I want to help millennials make smart money decisions that will lead them to financial success. A future that you can be thankful towards your younger self for following these practices.
As a millennial I know and understand how easy it is fall into the tight grasp of social media and influenced by the seemingly never ended ads to get you to live like this, look like this or how to spend your money. I’m here to tell you, it’s time to put on your blinders and really focus on your personal growth.
It’s been confirmed that we live in a consumer society. Where it is considered normal to take out the shovel and dig deeper into the hole of debt in order “live life” and keep up with the Joneses.. whoever they are. As fun and cool as that may seem when those payments start coming it’s not so fun anymore.
Here are the hard facts, according to Statista 30.7% of households earned over $100,000 in the year 2020. According to FRED Economic Data in 2019 the median personal income in the US was $35,977 a year. Business Insider also shows a study that 60% of millennials earning over $100,000 say that they are living paycheck to paycheck.
The saying “it’s not about how much money you make its about how much you keep” is a well-known wealth fact! The lifestyle you see portrayed on social media is designed for you to spend more money.
How often do you go out with your friends, and you see everyone paying for things on their credit cards? I can almost guarantee you that a lot of them hold some credit card debt. Am I saying credit cards are bad?
No, credit cards if disciplined and used extremely responsibly then they can be beneficial. But it is a slippery slope that majority of Americans fall victim to.
Now you may think, you may be missing out on experiences. But it’s simple if you can’t afford it don’t buy it, stay in your lane. There will always be more opportunity to enjoy experiences with peace of mind.
A good way to combat spending habits is to carry cash with you. Physically seeing the money leave your hands will do either two things, either make you not want to spend your money or limit how much you can spend.
Every time you go into debt for something that is not an investment, you are going backwards. While the friend that understands their financial situation and is disciplined enough to stick to a budget. Is increasingly getting in a better position in life.
Trust me the people that you are probably trying to impress, there’s a good chance that they could be broke, have bad credit, or are bad with money themselves. You never know what a person is really going through because it’s not popular to show on social media.
It’s not going to get you the likes. Life happens to all of us, no one is free of the challenges of society. But imagine what all that discipline and sacrifice of living below your means and budgeting will get you in the future.
Time is one thing that will always move forward whether you like it or not. There’s no better time than the present, start today towards your journey to financial success and freedom.
I’ll tell you what is fun, not having any debt. Receiving a paycheck and knowing that you don’t have to dish out money towards payments. Knowing that you can freely save and invest as you please.
There is a sense of peace of mind knowing that if an emergency were to arise, you don’t have to go into debt to pay for it. You can truly enjoy life as your net worth grows while others continue to decrease.
Personal finances will be different for everyone, that is why the key word is personal. You must change the way you think about money and focus on yourself. Stop worrying about how much money your friends or peers may appear to have. There’s a possibility that their lifestyle is a flex and after they log off for the day reality sinks in.
Everyone has their own problems that they face, and money management is a big contributor. You are worrying about someone else’s money will only negatively affect your or maybe even cause you to feel envious, depressed, or lose a sense of self confidence. You are at your best when you focus on yourself, your business, and your future.
But it’s always easier said than done right? I get it, there’s always going to be that new shiny thing that you will want and see others acquire. If you want to be financially secure its going to take discipline, and determination.
Everyone is cable of achieving this. Start right now, write down where you see yourself financially in the next five to ten years. Be realistic with yourself and put that goal somewhere that you can see it every day. This helps you become self-accountable.
Seeing that goal everyday will help influence your purchase decisions. Financial freedom is a daily battle, don’t look at it as a long-term thing although it does take time. Take it one day at a time, those days will turn into weeks, weeks will turn into months, and months will turn into years.
Manage your finances! Budget, budget, budget I can’t tell you enough how important it is to have a budget. Be in control of your money that you worked hard for. You should know how much money you have set aside for your bills and expenses, your savings for emergencies that WILL come up in life, and your spending. If you don’t have one, or are using one that isn’t working for you check out our The Millennial Ticket Budget for FREE!
Before you know it, you will have built a habit of being aware of your dollars and I can almost assure you that your wealth will start to climb in the positive direction.