Sam Beckbessinger on managing your money like a f*cking grownup
You need to save more than you think. 10% is not enough. 20% is better. 30% is betterer. 50%ers retire young. Start now. Start yesterday.
Never use debt to fund your lifestyle. If you're in debt over clothes, or holidays, or food and parties, you have an EMERGENCY. Cut up your credit cards. Avoid store loans and payday loans like you avoid your awful ex.
Don't kill yourself making saving a conscious choice. Don't try to rely on willpower and penny pinching. Just set up an automatic payment to make sure you save immediately after you get paid.
Don't piss your money away on stupid crap that adds nothing to your life. Spend mindfully, and avoid the trap of buying things just because other people around you have them.
Want to know the easiest way to end up richer than most people? Never take out a car loan.
From the time you get your first paycheque, you need to be saving for your retirement. If your company matches your retirement contributions, max that out before you save for anything else. If your company doesn't offer a pension, go open a low-fee retirement annuity. If this is the only thing you do after reading this, I'm happy.
Invest in simple low-fee investments and try to get some global exposure. Vasbyt and stick to your plan, no matter what happens in the market. Don't try to be clever: just add more money into your investment every month. Focus on reducing your costs, rather than trying to beat the market.
You want to be insured for losing an arm, not losing a cellphone.
Remember why wealth matters to you. To me, a rich life means being able to hang out with my cat, go on adventures with my friends, write ridiculous horror novels, and help other people. It will mean something different to you. But know why you care, and do whatever you need to do to remind yourself of your audacious dreams, all the time.
Reading this is not going to help you manage your money. Thinking about being wealthy won't make you wealthy. You've got to get off your ass and do what you know you need to do. If you're stuck, then you're making things too complicated for yourself. Keep it simple, and get it done.
'Manage Your Money Like a F*cking Grownup' R190 (Jonathan Ball Publishers), is available at all good book stores or by clicking the image at the top of this article