Every year around this time, I wonder what to say to our grads that will really make an impact. What can I say that they haven’t already heard, and perhaps ignored, a hundred times? What would I have benefited from hearing at their age?
This year, I think I’ve got it. It’s the importance of systems; systematic saving, systematic investing, and systematic planning.
Last week, I was invited to give a personal finance workshop. One of the attendees was a nutritionist. Like most nutritionists, she was very fit. Her eyes were bright and her skin was flawless. In that same, “It’s simple” tone that I use when I discuss the fundamentals of personal finance she looked at me and said, “Just replace everything white with something brown.” Noticing my quizzical look, she added, “Brown bread instead of white, brown rice instead of white. It’s all in how you shop.” She has a system.
As a graduate, you’ve just mastered a great system. Year after year, you registered for the courses, attended class, did the work, and passed the tests. It’s that simple. Not really. If you’ve done it, you know it’s not that simple. It’s a lot of work, but there’s a tremendous sense of satisfaction once you’ve finished. The work is hard, but there is a system; a road map to success and you’ve navigated it. So what’s next? What type of system will you master next?
After you’ve taken a few weeks to enjoy your achievement spend a few days creating your next system. Start with your goals. List your top three to five goals in order of priority. Would you like to become a home owner? Reduce debt? Continue your education? Take an amazing trip?
Calculate your net monthly income (income after taxes and deductions). Calculate monthly expenses. The difference between income and expenses is your discretionary income. That is the money that you can use to save for your home, your debt reduction, your education, your amazing trip. A plan for saving those dollars and investing appropriately will allow you master your new system. The sooner you create your next system, the sooner you will celebrate your next victory.
Feel free to reach out to us at info@lifemoneyconsult.com if we can help you in any way and sincere congratulations on your success!
Those Pesky Rebate Cards
It’s been a while since my last blog entry. Thank goodness for irritation. Without it I might never have a blog entry. So here’s what’s irritating me right now. It’s those pesky rebate cards.
Over the past few months, I’ve purchased a number of items that qualified for a rebate. These days rather than sending checks, most manufacturers are mailing rebate cards.
Like many people, I took the rebate cards with me when I went to the grocery store or out to eat and inevitably, I had small amounts like $1.23 left on a card; not much by current American standards but enough to irritate me.
I wouldn’t just toss $1.23, but with so little left on the cards, I sat them aside. After all, what can you buy for $1.23? Then one day I was headed out to get gas and I thought, let me try those pesky little cards at the pump. Fortunately, I live in a state where you pump your own gas so I didn’t have to ask a gas station attendant to use three different cards to get me $5.34 worth of gas and I was able to redeem my rebate cards with minimal embarrassment.
Going forward, rather than carrying a little sticky note pad around to write down the balance, I’ll take rebate cards to the pump, gas up for the full amount and call it a day ‘cause like most of you. I have a lot more pressing things to worry about that the $20.00 on my rebate card.
Hopefully something else will irritate me again soon so I can be better about my blog entries.
Peace.
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