Good morning Loves. Let’s discuss our money today. Do you have as much money as you want to have? Are you spending it as you should? I used to live in a world where I thought we could never have enough money. After working in financial sales for over a decade and working 70 hour work weeks for three years straight I realized that sometimes money is just not worth it – the trouble that is.
No No #1: Don’t be greedy
I was in my 20s and making a six figure income, but my finances were a mess and so was my relationship. Now I work a normal 9 to 5 job with my side hustle as a personal finance blogger and I can honestly say that I have never been happier. I have less income, but I am enjoying my life more and that’s what really matters.
No No #2: Don’t take money for granted
I used to spend money carelessly because I knew that I always had a big pay check coming in every two weeks. This was a vicious money mismanagement circle that ended me in over $50k of debt. When the market crashed I still found myself with over $50k in debt but suddenly without a job. If someone would have told me that I would wake up one day without money I never would have believed them. Yet there I was with debt and without a steady income.
No No #3: Don’t hide your financial troubles
My bad financial habits landed me in a ton of debt and not talking about it with my family only made the stress of the matter that much worse. I couldn’t explain to my parents why I couldn’t go on our annual vacation with the rest of the family. I definitely couldn’t say that I couldn’t afford the trip, so I made up stupid reasons why I couldn’t join my family in Mexico. For three years while accumulating debt and three years while paying it off I lied to my family about my personal financial situation and it was the most awful feeling in the world.
No No #4: Don’t try and do it yourself
After the market crashed there was an amazing amount of tension in my relationship. To be honestly I wasn’t sure if we would make it through those tough few years, but we did and I lived to tell the story. Talking about the debt with my boyfriend helped me see the situation through another pair of eyes. It helped us make a plan together to pay off the debt and our relationship is stronger today because of it. Whether you are saving for a goal or trying to pay off debt, I definitely suggest talking about it with your spouse so you guys can get through it together.
No No #5: Don’t only think about money
Sometimes all we can think about is making more money, seeing our credit card balance at 0, growing the balance in our savings account and saving enough money to take our dream trip. I know firsthand what it’s like to be obsessed with money and let me tell you it’s not healthy. Don’t let money consume you; don’t let it be the only thing in your life. If you have a money goal try to have a non financial goal as well. Enjoying life is more important than money and contrary to popular belief you don’t need one to enjoy the other.
Photo by 401k
Very good points there. I agree that you don’t need to earn a lot to be able to enjoy the fruits of your labor. What is important is that you have enough quality time because with a relaxed mind you get to focus on things that matter including your finances.
That is so true Mike. No money in the world is worth giving up personal happiness. Peace of mind is definitely comforting.