Hot Take – Simple Tips for a Rich Life

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And does everyone think this was written by a robot?

How I’m Saving Money This Summer (Food Edition)

In list form, because I haven’t the patience to make this more fun. And let’s be honest: lists are most fun.

Keep in mind that my vice is food, gang. I don’t do food or grocery delivery, so I’ve at least got that going for me. But this gal loves to eat, and loves to be outside in the summertime. A financially lethal combination.

So instead of blowing all my money on patio meals, here’s how I’m trying to save in the moment when temptation strikes:

Maybe the most important financial advice ever?

No matter if you’re dirt broke, rolling in money or just doing okay. This bit of wisdom is something that’s always stuck me – and it comes top of mind anytime I see news stories about financial ruin.

The wisdom is this. If something seems too good to be true, it probably is.

This is the typical punch line to every scam story. The retiree who was sold a dream that cost them their life’s savings, and now has to go back to work. The business savvy investor who took a bad bet on a ponzi scheme, and is now out millions of dollars. The army vet trying to find herself, who devotes years of her life to a multi-level marketing scheme that pressures her into taking on tons of debt – with nothing to show for it. And all these people were promised that their investments were either secure or bound to reap the rewards….if they only keep pushing.

You might even consider the people who unwittingly wire thousands to bad actors on the internet, simply because they’re in love. Even the human experience of finding love can be rife with scam potential.

Which brings us back to the wisdom above.

How do you ‘feel’ about your spending?

No, really. Do you know your feelings and emotions around your spending habits?

I am a big believer in tracking your expenses. And for all the practical reasons, of course: transparency around our spending, increased awareness of our money habits, and a mathematical basis for being able to actually save as much as we mathematically can.

But there’s another quirk to expense tracking that doesn’t get talked about. And it’s this: it allows us to tap into our feelings about how we spend money.

There’s no shame in not knowing.

Gang, the financial fitness journey is challenging enough. The combination of mentality and behavior change alone can is new for many of us. And the consistency and diligence required to build wealth is a marathon all on its own.

Let’s not add shame to the mix.

If you’re someone who’s embarrassed that they don’t understand how credit card debt works, yet you have tons of it, let go of that shame now.

If you’re someone who has a mortgage, and you’re embarrassed because you don’t understand how escrow works or if you’re still paying PMI (private mortgage insurance), let go of that shame now.

If you pay for any kind of insurance – health, automobile, etc – and you’re embarrassed to admit that you don’t understand how deductibles or premiums work, let go of that shame now.

And so on and so forth.

Big money gains start with small money moves

The reminder of the day. Big things tend to start small.

You might be hundreds or thousands of dollars away from that savings goal. Or that home purchase. Or that car purchase. Or that once in a lifetime vacation. Or even on a more basic level, you may be many dollars away from that feeling of being stable and financially secure.

That’s okay. You’re not alone.

But how do you relate to that reality? Does it make the thought of getting to that place too daunting? Does it feel like you’re so far away, that it doesn’t even make sense to start? Because what’s the point really, when the amount of change you’d need to achieve is far beyond your current grasp.

What if the biggest roadblock to your financial goals today isn’t just financial?

Being “good” with money isn’t just about having it.

Let’s get one obvious thing out of the way here. Having money is pretty great.

Being able to pay your bills – without worrying how you’ll afford the rest of your life – is critical for our well being. Having extra money on hand to enjoy hobbies, care for loved ones and treat ourselves from time to time – pretty awesome. And getting to a place where you can smartly put away money into savings or investments? That’s the dream right there.

And sure. It would be cool to get massively rich somewhere along the way.

But let’s not hold our breath on that last one, to decide that we’re “good” with money. Let’s not even hold our breath that we’ll hit a certain amount in our bank accounts or with our debts, before making that determination.

Instead, let’s decide right now that we’re good with money.