3 Money Moves to Beat the High-Cost Game – Are You Missing Out?
Hey Mindpreneurs,
Let's get real! We are living in a time where the dollar doesn't stretch like it used to. With the cost of living reaching new heights in the US, you seriously have to flip the script on how you handle your finances if you want to make ends meet. I'm talking about becoming a Money Mindpreneur – A savvy individual who's as skillful & mindful about their money as they are about their hustle.
Here's the 411: The median American household income is $74,580 with over $62,000 of that going towards necessary expenses. We're dealing with average monthly rents of $1,705.50 in city centers, so yeah, it's no joke. And don’t even think about trying to live in a hotspot like NYC or SF, or that number's going WAAAAYYY up. With the average salary floating around $4,196.85 a month ($50,268 yearly), making ends meet to many feels like a high-wire act without a net.
Now, if you're vibing with me, you're probably thinking about putting down roots and snagging a piece of this world to call your very own. But let's face it, the thought of diving into the deep end of homeownership can have you running for the hills every time it comes up. Yeah, I said it – Homeownership. It's like that big, scary 'H' word everyone's whispering about.
For many of us, it's starting to feel more like a fantasy than a future plan. With sky-high housing prices, snagging a spot of your own is gonna be tough without some serious cash flow, a fat savings account or mommy and daddy’s help.
But hey, don't let it spook you. Owning your own pad might seem like a big leap, but it's all about realizing that something has to change! And that something is YOU!
It’s Time for a Mindshift:
First things first, let's get our heads right. Being a Money Mindpreneur means being smart and intentional with your finances. We're playing the long game here. Here is how we are going to begin to make strategic moves that will grow that number in your bank account exponentially by the end of 2024!
1. We are Budgeting Like Bosses - Know where every dollar is going. Cut the fluff and focus on what you need.
2. Skill It to Kill It - The more you know, the more you grow. Upskill to make yourself indispensable.
3. Hustle With Heart - Find that passion project or freelance gig. It's all about multiple streams of income, baby.
Let’s Dive In:
1.Budget Like a Boss
You gotta get a grip on where your cash is flowing. You gotta track everything – yes, every dime, from that Netflix subscription to your daily latte. Tools like Mint or YNAB? They’re your new BFFs for keeping your spending in check. Peep into those expenses and start slashing the unnecessary stuff. Think, do you really need that gym membership you never use? Set some real-deal money goals, both for the now and the later. Dreaming of a beach vacay or killing that credit card debt? Make it happen with a plan.
2. Skill It to Kill It
In this hustle-hard world, your skills are your money ticket. Don’t sleep on learning new tech, picking up another language, or staying on top of industry trends. Hit up Coursera, Udemy, or LinkedIn Learning for skills that pay the bills. And hey, those certifications? Gold on your resume. Digital marketing, project management – you name it, learn it. Don’t forget to network like a pro. Slide into those webinars, connect with industry players and find a mentor who’s where you wanna be. It’s all about leveling up.
3. Hustle With Heart
What lights your fire? Is it designing dope graphics, writing killer content, or maybe handcrafting bomb jewelry? There's cash to be made in your passion. Platforms like Upwork and Fiverr are goldmines for freelancers. Got a product? Etsy and Shopify are your launchpads. Real talk, balancing a side hustle ain’t no joke. You gotta be a time management ninja. Trello and Asana can keep your hustle game tight. And don’t sleep on social media – it’s your megaphone to the world. Whether it’s Instagram, LinkedIn, or TikTok, show ‘em what you got and watch your side hustle soar.
Now, I know that was a lot! But here’s the important part! Execution is Key!
1. Set up a plan and stick to it. There are tons of apps to help keep you on track.
2. Network, Network, Network, Your net worth is your network. Connect, engage, and grow.
3. And remember, every dollar spent should have a purpose. Think investment, not just expenses.
You’re not alone in this. There's a bunch of tools, apps and resources out there to help you navigate these financial waters. Outside of the apps I listed above, feel free to check out some of my fav podcasts and books below.
Podcasts for Personal Finance:
* Stacking Benjamins: A mix of fun and finance. Joe Saul-Sehy and friends make learning about money enjoyable.
* The Tim Ferriss Show: It's not just about finance, but Tim Ferriss's interviews with top performers provide valuable insights on success and efficiency.
* The Side Hustle Show: For those exploring entrepreneurship, this business podcast is a goldmine of advice and inspiration.
* So Money: Farnoosh Torabi hosts this engaging podcast featuring interviews with guests like Arianna Huffington and Queen Latifah, alongside a weekly Q&A session with listeners.
* Money for the Rest of Us: David Stein's podcast is great for understanding the basics of investing and making smart financial decisions.
Books on Personal Finance:
* “The Psychology of Money” by Morgan Housel: A fantastic read exploring how our behavior and mindset affect our financial decisions.
* “Broke Millennial" by Erin Lowry: A relatable book that breaks down complex financial concepts into understandable language.
* “Quit Like a Millionaire” by Kristy Shen and Bryce Leung: An inspiring guide that challenges conventional wisdom about wealth and retirement.
Money Mindpreneurs– the economic game may be tough, but we're tougher. By adopting a Mindpreneur mindset and making smart, strategic moves, you can rise above the financial fray. Let's get our money right and show this over priced world what we're made of. Peace and prosperity, y'all! 💰
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