Money Psychology 14: You'll change
You, as a teenager, might not want to drive a tractor anymore, which once seemed lucrative. Thus, long-term planning is harder than it seems because people’s goals and desires change over time.
So, assuming you’ll be happy with a very low income, or choosing to work endless hours in pursuit of a high one, increases the odds that you’ll one day find yourself at a point of regret.
Therefore, avoid the extreme ends of financial planning; have a balance. Aim for moderate annual savings, moderate free time and so on. It will increase the odds of being able to stick with a plan.
Accept the reality of change, and adapt to your present situation as quick as you can.
[The Psychology of Money: Lessons 14 of 18]
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