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Why Engineers are Terrible in Managing their Personal Finances?

Financial Goals for engineers before they reach 30


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Personal Finances

 

Leadership is a character that exemplify bold ideas, the courage to do the right things, and balance our financials.

In the great history of mankind, engineers were able to built tallest buildings, fastest transportation, most advanced smartphones and cleanest energy. But there is one aspect that we are really terrible at… managing our financials. Our personal finances were mostly neglected while building iconic projects.

Admittedly, engineering professionals and students are poor in managing our personal finances but great in building great stuff. Why is that so?



It’s awesome to be an independent adult!

You’re young, and energetic and ready for the world ahead of you. And since we’re adults, we have to understand and deal with the different challenges in the world.

Just like Uncle Ben said, “With great power, comes great responsibility.”

In the age of gig economy, Covid-19 pandemic, digitalization and social media, it’s important that young engineers have total control over our personal finances, here are 7 goals that you should achieve before hitting the age of 30.

Millennial engineers, ready carefully.

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1. A Job/Business that Pays for your Daily Expenses

You’re way past the age for getting weekly allowances from your parents.

Go get a good job that will pay for all your daily needs.

Instead of being supported, you should be the one supporting.

Learn to be financially independent.

2. Zero or Decreasing Debt



As much as possible be debt free, but if you still are, then work out an action plan to get out of debt.

Read more  Two Moms Pursued Electrical Engineering Degree Together

Being an adult working and thinking about a lot of things is stressful enough, don’t add more stress by thinking about debts.

3. Savings Worth 3 times your Monthly Expenses

Life is not predictable, we all know this by now.

Accidents, emergencies, and other unforeseen events could happen.

So it’s important to have some savings that could help you through this time.

4. A growing Retirement Fund

Wouldn’t it be nice to grow old and not need to work?

So it’s important to have a growing retirement fund.

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5. A Splurge Account

This account is a little spoil for you.

You work hard for your salary, so you have to reward yourself and play hard as well.

Separate a certain amount from your paycheck to spend on yourself.

6. A Failed Business

Failed businesses, big or small, are battle scars that teaches us new lessons and help us become better at what we do.

Having done this teaches you that you got out of your comfort zone and took some risks.


7. A Financial Mentor

Having a financial mentor is important, so he/she could guide you about your personal finances every now and then. Managing personal finances is crucial if you are a young engineer who want to enjoy life and break free from debts.

If you’re not comfortable getting one, then you could download/ purchase some financial books and go to some finance seminars. Millennial engineers, what are you waiting for?

Why Engineers are Terrible in Managing their Personal Finances?
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Engr. Amal Grover
A chemical engineer at Tata Chemicals. Indiana Institute of Technology alumni. Blogging about cool stuff. Follow me on Facebook https://www.facebook.com/amal.grover

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