Smart Money, Pay Attention!

This advice applies to men and women, so gentlemen you can also take note of this advice.  First, I have a confession, I have not been a foundation of wise fiscal stewardship in my life, or wise career decisions, even had to declare bankruptcy, which really messes with you.  If it were not for the fact that I have a coop to sell when mum passes with whom i reside, investments she made for my benefit for the future and her pension which currently takes care of the rent and cable/phone bill, my current situation with the SSDI and the fibromyalgia, I’d be in trouble frankly now and in my retirement to some extent.  I’ve started a savings account and am making sure to put money in periodically and once I have funds coming in from projects I hope to have underway come this Summer, I will be putting funds aside creating my own retirement, not relying on government pensions or anything like that for the long haul.  There may be those who think they have a partner, or they have a good job, which is great, but what happens if the partner is not the most fiscally responsible person in the world, or at all, or if you were to lose your job tomorrow or a disability occur, stuff happens, so being wise financially is important, not saying be stingy to the extreme and paranoid, but wise.  Let’s get down to the nitty gritty.

Budge, I know you hate that word, uggh, no fun, annoying!!!  Well, more annoying when you see those past due bills and start to panic or the repo guy comes knocking, so suck it up and plan on a budget.  A simple breakdown for a budget is this:  50% is for Needs (mortgage, utilities, car payments, medical, such as insurance, and maybe copays, core needs), 30% is for wants (clothes, recreation, entrepreneurial investment), and 20% savings and retirement.  If you budget more or less in this way each month you get your pay check or even direct deposit, calculate what that sum of percentages looks like.  Some may need to adjust a bit and go 60% needs, 20% wants etc.., try to never go less than 15% on savings and retirement.  Minimizing debt is crucial, take it from someone who had headaches in this department.  Keep the debt for wants to a bare minimum, please, for your sake and the sake of the family, at a certain point in life it really is time to grow up.  Debt not only takes a financial toll, but an emotional one, psychological one, which in turn messes with your health and well being, so please keep the wants debt to a bare minimum and don’t use high interest store issued credit cards.  I have made mistakes in my fiscal life that I wish I could undo.  I wish I had the wisdom to understand how important being a wise steward of what you are given in life is, that includes money, opportunities, relationships, all of it.  I hope you will and that this advice helps, inspires.

Namaste, Shalom and Amen