wealth. 

 

Debt is often a tool you can use to get on the property market and start building equity in your home. It’s also something you can use to start businesses and take risks with your finances. 

 

You See Small Changes Can Help

 

Another change you notice is how small changes can make a tremendous difference to your financial situation at the end of the year. Even minor financial modifications can help you progress towards your goals and avoid the temptation to spend money on things you don’t need. 

 

You See Money As A Tool

 

You might also start viewing money as a tool as you get older – something you can use to get closer to your goals instead of the outcome. Money can help you launch a new career, start a business, help you travel, or even find a purpose. 

 

You Understand How Finances Can Create Conflict

 

However, you also start to view money as a source of conflict, as will solicitors know all too well. Displaying wealth can create problems and issues with the people around you. Family members and friends can become jealous about how much you have. 

 

You See That Learning About Money Can Help You Thrive

 

Finally, as you get older, you realise that learning about money has numerous benefits. Once you understand how the financial world works, you can get better at playing the game. Seeing the changing economic landscape means you can make better financial decisions and put your money to good use, earning returns and building a portfolio.