What Does Money Mean To You – How do your money and you, stack up? post updated 01-03-24
So you are smart, educated, and have the highest degree for your career. You are on top of the world, and you can buy what you want, drive what you want, and go to the finest restaurants. You have already bought that dream home and you work hard, and do your job well. You do not have to ask anyone for anything.
The trouble with this scenario is that too much too soon, or too much without an established set of rules can allow you to get to the river, without a boat. If you do not have long-term goals and a clear knowledge of where you intend to go with these wonderful accomplishments, it can mean disaster down the road.
Probably Time To Take a Short Break, and think more constructively about Your Money and You!
It just might be the time to slow down, establish your thoughts and priorities, and remember that very often nothing lasts forever. (As if, you did not know that!) Too many misadventures can stall your ship from leaving shore. That is not meant to be discouraging, it is just facts and a bit of warning and experience.
It is probably time to pull out the plug here, get serious about your priorities, and see if you are managing your finances well. Firstly, you should be grateful and serious that you can work hard and earn the money you make.
Secondly, are you seriously thinking about your future, should the unexpected occur? Straightforwardly, how much money are you saving, compared to what you are spending?
Who Is This For?
If you are financially savvy, this may not be for you. If you do not make a lot of money, this is for you anyway. When and if you do not have a higher level of education this is definitely for you.
It does not matter how much or how little money you make, your education level, or anything else. If you have a healthy money mindset, you can save money. There are numerous ways to do it.
Let me elaborate on the admission for the above statement. Yes, I could have very easily learned something from this post about money and you.
Having moved from a small country town to Atlanta, I almost doubled my salary. I had quit my job to enter Nursing School that I had thought was the path I needed to take. We could not live on my husband’s salary. Therefore, I had to change courses yet again.
I want to also clear the air here and say that it does not take the highest degree to make a good salary. You can ask me how I know, I will be glad to share it with you, and I will share some of it here.
My Story – Determination Can Be a Strong Factor
When I left this small country town, I almost doubled my salary with that move. I made a few other moves and did more than double my salary. How, without a degree, you are probably asking.
Well, a lot of self-training, the ability to believe in myself, reach for the stars, and work hard. I learned from the book, and those learnings increased my knowledge and salary. Yes, of course working at “Freddie Mac” in Atlanta helped my mortgage career.
Let me explain and admit something to you. We are all born with potential. However, we are not all born with the same amount of maturity. You can be smart, educated, or uneducated and still make drastic mistakes that can cost you ridiculously.
It comes early for some individuals, they are smart about people, money, and life, and they know exactly what their intentions for achievements are. Honestly, I did not at the time.
There is no room here to tell all of the detours I took, but in the final stages of my career, I made an extremely high salary for my non-college career. My salary was way over the average salary listed for this country. It was more than some teaching salaries and more than some people in banking.
I worked long hours, sometimes around the clock to get the job done, and kept learning. I deserved a higher salary.
Some Money Mistakes Along The Way
Here is the issue with how I did not plan well to make my later life more satisfying with the ability to travel, play more, and live in leisure.
I took too much for granted, I was not a spendthrift, but I did not save sufficiently for retirement. I did not buy the simple things, I love “real” leather purses and shoes. Most people who make a nice salary want the “real” deal. It allows us to think that people will look at us and say; hey, he or she makes good money.
I still have some of the “good stuff” stacked away in my closet.
The lesson you must learn: you can look just as good in a $50 sweater, as you do in a $100, and if you put that other $50 in a saving account. It will certainly add to your savings portfolio.
Yes, I saved some money, especially when I was making excellent income and saving a higher percentage to my 401K account. However, at one point, I rather lost my way (my thinking strategically), and let myself indulge in investments that were not guaranteed.
That ended in losses, to say the least.
What Is the Guide To Savings
- How much should I save?
CNN Money states, as much as you can. Some financial planners will tell you that you should save at least 10% to 15% of your income for retirement. That is not an ironclad rule. Saving means fewer headaches down the road and more leisure without worry.
Different saving strategies for different people, however, the game is trying to save as much as possible, in the least amount of time, with all the effort you can make.
2. What if it takes all that I make to pay the bills?
If this is you, then you have too many bills and need to start paying off your debt, for the last time. Meaning never let yourself be too overloaded with debt again. Resist spending every dime you make and then charging up your CC.
3. What are the first steps to start saving money?
Changing your mindset can be one of the most important facets of saving money. Think about not having to worry should there be additional medical expenses that health insurance does not pay.
Or if the car breaks down, or you get a water leak under the house. The unknown things that occur can be numerous.
Having savings built up will help give you peace of mind and a feeling of security. Last but not least; it is probably time to stop spending on items you do not need.
All of these things can bring stress and despair. Think about
Remember I worked in finance, and I have reviewed and declined many mortgage loans because of too much debt.
What are some ways to save money? Read the following:
How To Avoid Money Savings Mistakes
Budgeting Tips For Dynamic Life Changes
Free Money With A 401K Savings Plan
Personal Finance – Management Tips
Something I Read Recently
One young person’s blog said her family started out living on her husband’s salary of $17,000 a year. She makes her own (or did) laundry detergent and many other things she uses.
She bought some of her children’s clothes at the thrift store. OH, why? Simply, because her children’s life is more important than their need to have “more.”
You see she homeschools her kids, and now she is blogging and has increased their earnings level, and is happy as can be.
EndNote
We all know that a leather purse is a leather purse. A leather pair of shoes is leather shoes. The brand name might be somewhat important, but maybe not unless they are poorly made, and do not fit well. You just do not buy them anymore, right?
It does not matter how much money you make if you do not know how to make the right decisions about saving it.
Money is not the answer to everything, however, when you retire, it will be the answer to living without as much stress in your life.
