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First things first, let us define what yuppies are. According to Investopedia, “this is a slang term denoting the market segment of young urban professionals. A yuppie is often characterized by youth, affluence and business success.”
In today’s world, yuppies or young professionals dominate the many businesses and market segments of the country. Industries tend to hire many fresh graduates and the influx of the new generation in businesses is overwhelming. I am proud to say, I am part of this circle. I am proud to say I am a yuppie.
However, one pitfall of most yuppies is lifestyle inflation. Since they already got a job, anticipate salaries every month, their lifestyle drastically changes. Instead of getting contented with a 3in1 coffee, they opt for the branded ones. Their usual school allowance before in college is never enough. Instead of bringing food to the office which they usually do back in school they opt to dine out. There’s absolutely nothing wrong with that. I too have experienced that phase. After all, it is my money and I worked hard for it. Then it hit me. I have been working for three long years already and I even jump to a company who provided me more in terms of salary and benefits. But in spite of it all, with a larger salary scale, my ATM contains less than a thousand and nothing in my savings account. Then I long when will the next salary be and the cycle just repeats. This can’t go on forever I exclaimed. Hence, I scribbled my financial goals before I turn 30. One thing that draws my attention was accumulating a million in terms of assets. Then my millionaire mindset kicks in. That is not an easy feat however I am telling you that yuppies should be millionaires! Here’s why.
They have the Resources
Yuppies have the resources. For one, they have the money. Plus, many of these yuppies are still living with their parents. This means that with such money, their expenses would be little or would be catered to them only. This also holds true for the breadwinners in whom we cannot deny that most of their salary would go to their parents and siblings. Yet in retrospect, they can still be able to save even a little.
They have the Time
Yuppies are young. Thus, time will be their ally in accumulating their desired wealth. Think about the power of compounding interest and even more our current market situation increasing by the year. This can be a good opportunity that they can look into especially if they jump into investing. Regardless if it be in mutual funds or the stock market, when they have invested even a portion of their salary to it, in a few year’s time, they can be able to see their money grow drastically.
They have the Drive
What sets yuppies apart from the other segment is that they are enthusiastic with just about anything. They take risks and they can afford to make mistakes. These are in fact a millionaire’s mindset. These mistakes will shape them to be better in the near future. And going back to the second reason, they have the time to patch things up and correct it. Yuppies have the attitude to venture into something new, tap a new segment and create it. They are ambitious, which again is a millionaire’s mindset. Plus, they have the physique and the mind to top it all since their bodies are at its prime and they can be able to do just about anything they want.
Given the right mindset that yuppies have plus the many things they can have in their disposal such as the time and the resources, there is no denying that yuppies can indeed be millionaires. One should not wait until their 40s or 50s to be able to acquire a millionaire’s mindset and even more in assets. If they only know how to maximize it, being a millionaire would not only be a far-fetched dream but a captured reality.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 39 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.