So you are smart, educated, 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. I have a question; what is your savings strategy?
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.
It just might be the time to slow down, establish your thoughts and priorities, and get a savings strategy started (if you do not already). Remember that very often nothing last 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 have the ability to work hard and earn the money you make. There is nothing wrong with that. Secondly, are you seriously thinking about your future, should the unexpected occur? Straight forwardly, how much money are you saving, compared to what you are spending.
If you are finance savvy, this may not be for you. If you do not make a lot of money, this is still for you. If you do not have a higher level of education this is for you. It does not matter how much or how little money you make your education level or anything else. If you have the right money mindset, you can save money. There are numerous ways to do it.
Let me elaborate on the admission for the above statement. 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. It does not take any degree to make a good salary for that matter. You can ask me how I know, I will be glad to share it with you, and I will share some of it here.
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 thinking. Well, a lot of self-training, the ability to believe in myself, reach for the stars and work hard. I learned by the book, and with that increased my knowledge and salary. Yes, of course working at “Freddie Mac” in Atlanta definitely helped my mortgage career.
Let me explain and admit something to you. We are all born with potential, how we use that potential is how successful we can become. However, we are not all born with the same amount of level-headiness or judgment, at the same time within our life. Slow to think things through, but quick to proceed.
You can be smart, educated, or uneducated and still make drastic decisions that can cost you at some point. You can be a person who learns quickly, and makes important decisions, and still be lacking the right amount of contemplation. Some people are slower at learning how to be wise about people, money, and life, and knowing exactly what their intentions of achievements are. Honestly, I did not at the time make all of the right decision.
There is not room here to tell all of the detours I took, but in final stages of my career, I made an extremely high salary for my non-college career. In fact, my salary was way over the average salary listed for this country, 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 the higher salary.
However, I did not have a smart saving strategy. The issue was 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 spend thrift, but I did not save sufficiently for retirement. I did not buy the simple things, I love “real” leather purses and shoes, you know, most of us do now. I wanted “good” stuff, the good stuff you buy at Macy’s, Dillard’s, and almost never shopped at JCPenney.
I still have some of that “good stuff” stacked away in my closet. Lesson, 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 you are really doing well. It will certainly add to your saving portfolio. Additionally, it does not make you higher class or better to buy the most expensive things. Yes, I bought on sale, however, if it was beautiful, I indulged.
Yes, I saved some money, especially when I was making excellent income and saving the higher percentage to my 401K account. However, at one point, I rather lost my way of thinking, and let myself indulge in investments that were not guaranteed. It became too obsessive. I lost!
The point is this; I let the less than perfect things that had affected my life, rule my decisions. I took it inward, and let it play out in other forms of something to make me feel good. The latter was unmistakably because I did not know how to deal well with the fact that other people can try to bring you down, the world is not perfect, we are all humans. It is wise to get a Life Coach if you think you are headed down this road.
Another story, another time: Have you ever read “Why Smart People Do Stupid Things?”
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.
- What if it takes all that I make to pay the bills?
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. 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:
- Financial Planning Tips To Help You Get Started
- Advice On How To Save Money
- Creating Financial Freedom
- Money Mindset-Do you Have it
- Personal Finance – Debt Management
Read one young person’s blog that 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 home-schools her kids, and now she is blogging and has increased their earnings level, and is happy as can be. Find Caroline here on Instagram.
A leather purse is a leather purse. A leather pair of shoes is leather shoes. The brand name does not matter unless they are poorly made, and fit well. You just do not buy them anymore.
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 your retirement years with some sense of security.