In my post entitled, The Greatest Lie Millenials Believe, I emphasized how important money is. I emphasize that it takes precedence when pursuing our goals. Life circumstances has also taught me that it is more important to manage funds wisely than it is to make a lot of money. For, if you make $56,000 per year, but spend $35,000 per year, you are much better off than someone who makes $500,000 per year, but spends $510,000 per year. Saving and managing funds wisely is key. Continue reading
They say honesty is the best policy. I suppose that’s true when it comes to things like, telling your friend that the outfit she’s wearing does not look good on her. It’s true when your boyfriend says something that hurts your feelings and you have to confront him about it. It’s true when taking an exam and you decide to share your own responses and not your classmates. In such cases, yes, honesty is the best policy.
But when it comes to all things concerning finances, honesty is not the best policy. There’s no need to be honest about your finances. No one wants to know when you’re dealing with a severe financial hardship. That’s none of their business anyway. If you cannot attend an event due to finances, simply lie and say, I have other plans. You’ll have a way better outcome them disclosing the fact that your car payment is due on the 3rd and you won’t get paid again until the 15th and since their event falls on the 10th, you won’t have any money. Ain’t nobody got time for that. Saying “I have other plans” shuts the door and gives no room for follow-up questions. Continue reading
Scrolling through Facebook last week, I found the following photo:
Since then, I’ve tried to identify the source of this photo. I haven’t had any luck, but that doesn’t take away how profound this quote is.
We believe that if we follow our passion, then the money will come. Money’s not important.
Now, I’m not saying that money is everything, but to the person who invented this quote, have you ever not had any money? Have you ever been broke? Now, I’m not talking the Awww-man-I-can’t-afford-to-eat-at-a-five-star-restaurant-broke, I’m talking the I-don’t-have-money-to-eat broke. I’m talking the should-I-pay-rent-or-should-I-buy-my-children-food broke. I’m talking the I-can’t-attend-your-birthday-party-because-I-have-$10-in-my-account-and-can’t-even-afford-to-pay-for-gas-to-get-there broke.
I’m talking BROKE without the “K” or the “E.” You’re so broke, you’re BRO. Can’t even afford the last two letters of the word.
The American education system has not done its due diligence in making sure students are savvy in all things concerning finances. In grade school, I do not remember taking a class on interest rates, credit cards, investment portfolios and other financial concepts. It is no wonder many millennial are in over their head in educational debt; many people purchase homes they cannot afford; and America’s debt amount is larger than any other nation’s. The reality is Americans are not the most frugal with money.
I am no different. In fact, circumstances have forced me to take a long, hard, look at the way I manage my finances and I must say things need to change. My educational debt needs to change. My credit card debt needs to change. My investment portfolio needs to change. My everyday habits need to change. But, most of all I need to change. Continue reading