One thing that’s been consistently true during my money journey is that when I do something less frequently (to an extent) it feels like more of a treat. More special, even.
If I dine out 1x per week, I really enjoy it. If I’m dining out all the time, it loses that novelty. Plus, it wreaks havoc on my spending.
Having some fun plans is exciting. Having plans all the time is exhausting.
When I was on Farnoosh’s So Money podcast most recently (btw - highly recommend it!), we talked about generational wealth.
I define generational wealth as any amount of money that family (or the generations before) provide or have available to support the next generation.
We often think of trust funds and estates, but generational wealth can and often means having college paid for, receiving a gift to purchase your first home or being able to get a family loan to pursue a new business idea.
I can’t believe it but we're almost halfway through 2022. 🤯
It’s also officially summer ☀️ (as of last week). A season where I like to work a little less and soak up the sun a little more. Anyone else?
During this slow down, there's more space for reflection. I do an annual check-in or audit on my life and my goals.
Confession… I’ve become a spender. And it's okay!
My money journey has ebbed and flowed.
When I first started paying attention to my money, I was definitely spending more than I wanted to.
Then as I learned more, aligned my spending with my values and understood opportunity cost, I became a lot more frugal.
It's that time again... 🥳 We're doing another anonymous money survey!
The information you share will remain completely anonymous and I'll be sharing the range / average results for you to see. As a thank you, I'll be raffling off $50 cash, and a copy of each of my books to three winners!
Back when I was in college, you’d see credit card companies set up with tables around campus - "Get a free shirt and some free money!" 📣 🤬
Thankfully, that’s now illegal. BUT many of us didn’t (and still don't) know how credit cards actually worked when we opened our first card.
Credit cards don’t come with a manual. Or at least not one that’s realistic to read!
One of the reasons so many of us are scared to start investing is that we believe we could lose all our money (or even some of our money).
And by we I mean me, too. I was very wary of getting started. We work hard for our money, why risk it?
But the cost of not risking it is far too great (hello 👋 again compound interest) and the risk is not actually as risky as we think.
Over the past 30 years, the S&P 500 (which is often used as a proxy for the stock market), has earned an annual return of 8.29% (adjusting for inflation).
Money might seem more like math than art. A dollar is a dollar and a goal often reflects saving up (or investing) a certain number of dollars.
Yet, I’ve found money is far more of an art than a science. And treating it that way can make our lives a lot less stressful.
Most of our financial goals include some unknowns. Maybe we are saving for a trip and we’re not sure how much the flights will be or even which dates we’ll need the money by.
This past week was my birthday ( I LOVE birthdays!) and it was also the anniversary of the music video parody I made with a bunch of my friends called Sa-Vings.
If you don’t remember or are new here, it’s a parody of Ariana Grande’s song 7-Rings. And we turned each shot into a parody of the original video.
One of the things that’s really demotivating about retirement (depending on your age) is that it can be (and feel) very far off.
We may start saving for retirement in our 20’s and other than some potential tax write-offs, we don’t reap the benefits until we’re in our 60’s (or later).
Retirement needs a rebrand.
When I first started my money journey I was very unaware of my spending. And as a result, I spent more money than I wanted to on things that weren’t important to me.
As I learned more (and started The Fiscal Femme) I became a lot more frugal. I saw every dollar spent as its opportunity cost for the future. Most of my spending didn’t make the cut.
Over the last 10+ years, my spending and saving tendencies have ebbed and flowed, but if anyone were to ask I was definitely more of a saver than a spender.
You hear me say this a lot - most of us didn’t learn about money and personal finance growing up. It wasn’t taught in schools and it typically wasn’t something that was okay to talk about - even with close friends and family.
I know this community wants to change that. And I do think things are going to look different for this current generation of kids.
I often find myself a beginner again. Either learning a new skill, doing something I’ve never done before or taking my business in a new direction.
Some examples...
When I decided to interview people for my book (I had never conducted interviews before)
When my social media manager finally 🤪 convinced me to make reels
I’ve been getting some variation of this question in interviews lately -”What do you wish you knew when you started Financial Adulting?”
I love this question because passing on what I wish I had known - including the guide I wish I had (oh hey 👋 Financial Adulting!) is why I do what I do.
My answer might surprise you.
It can happen at any time… the spending heyday.
By spending heyday I mean that expenses flow out a little too easily and in higher than usual proportions. And it can be hard to reel in.
First and foremost, heyday is of course relative. I’m sure my spending heyday looks different than Jennifer Anniston’s (no idea why she was the first person to come to mind) and a large part of the population doesn’t even have the financial privilege to have a spending heyday. It’s not an option.
If you’ve been receiving the Money Musing newsletter for a while (and maybe even if you haven’t), you know I LOVE money parties. 🥳
I look forward to the end of the month JUST because it means I can have a money party. I know I have a warped sense of fun. Thank you for accepting me anyway.
Money parties are very personal. While there are certain things you’ll want to do each month, quarter, and year (you get a money party checklist in my Financial Adulting book), there is a lot about a money party that’s up to you.
