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*This post may contain more swearing and crass language than usual, it is not meant to offend, condescend, or portray arrogance in any way, shape or form*
*This post is not intended for those already pursing financial freedom but those who aren’t personal with their finances. The post is intended to push the message out that personal finance is and will be one of the most important parts of a person’s life*
Today is Memorial Day, a national holiday. I have chosen to spend my extended weekend working. Why? I had an estimated $550 in medical bills for the month of May. My company is requiring 8 hours mandatory overtime. They are willing to pay full overtime for all hours over 10 for the week. I decided to go for all 10 between yesterday and today. I am thankful for this opportunity and for the company.
Thanks to the mandatory overtime requirement I can cash flow all my medical bills for May. What does that mean exactly? The overtime pay will cover all the bills out of pocket and I won’t have to touch my emergency fund. Let me repeat, I WON’T HAVE TO TOUCH MY EMERGENCY FUND. So an emergency just became an inconvenience for choosing my time and pay to keep my emergency fund.
I don’t blame you if you didn’t make the same choice. I don’t blame you if you don’t give a rat’s ass about being a millionaire. But you should towards financial independence. I’m buying freedom from being stuck in a cubicle for 40+ hours instead of out enjoying my life and living it.
Don’t get me wrong, I’m thankful for my job and working for my company. I’m not thankful for going into debt for student loans and a car payment. I have to pay that, as Dave Ramsey calls it, “stupid tax.”
Money goes where it was meant to. While flexible, budgets are kept in mind and used to keep focus. Emergencies are prepared for, and retirement savings are being put away. I got pissed off that I saved over $1500 for a week of vacation when that is way too much for a week away, even for the plans P and I have for that week. I intentionally decided to throw an extra $500 at my smallest student loan. I haven’t thought twice about that decision being wrong.
Although not perfect, a plan is in place and kept in mind at all times. My worst case scenario is written down and is always progressed towards a bit, but never set aside.
The One Million Mark. The Double Digit Club. Whatever you want to call it. That is my ultimate goal. Achieve something that no one in my family that I know of has ever achieved. With just a few changes over the years my 401k is on track for me to hit $1M before retirement (unless I retire early). In the short-term I will continue to keep my head above water, get out of debt, and keep focusing on those retirement accounts.
To keep on track with my goals, when I want something I get a gift card through Swagbucks. Feel free to sign up to get $5 in free Swagbucks. For help, check out my post on Swagbucks & reddit.com/r/swagbucks.
The financial community was in an uproar about an article from a millionaire real estate investor from Australia who bitched at millennials for buying $19 avocado toast instead of saving for a house. Without playing sides, the point I want to bring up is intentionality and focused goals. You can’t save for a house if you are too concerned with buying $19 avocado toast and a $5 coffee every day compounded over time, along with lavish everyday purchases adding to that $24 breakfast. The same goes for lavish car payments, house payments, etc. When you find an intentional alternative you can become a millionaire $10 at a time. Becoming a millionaire is about how much you can save and how to create wealth with your savings.
A Helpful Partner:
P has kicked my ass when it comes to the grocery budget. She took a monthly budget I was using for myself for the past two years and has doubled the output with doubling the input. We eat well (in my opinion, but I couldn’t necessarily call it healthy). She has the groceries on hand, helping me save time, trips to the grocery, and allowing me to focus on other things. How do I get my partner on board? Is one of the most frequently asked questions in the personal finance community (I am currently working on this post for a later date. If you are unable to get your spouse on board, I suggest you both sit down and talk about hopes, dreams, and what you want your retirement to look like as a start.
Beating the Statistics:
63% of Americans can’t cover $500 emergency. (Bankrate.com)
33% of American families have no savings at all (Pew Charitable Trusts)
56.3% of people have less than a combined $1,000 between checking and savings accounts (Magnify money)
Luckily none of these stats apply to me. I was able to handle my May monthly emergencies and health issues. I didn’t have to even touch my $1000 emergency fund. I paid them with extra savings and overtime work. I believe, it is choices and intentionality like that, that sets me apart from those who won’t be millionaires and will keep staying in government and consumer debt, while retiring at or just above Social Security wages.
I’m Not Trying to Be an Asshole:
But, I look every day at my phone’s lock screen. It is an infographic of 10 habits of self-made millionaires. I’ve been lucky enough, through social media, to speak with 10 or so millionaires or more. I seem to be imitating their habits. They ask questions, make intentional choices with money, find contentment in quality and luxury that define their values, the ignore “noise” and fight limiting beliefs. They honestly believe anyone can become a millionaire if they work hard and smart enough for it.
I want to be one of those millionaires, so I can inspire others and say, “If you do what I did, you can do it to. Even if you f*ck up a couple times along the way. I know I sure did more than once.” So hopefully this post will help you consider more intentional choices, focusing your goals, getting your partner to help, and beating the savings statistics. Start your journey to financial freedom to so that you can start working to live instead of living to work.