Welcome back! Today is Day 7: Take Control of Your Financial Future
Today, I want to set you up with some final tips on how you can take control of your financial future. The truth is, the only person who can take control of your financial future is you.
Financial security, independence, and stability is truly invaluable. While these past few days of facing your finances might have been challenging for you, it’s an awesome set up for financial success.
With that said, here are some final tips:
Know the Value of Your Time
Saving money might not seem exciting, especially since you worked 40 hours a week for your paycheck. Why not just go and spend all your money on partying and shopping?
Well, have you ever taken the time to figure out your worth? Here’s what I mean.
Let’s say you make $15.00 an hour and go out with friends and spend $120.00. That’s 8 hours of work.
Is it worth it? Not always. If you wanted to buy an item of clothing that costs $45.00, that’s three hours of work.
Is it worth it? You’re not just going to work to get a paycheck. You are giving up your time. Time is valuable and is something you can’t get back. That’s why you need to know your worth.
Beware of Interest Rates
When making any purchase on a credit card, or when taking out any loans, assess the interest rates. Interest rates can seriously cost you down the line. The longer you have a balance on your credit card, or the longer you have a loan, the more money you will pay in the long run. The lower the interest rate, the better.
Ignore the Joneses
Who are the Joneses and why do we have to keep up with them?
Well, the Joneses are an imaginary family who magically has everything you ever wanted. They have the best cars, gadgets, clothes, vacations, and appearances. So, why do we want to keep up with them? Easy, it’s the fear of missing out (FOMO).
How many times have you or a friend gotten a new phone when it wasn’t time to upgrade? What about keeping up with expensive fashion trends, or buying specific name brands you can’t really afford?
The problem with keeping up with the Joneses is that we will always be one step behind. After all, they are an imaginary family that has everything we have ever wanted in life.
But with social media, the Joneses have materialized into influencers who never repeat outfits, high school friends who seem to always be on vacation, and people who have new everything even though they probably don’t have jobs.
It’s easy to want to keep up and fit in. But, financially, it’s not worth it. If your phone is in good condition, it’s probably not worth it to buy a new one. If your closet is jammed packed with clothes, just window shop and save your money.
Trust me, it’s not worth it to spend all your money trying to uphold an image because you’re afraid of missing out.
Save for Large Purchases
Instead of being credit card happy, or splurge happy, save for large purchases. The less debt you rack up, the better. Saving for a big purchase may not be easy because it requires self control and consistency.
However, in the long run, you will feel better knowing that you paid for your purchase with money you have, not with money you don’t yet have. This also saves you money because no interest is involved.
No matter what age you are, what kind of job you have, or how much money you make, you should be investing in some way even if it is investing back into yourself. Everyone should at the very least have a retirement plan.
If your job doesn’t have one set up for you, open a Roth IRA and place money into it for the purpose of saving for your retirement. Some other ways to invest are in the stock market. There are plenty of apps that make it really easy to invest in the market. Do a bit of research to find what works best for you.
Don’t Forget to Have Fun
You work hard for your many. Don’t get so caught up that you forget to take a vacation or treat yourself to something you want to do. While money doesn’t buy happiness, it does buy experiences, and experiences are priceless.
This is officially the end of the free Face Your Finances course. I hope that during these past seven days you were able to take an honest look at your finances and get yourself set up for a future full of financial freedom.
I’ll be sure to stay in touch with you through email. If you ever have any questions, suggestions, or if you just want to say hi, feel free to shoot me an email at firstname.lastname@example.org.
THE LIFE HUNT
My name is Alyssa Hunt and I help busy hustlers work toward their dreams of business success and financial freedom all while managing full-time jobs and daily distractions. Let’s do this!