A mature financial adult is an individual to whom you should strive to be. Let’s look at what exactly is a mature financial adult. To become a mature financial adult, you need to be able to have some solid concepts about money.
First, you need to know that you and everyone on God’s green earth have a limited amount of money. Not everyone has the same limited amount. Someone who earns $10,000 a year does not have the same amount of money as someone who earns $1,000,000 a year. However, you each have only that amount.
If you realize this one critical step and view your financial resources as such, you have one of the basic concepts towards becoming a mature financial adult. In order to truly understand this concept, you need to realize that every time you get paid, you have that amount of money to use to cover you needs and your wants.
You must cover your needs. You need to create a money blueprint/spending plan/budget. Call it whatever you want but you must have one and more importantly, you must stick to it. It does not do you any good to have the best money blueprint/spending plan/budget in the world and fail to use it. A mature financial adult has a money blueprint/spending plan/budget and USES it.
The second thing towards becoming and being a mature financial adult is knowing that you cannot satisfy all your needs and wants at once. You need to understand the power of delayed satisfaction. Understand that by delaying immediate desires you can instead save for the item. Instead of reaching for the proverbial credit card and getting further into debt, start saving for the item.
The third and final thing about being a mature financial adult is having a strong work ethic. If you don’t work, you don’t eat. No one is going to pay your credit card bill. No one is going to pay your rent, make your car payment, buy your clothes, or pay for your groceries if you don’t work. When you work, you get paid.