I’ve heard a lot of them. While there are many, the most common are:
- I don’t earn enough to worry
- I earn enough that I don’t need to worry
- I’m not in finance so I have no idea where to start
The truth is that there is no excuse not treat your personal finance like a 2 year old next to a pool. Ok so this might be a slight over exaggeration – you don’t need to think about it every waking moment, but you certainly always need to be aware of where it’s going and what it’s doing.
If you use the excuse “I don’t earn enough” then this should be the biggest driver for you to be savvy and stretch each dollar as well as look for opportunities to grow your wealth.
You could look at a side hustle. A side hustle could be as simple as uber driving, signing up to complete marketing surveys or opening an online store. These days you can open an online shop in under a day with ready made templates and easy online store plug-ins. You could even take a short course to develop your skills further, helping you climb that ladder and in turn improving your earning capacity.
If your on the other end you have too much money but are still living pay-check to pay-check or struggling to seriously save, then it’s time you buy a mirror and have a good look at yourself. OK but don’t stare at yourself for too long because you need to get started stat. You see the funny thing is so many kids in their late 20s and 30s are earning serious money yet still have no real savings or investments. They have a YOLO, short-term view of life with no long term view for their money. Now I’m not saying don’t live life or miss out of awesome experiences, but being smarter with your money will help you achieve both!
Finally, just Imagine what you could do with more! Even Mr Buffett ($75billion) or Mrs Mars ($27billion) are continuously looking where their money is going. I guarantee you they put their money to work harder than you do. So do a budget stat – work out how much you can squirrel into savings and investments. You might surprise yourself how much you have to play with if you stop buying so many new clothes! Then start educating yourself with some simple financial books or book a consultation with a financial advisor!
Finally “I’m not in finance” is an excuse that pops up alot. Now I get it, the finance system is complex – even for someone who has studied finance but your wealth and your money is your responsibility. The earlier you educate yourself and start making smart money decisions, the more comfortable you’ll be making money decisions in the long run. You’re goal doesn’t have to be to be a millionaire but it should at least be living a life free of financial stress and strain.
So kids – Read, Listen, Read!. There are some great books out there that can help you understand, manage and grow your wealth. With the average commute to work in Sydney just over 1h, a good way to relax is with a book or podcast.
Crawl, walk, run..