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Just Ask Y: To meet your dreams, count cash (not sheep!)
Ever since I wrote my blog “Money, it’s worth the relationship,” my antenna has been tuned into articles and posts about finances. I came across this fabulous list of tips posted on DailyFinance, titled “13 Money Lies You Should Stop Telling Yourself by Age 30.”
I want to highlight for you three facts that made my jaw drop. Hopefully they will get you to pump up the romance in your financial relationship this Valentine’s Day.
Fact 1: A person who starts investing at age 25 will only have to save $4,830 annually to reach $1 million by age 65.
If your first thought was—well I’m not 25, so I don’t need to start yet. WRONG ATTITUDE. Or if you said to yourself—there is no way I can save that much annually. WRONG, again. This statistic isn’t just to encourage the well-off 25 year olds to save. It’s to emphasize that starting today, at whatever age, income level or situation you’re in, is enough if you want to fulfill your dreams. Just because you aren’t making six figures today, you shouldn’t discount your future.
Fact 2: It’s been proven that a larger salary does not make you happier.
How many times have you heard or said—if I had more money I would do the things I really enjoy doing. I hate to break it to you, but that’s probably not going to happen. Yes, money gives you freedom to indulge in the finer things, but fun doesn’t always come with a price tag (we’ve all seen enough MasterCard commercials to know that the best moments are priceless). If you aren’t having fun now, by the time you’re making more money, you will probably forget what fun even means to you.
If you’re not planning time on your calendar for things you find enjoyable, your current relationships are going to suffer. And if you start presenting yourself as the, “I don’t have enough money to have fun” person, you probably won’t be making any new friends either. So instead of declining invites due to your bank account, get creative and start inviting friends to things that do fit into your budget. To get you started, check out my video blog here. I share my favorite app that instantly gets you 50% off at restaurants.
Fact 3: It cost roughly $240,000 to raise a child in the U.S, and this figure does not include college tuition.
Once you get over the shock of this number, take a moment and say (verbally, electronically or even silently) thank you to your folks. I’m not sharing this information to encourage you to take out a sharpie marker and cross “Mother” off your future goals. Hopefully the opposite is true. If you’re so passionate about becoming a parent you will start taking action today. That might mean opening up a savings account, asking for the raise you deserve or how about starting a side business built on your interests and passions.
Money is waiting for you. Be bold. Be creative. Be proactive. It’s up to you to reach out and take it.
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maggie
this is fascinating! thanks chels.
Morgan
Excellent advice Chelsea! I hear all the time people say to me, “I can’t afford to save and invest.” When in reality, you can’t afford not to.
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