By Jordan Jantz
Today, everything is only a click away. We can book a plane ticket to Paris, buy the latest iPhone, or even purchase a car from the comfort of the couch. Some financial advice is timeless—make a budget and stick to it, don’t spend more than you earn, have an emergency fund—but a modern era brings modern problems. So what’s a 21st-century gal to do?
The Era of Instant Gratification
It’s never been easier to exchange our hard-earned cash for our hearts’ desires. Why wait when overnight shipping and credit cards exist?
Perhaps the most pernicious example of the instant gratification era is “buy now, pay later.” The option to pay in installments is available almost anywhere you spend money online. But these systems prey on broke people, trapping users in a cycle of payments that add up and, soon, start accruing steep interest or late fees. Buy now, pay later purchases can also affect your credit score. Missed $10 payments on a late-night impulse buy could affect your mortgage application down the road.
For every product or service, there also seems to be an army of social media influencers touting its benefits. Of course, there are gems to be found at the recommendation of your favorite Instagrammer, but it’s worth remembering that these are paid endorsements.
When it’s so easy to spend, we have to actively make it harder to buy things. This may mean deleting credit card info from saved payment options. It could mean thinking about any unplanned purchase for 24 hours before buying. Or it could mean watching several non-sponsored reviews before clicking “buy” on the latest trend.
The Era of Debt
77% of American households are in debt. And while “buy now, pay later” is one nefarious type of modern debt, there are plenty of other ways to flatten out your wallet. Car loans, student loans, credit card debt… the list goes on.
The solution has been said a thousand times: pay off debt and avoid taking on more. It’s easier said than done, but we have to remember that companies make money off our debt, so they have every incentive to sell us more. The reality is that it’s always cheaper to buy something outright than pay interest.
Perhaps the only exception to the debt rule is home ownership. Most of us can’t afford to buy a home outright, but mortgage rates are some of the lowest loan rates. Houses also generally become worth more money over time, while most other items lose value.
The Era of Get-Rich-Quick Lies
Just as online shopping promises instant gratification at the cost of your cash, so do get-rich-quick schemes promise instant rewards. Whether it’s chasing credit card points, “hacking” interest rates, day trading, or “passive” income money pits, the truth is that, if it’s too good to be true, it’s not true.
Unless you marry rich, win the lottery, or come into an inheritance, the only way to get rich is through slow and steady work. For the time and stress that goes into these schemes, we could put just as much effort into tried-and-true strategies (like asking for a raise, working weekends, and creating a budget) and create habits that will bear fruit for a lifetime. In fact, most millionaires make their wealth by working surprisingly average-paying jobs, putting in the hard work over time rather than by skyrocketing to the top.
The Era of FOMO
When we can see influencers and friends spending money, taking vacations, and hopping on the latest trend on social media, it’s easier than ever to feel like we’re missing out. The hard truth is that there will come a time when “no” is the only answer that fits our financial goals. Whether it’s telling yourself or someone else, that answer is rarely a fun one, but “I’m so sorry; it’s not in the budget right now” is a complete sentence.
The Era of the Side Hustle
Amidst all this doom and gloom, it’s worth remembering that there are a few perks to living in the 21st century! Side hustles are one of them: it’s never been easier to open a small business, start consulting on the side, or earn a little extra cash by playing to your strengths and talents. The pitfall is that it’s also easy to idolize money, lose joy in your hobbies by monetizing them, or burn out. But done right, a side hustle can be the perfect way to pad out the budget, pay down debt, and save.
Timeless Advice for Our Times
No matter the era, the principles of financial success boil down to remembering our values and priorities in life. At the end of the day, money is a tool we can use to meet our goals, not chase temporary trends. When we treat it that way, all the noise fades away, and we’re left with peace in our personal finances.
ABOUT THE AUTHOR
Jordan Jantz is a freelance writer, editor, and website designer as well as the assistant editor at IW Features. Her work has spanned the nonprofit, small business, and scholarly worlds, but most of all, she is passionate about uplifting the message of hope and freedom. Find her at jantzwriting.com.
