by Miss L V Liufalani

Created on: August 05, 2008   Last Updated: February 25, 2009

The younger generation have no real concept of finance. And unfortunately you can't really blame that person for their ignorance as years later, their financial debts come back to haunt them. Or can you?

Life is never easy and going through rebellious teens to adulthood without understanding the most important things in life, like how to handle your money. It's really tough, especially when it is too late. Financial problems can happen through blindness, thinking that your parents will always be there to pick you up. Ignorance because you think that if you ignore it, the problem will just go away or bad habits. You know it is wrong but you just can't help your self.

I have learnt a lot for my age and even today I still follow the basics of the personal finance tips that I gained over the years.

First Tip: A healthy mind set about money is a must for a persons financial wealth. The ability to want to learn how to handle the money that is given to you through hard work, borrowing, gifts or inheriting. Positive thinking will help you through hard times, because nothing is impossible to over come. So with a little patients and self belief that things will work out. In the end it will. Until the next financial challenge. It helps you keep on top of what money you possess, what you can do with it and how to gain more.

I have read numerous articles of the opposite where people act horrifically over their financial woes as they mentally crack under the pressure from lack of education or bad decisions. Committing murder, theft, suicide and even kidnap ransoming. Other cases are of people who continually have poor money mind sets. This is when bad thoughts/ideas are put into action. Caused by their greed, jealousy, gluttony and envy.

Second Tip: Ask questions. Don't believe everything you hear or take anything at face value, even from your own parents. Ever heard the saying "If it is too good to be true, it likely is". I have two younger sisters and an estranged financially ruined father who have all fallen for the trap of "Interest Free for 12 months. No payments required" or "Buy now and Pay later" promotions. Yes it can be attractive like most easy money schemes, giving you a shopping adrenaline rush to act upon the urge. The other scenario is having a family member come up to you who want to borrow a big amount of money or they ask for your help to be their guarantor. I mean they are your family and why not trust them, right?

This is when you have to ask yourself, what

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