I wanted to try something different today by sharing 7 random thoughts on personal finance. These are just random points that I had on my mind and wanted to throw out into an article. Instead of trying to force myself to create separate pieces, I wanted to get a bunch of thoughts off my mind. Let’s see what happens when I ramble about money…
Thought #1: Looking good is becoming very expensive.
I’m always surprised by how much basic items can cost in certain stores. A pair of jeans can cost over $100, a random t-shirt can go for over $50, and shoes will easily cost you $100. That’s a lot of money to just put an outfit together for a night out. I used to spend more of my income on clothing that I care to admit when I was in high school. Now we turn it into a challenge to see who can spend the least amount of money on looking great. Why does clothing have to cost so much?
Thought #2: Saving money is powerful over time.
Saving a dollar here and there today feels like a waste of time. However, over time it’s intoxicating to see how much your savings can add up. I wrote about the power of automated savings before because I was really surprised by how much money you can save when you just put $25 aside weekly. Have you ever impressed yourself by saving a huge sum of money in small doses?
Thought #3: Paying off debt sucks.
When you’re paying off debt you’re taking money away from other areas of your life. This is money that you could put towards literally anything. I recently had to use my credit card to cover a string of bad luck I had with my car. My emergency fund helped me out a lot, but it still sucks sending this money away to your credit card.
Thought #4: It always feels like travel is too expensive.
Whenever I try to organize a trip it’s difficult to get everyone to get the money together. It’s a shame that travel can be so expensive. I feel that every young person should take the opportunity to travel and see a bit of this world. The reality is that with an average income and lots of bills, travel can become another accessory that we put on our credit card or simply just can’t afford. I really do wish that travel was more affordable.
Thought #5: Everyone wants sexy investments.
Putting your money into a savings account feels so boring. I often catch myself researching ways to invest my money. I have friends that constantly update me with new investment opportunities. It just feels like everyone wants to find the newest way to invest money and get rich. What do you guys do with your savings?
Thought #6: Cell phones can be pretty costly.
Cell phones are so damn expensive. I’m sick of even looking my cell phone bill sometimes. I just really enjoy the data plan. How did anyone communicate without BBM?
Thought #7: Earning more money is really exciting.
I’ve really come to enjoy finding new ways to increase my income. I don’t want to come off like a greedy jerk. I just enjoy the challenge of utilizing my skills to improve my income. Do you get excited when you find new ways to make money?
Those are my 7 random thoughts on personal finance for the day. Do you have any random thoughts on money-related stuff that you would like to add?
I’m currently grumbling about thoughts 1 and 4. I’m realizing that I haven’t really gone clothes shopping in a few years and I’m wondering when everything got so expensive! I also understand your happiness in the challenge of making money – it’s an interesting problem to solve.
Making more money forces you to think outside the box. You can easily save money by simply restricting yourself. Making money is a challenge.
Remember that it’s personal. Everyone has great advice to offer but just take it with a grain of salt if it’s not the right fit for you. Some people like to travel and buy nice clothes, some like to invest, some buy rental properties, and some just save and pay off debt.
Just keep paying down debt, saving money and progressing in your career, in whatever order feels right to you. As long as you continue to move the needle forward you will be successful.
Echo: Good advice in your comment. I would add that you need a macro financial plan and, at a more micro-level, a plan for every dollar you earn. The best plan in that regard, I think, is a zero-based monthly spending plan with a budgeting component.
People think they know how to budget when, in fact, that is seldom the case; even most of the info on the internet is simply wrong or incomplete.
I agree whole-heartedly with #3. 🙁 $5,000 down, $2,000 to go. *sighs*
As for #1, that’s where I shop at thrift stores, consignment shops, outlet malls, and places like TJ Maxx, Marshall’s and Nordstrom’s Rack. The last pair of jeans I bought for more than $20 was at Kohl’s, on sale, for $45. It’s possible to do it, you just have to be creative. 😀
My savings go into my ING Direct Savings account. I have a Roth IRA, or the start of one, but I haven’t taken the plunge to actually start investing it yet. I’m trying to figure out where (and how) to do so.
Nice idea, I think I may borrow the whole ‘random thoughts’ angle at some point in the future.
Numbers 4 and 5 most hit home for me. My buddies are currently looking at purchasing land in the USA (Vegas and Florida specifically). I looked at the numbers and did a little research and it does look lucrative but it just has a huge pain the ass factor for me. I hate the idea of buying any real estate without really knowing the local market even if it seems like a can’t-miss deal. With my limited income right now I just can’t afford to take a flier in a risky investment like that. The problem is that owning ‘Vegas Real Estate’ (even if it is just a basic condo) sounds so much cooler than an index fund or ETF, and WAY cooler than paying down a mortgage!
Man if you owned Vegas real estate you would def be much cooler. Now I’m not too sure about you lol. Its so true that some investments just sound sexier than others. This is just the reality of it.
Steal the idea because I stole it from someone else. I just wanted to throw out random points.
The pain in the ass factor is a major issue. I know some people that are so stressed out with theire investments that I doubt they can sleep at night.