This next question is problematic because it is vital to balance your life between living in the moment and preparing for the future. If you spend your money as soon as you make it, party, and only think about it today, you will be ill-prepared for the future. As soon as there is an emergency, you may not be able to pay for your expenses. Even worse, once you get ready for retirement, you might realize nothing is left for you to survive. However, always saving for the future can make life feel dull and could lead to burnout that harms your ability to save and invest long-term.

On the other hand, some people live purely for the future. Instead of having fun and making friends, they work their fingers to the bone and save money for the future. These people usually end up becoming more affluent, but it is like being Ebenezer Scrooge. If you spend your entire life chasing money instead of having fun, you might end up becoming a miserable older adult who is all alone. That is why it is so important to balance your life between these two. It’s OK to have fun and live in the moment when you are young, but always remember that the future will come someday.