A message for millennials: Life is about more than #YOLO

As South Africa celebrates Youth Day, Khwezi Jackson, an investment Consultant at 10X Investments, has a message for his fellow millennials: life is about more than #YOLO (You only live once).

His conversations with millennials about their investments have left him feeling "more than a little concerned" about the financial future of SA.

"It seems that, while we all talk about wanting financial freedom, very few of us walk the talk. The phrase I keep hearing is: I am too young to think about retirement," says Jackson.

Another phrase he keeps on hearing is "I will start saving for retirement when I have enough money".

"You will never have enough money. It's human nature to improve our lifestyle as our funds increase," he says.  

"For those of you in your 20s or 30s, who think that retirement is too far away to think about today: The future of this country belongs to you, but failure to prepare for it is preparing for financial captivity. It's time to start thinking about tomorrow today."

Recently he spoke to a young woman who told him she lives today like there is no tomorrow - #YOLO.

Time is ticking

"The reality is that you are not getting any younger. Every day we are alive is a day closer to retirement. You alone are responsible for the type of retirement you will have," cautions Jackson.

He adds that the same goes for older generations, many of whom are five to ten years away from retirement, yet, are not financially ready for it.

"The advantage we have as young people is that we still have time on our side. My older clients can do little to change their predicament, but the future generation still has its own fate in its hands," says Jackson.

"The financial decisions you make today will have an everlasting impact on your future. So, choose wisely what you do with your money."

He recently spoke to a client who got into debt because he was expecting a salary increase. This did not happen and now he has to pay back the debt.

"I believe that investing is 100% habit. Once the habit of saving is in motion, you don't even miss the funds you put away. The first three months might be tough, but you will soon adjust," says Jackson.
 
"There has never been a better day to start investing than today. Don't leave it for tomorrow."

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