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She's On The Money
Didn't Save in Your 20s? Here's Why it's OK!
Sep 13, 2024
Victoria Devine, a financial expert dedicated to helping individuals navigate their money choices, shares a refreshing perspective on the spending habits of people in their 20s. She discusses how prioritizing experiences over savings is common and emphasizes that past financial decisions don’t define one's future. Victoria encourages listeners to embrace their history and provides practical steps to improve financial management at any age. It’s all about owning your journey and taking empowered steps forward!
10:53
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Quick takeaways
- Understanding the psychological factors behind financial choices in your 20s can help reframe regrets into opportunities for future growth.
- It’s never too late to start saving, and small, consistent changes can significantly enhance your financial stability over time.
Deep dives
Understanding Financial Decisions in Your 20s
The episode emphasizes that the financial choices made in one's 20s are often influenced by psychological factors, notably the development of the prefrontal cortex, which doesn't fully mature until around age 25. This area of the brain is crucial for decision-making and impulse control, which explains why young adults may tend to prioritize immediate gratification over saving for the future. Research has shown that many young people face pressure from social comparisons, seeing peers traveling or achieving financial milestones, leading them to spend beyond their means. The discussion underscores that this phase of exploration and risk-taking, while often financially precarious, is typical and doesn’t define one’s future financial stability.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode