I grew up pretty poor. Like me, my mom and my sister "living in a car" poor.. So the minute I got some money I vowed to never ever go back. Me and my sister have been able to support our family for years now because of the way we save and stack up our money. If you're my friend, you know how much emphasis I put on stacking your coins and saving $$ for your future. I preach it everyday so I want to share some tips with you guys.
NUMBER ONE "NO NO" (paycheck to paycheck)
Did you know that 49% of Americans are living paycheck to paycheck? This is something I've never ever done. Even when I got my first little job, I lived way below my means and I still do now. I think its important to do, so you have room to save or even room for emergencies. If you find that you are in this position, start writing out all your expenses to see where your money is going. When I did this, I found the main culprits. ( Nails, Eating Out, Starbucks, Hair and Service Subscriptions I didn't even use)! Now we all know a Starbucks drink is only 3-6 dollars but you have to be aware that these things add up. I was spending about $300-400 a month on things that were not necessities in my life. When I cut back by cancelling unused subscriptions, doing my own nails, hair and only eating out once a month.. I saw a huge change. Get started by writing a list of what you spend. You'd be surprised on where your coins are all going :)
WOMEN AND MONEY
If I could preach to all the little girls out there. I'd say. GET YOUR MONEY UP. Don't worry about guys with money because that's HIS. What do YOU have to offer? I see too many woman focusing on making it with a guy that's well off, rather than focusing on getting their own shit together. There are too many cases where women are dependent on a man's income. That's bullshit. Girl get yours.
There are so many ways to make income these days. Im in e-commerce. You can work from home selling anything you want. All it takes is research and drive. Master a skill and go for it. Get your money :)
ENTREPRENEURS AND THEIR LITTLE SECRETS..
When you get into really making schmoney.. you need to start your research on how to keep it and most importantly, how to grow it. From tax breaks to investments, there are so many ways of keeping your money safe and growing it. For example, every entrepreneur should look into getting an SEP IRA. This is a retirement account for people like us. Because we do not have typical jobs setting this up for us, we have to do it ourselves. But, the good news is that this is a totally tax deductible. The means.. You can take that amount of whatever you owe to Uncle Sam.
In addition to the IRA, If you work for yourself, you're going to need a Business Account and credit card.. This is crucial because you can literally write the majority of what you do off. Home office? Cool. A portion of your rent is a write off. Phone Bill? Car Lease? Dinner "meetings"? Everything business related should go through that account. These are all major in saving you money at the end of the tax year.
NO TOUCHY TOUCHY
Every person should have an account they don't touch. You should put a portion of your income in there every month and leave it there. Build it all the way up. If you can only give $10 a month to it, thats cool. Do it. Build it. It's important and it should be your main habit.
When I moved to LA, I had about $300 to my name. After I got a little job, I starting saving. I put in what I could when I could. I had a little agreement with myself. "Ciera, every time you make $100, put $10 in there" And I did. Create a system that works for you and get on it!
It is a fact that most millionaires have multiple streams of income. I have only two right now. So its something I need to desperately work on. Let's say you have a full time job. Think of anything that can make you a little extra money and do it. But remember, work smart not hard. Think of something non time consuming. Let's say you sell t-shirts on Amazon. Something simple. If it brings in a $100 a month that's great! That's income you have in addition to your main source. You're adding to your streams.
I'M NOT JUST TALKING
As I've stated before, I came to LA 5 years ago with only $300 to my name. Since then, I've built a business and my accounts are litty because I save save save. When I started making money, I kept the same values as before. Yes, my car and house got nicer but NEVER to match my income. It's always important to live below your means so you can have room to breathe. Room for fun . Room for emergencies.
Thanks to the success of my business, God, and learning how to save and cut back when needed, I have a personal savings, business savings, investment accounts and retirement accounts that I never have to touch. I can buy anything I want, go wherever I want and I can take care of and provide for my loved ones. They'll never have to want for anything. I think that's what its all about. Being able to be there for the ones you love which in return makes you happy.
Anyhoo.. I'm not really sure how to end this one. Im sure I need to go in detail on the business side of making schmoney in my next post. You guys let me know :)