There are very few things in life that is as satisfactory as getting a job soon after graduating from University. As such, it isn’t unlikely that entry level employees (aka Executive Trainees) riding on the newly found wave of financial independence, display a tendency to splurge and spend their salaries on things they need and do not need. Unfortunately we all have limitations in life which makes our wants are always limited to choices. It is why no matter how much we earn it is never enough to cater for all our needs. Whilst your newly earned salaries puts you at the tip of financial independence, there are certain financial decisions you may be tempted to make that can put you quickly on the path of financial ruin and take away money that would have been better served for investment purposes. Here are some example;

Debt – The first thing you want to avoid at the start of your career is owing. In the first year of employment, you should endeavor to avoid owing on a mortgage, car payments, consumer loans etc. Whilst some may consider items such as owning a car important financing it with your first year’s salary or upfront is not a sound financial decision let alone financing with a loan.

Burden Of Responsibility – We live in a society where relatives depend on each other for survival. It is hence not inconceivable to expect a sudden need to help others once you start your career. However, it is important to note that helping dependent relatives at the expense of your investment goals is a threat to your financial wellbeing and can even erode the eventual support system you originally set out to provide. You must help dependents but not at your financial detriment. Help does not only come through financial support as such not every one that knocks on your door for money can be assisted.

Consumer Loans – The moment you pick up that plum job and start seeing your bank accounts swell, banks, shops, online stores and businesses that offer all sorts of consumer products will approach you. You will be offered debit cards once you open a bank account and soon after a credit card. All types of promo that lure you into acquiring things you need and don’t need will be offered to you. For those who find it hard being frugal it’s the easiest way into financial ruin. You must try to avoid them except where necessary and start by learning to live according to your means.
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