I am am turning 27 in August with no tangible asset to my name and I am terrified!
I have been surrounding myself with people who inspire me to do better. I had a complex before that I wasn’t good enough, given that I am a work in progress I realized that I am enough. What does this really mean, I have to start caring for myself and putting my future as a priority. This is hard as we are in a generation of immediate gratification and self indulgence. It’s hard for our generation to decide whether they want to buy a bottle of wine or they need to invest in some shares. I am part of this generation and I revoke my card, I think it’s time for a change.
Just last month, it was the 3rd of the month and I was counting pennies. I was asking myself how I would be able to afford to make it through the month without having to borrow money, rob a bank or apply for a job at strip club (this was a last resort, I would obviously be skinny enough because of starvation lol) This is a cycle that I have been enduring not because of anyone else apart from myself. The decisions were made by me and I was to blame for my financial state.
I have been with Cooperative bank for the longest time, stop rolling your eyes. A bank account is not prestigious if it doesn’t have money inside it. I have heard so many people commenting “Oh you have an equity card?” and they snicker in the back. ARE YOU NORMAL? As long as the account holder can be able to handle theirs you have no business judging the color of someones card. lol
That being said, it’s important when it comes to choosing an account. I had no idea what different accounts meant, between current accounts and fixed deposit accounts, absolutely clueless. I didn’t know about credit scores and loan limits and these are things I had to expose myself to. The first and most important thing is your savings account. This is something that you should always think about when you are taking care of your future. If you have an account that you can constantly access then you will not have the discipline to save long term.
You need to find a way to make your money work for you, I never really understood paying yourself first. The you now isn’t the one you should be paying. You see after years of working, I can’t imagine myself waking up at 6:45 am to get into my jalopy to beat traffic so I can make it for my 8 am meeting. I see myself doing what I love, travelling the world , experiencing different cultures and wine. Yes wine! lol
So lets do this together. I was very fortunate to meet @rookieKE who is a finance blogger. She has this #52weeksofsaving that she is doing with her readers that sparked a flame. I started to think about how much I had really put away. The fact that just a bit every week would ideally make up for so much cash at the end isn’t a concept I am very familiar with. If there are any finance gurus out here please get in touch with me I would like to learn and teach my people on saving and the different avenues that they can use to make a better future for themselves.
That being said, here are some tips that I learnt at a money management seminar by the Retirements Benefit Authority;
1 Forget the Jones’s
Keeping up with the who’s who is such a challenge. I am no exception. We all want to be unique but we all aspire to be like someone. We mimic these people that we idolize that we end up criticizing each other for not being able to attain their level of perfection “look at that chic’s fake bag, if you are going to buy one just save and buy a birkin” well I hope that that bag can pay your rent and give you warmth.
I am not an expert we were told that 30 percent of our earning should g to your savings. I thought this was a lot at first but I am ready to commit to this percentage. Things like your tithe which is ten percent of your earning, if you aren’t religious you can give this to charity. I have heard a lot people saying the power of giving has brought them a lot of good fortune.
If you meet an insurance broker at this age you should be ashamed if you don’t give them five minutes of your time. We had our parents handling that for years and now it’s time to take up responsibility. Put your ear on the ground and soak up what the universe has to tell you. I am still learning to be honest as I said I am just gathering as much information as I can along the way. Learning about funeral policies that will aid your family when you are gone, to the fact that 20,000 of your tax can be exempt for your pension. You have been paying taxes to the wrong person. Pay yourself first!
4.GO FOR IT!
Don’t be like me and sit on this information, lets join @RookieKE and do something about our future. I will commit to this, I am ready to to my future and take care of myself. You think school fees is easy? Get that school policy when you are this young. Buy some shares and learn how the market works. Lets learn together. Lets save now! I didn’t say you can’t go on a vacation . Just make sure you don’t come back from your rest with debt!
I want to challenge all of you to start saving with me. If there are any banks or insurance firms out there that would like to assist me with information that I can share with my JayFam then I am more than willing to chat and share. email me at email@example.com
I love you guys,
Live ,love and be inspired.