We all have areas where we are weak – especially when it comes to spending! I personally need to improve:
1) how often I cook at home.
2) how much I spend on my hair (although that has improved drastically since I changed hair salons – hood special anyone?)
3) bringing lunch to work.
4) Target shopping (whenever I go there, I ALWAYS spend more than I planned – even with a list!)
5) Credit Card spend (although I pay it off every month and I love earning my cashback, if I decided to forgo the convenience of swiping a card, I’d spend a lot less and save a LOT of money if I didn’t use credit cards…blog post to come on this matter…)
What are some of your own financial weaknesses? Are you doing anything about them to improve?
The other day I started a topic on figuring out what our fake “needs” are (and minimizing them to keep more money in your wallets). I continue with a couple more examples below…
Courtesy of www.mahalo.com
RENT When I was apartment-hunting for a certain price range, my friend told me, “You’ll never find a place for <$1200/month, that’s really unrealistic.”
It was unrealistic to her because her standard level of “need” living is not comparable to mine (and I’m pretty sure her price range was in the $2000/month range!). Her statement would have been more accurate if she had said, “You’ll never find a ONE-BEDROOM WITH A DOORMAN IN A SAFE NEIGHBORHOOD IN MANHATTAN for <$1200/month.” This would have then made it a true statement. Luckily, I was NOT looking for this and I successfully found a great studio in Brooklyn (no doorman) for $1100/month [if $1100 sounds outrageous to you (as it still does to me), these are NYC rent prices].
IT’S ALLLL RELATIVE
Back during my high school track days, a friend of mine gave me a ride home and when we pulled up to my average suburban house, he took one long look and said, “Wow, I didn’t know your family was so rich.”
Slightlymorethandirt.blogspot.com
With a puzzled look on my face that clearly said he had to be mistaken, I said, “What? What are you talking about?”
He replied, “If you don’t live in an apartment?…… You’re rich!”
And that was it. That was his definition of “rich.” There was no convincing him otherwise. That’s why I say it’s all relative.
$10.00 A DAY…OR $3.00 A DAY…FOR LIFE?
The proverbial Joneses to one person may be the poor house to another and vice versa. According to this study from the World Bank, “at least 80% of humanity lives on less than $10 a day.” Over 3 billion people live off less than $3 a day.
Imagine.
Seriously…
Imagine. Continue reading What Qualifies “Rich”?
Are you of the mindset “save for the future” or “spend like the future will never come“?
Image courtesy of Jillian Group.
In a way, the second theory has some validity. There’s no guarantee that everyone will even live to the acceptable age of 59.5 years old to get to reap the full benefits of our retirement savings…valid point.
But what exactly am I giving up now in order to save for tomorrow? A nice bag? A couple pairs of cute shoes that I’ll be over next year? Can’t say spending all my money today is really worth it.
I do believe in balance – I’m still allowing myself to travel and do things I enjoy. I’m not completely depriving myself by being frugal. Personally, I love seeing the growing balances on my statements every month more than I like going through the receipts of my latest purchases (I’m strange like that).
Either way, I’m very motivated to improve my net worth every month, every day. Closer and closer to my goals (which will always change and challenge me).
So what do you think? Is saving a waste of time? Should we all just throw caution to the wind and spend all our money on traveling the world while we still have life on this earth?
That’s an interesting alternative…I can’t 100% argue with that idea, BUT my inner risk aversion is telling me not to do that so I’ll keep doing what I’m doing. I’ll let this article from the Steadfast Finances blog offer even more insight.
So I got my Census 2010 in the mail today…took a look…couple questions gave mild “wtf” moments…
i.e. Were there any additional people staying here April 1, 2010 that you did not include in Question 1?
Translation: Are you hoarding illegal immigrants again???
What is your telephone number? We may call if we don’t understand an answer.
Ummm…please don’t.
Anyway…this whole Census idea got me thinking about where the country was 10 years ago…
Economically-speaking…
March 17, 2000
Dow Jones Stock Index: 10,595
March 17, 2010
Dow Jones Stock Index: 10,733
~0% Return on your money (annually)
OR…NEGATIVE RETURNS (after inflation and taxes!)
Not a good look…still investing despite the fact… Continue reading US Census: Life Checkpoint
WELCOME
Hello. With this blog, I bring to you the knowledge that I have equipped my mind with via books, internet, tv, media, and fellow personal finance blogs. My credentials in the world of Personal Finance include:
- an undergraduate degree from the Wharton School of Business,
- a budding career at one of the most respected financial services companies in the world (which will remain unnamed),
- volunteer work with organizations such as Junior Achievement, Citi, and New York Urban League.
HOWEVER…
I have an alter ego. Her name is Dolla Thug. Dolla Thug???
Yes. Dolla Thug.
No, I’m NOT a rapper.
I’m just passionately obsessed with personal finance and very assertive with how I spend, save, and invest my money. I’ll write an article about how I got this name later…
GOAL
In this blog, I’ll give it to you straight. I won’t sugarcoat things. If you ask me a question about a financial matter, I will give you the most financially savvy answer I can and will direct you to the website that can provide more information. I want this site to be an open forum and I welcome challenging questions, thoughts, and ideas. So feel free to COMMENT, please!
DON’T BELIEVE THE HYPE
Dolla Thug is here to challenge the laws of consumerism and marketing propaganda that has been fed to you since birth!
TO EACH HIS OWN
In case we have differences of opinion, I try very hard to not come off judgmental or condescending in any way. When it comes down to it, your money is your money. My money is mine. What you do with yours is your business.
BOTTOMLINE
I have a frugal-focused opinion aimed to get you to at least THINK about the opportunity costs of frivolous spending. For some, that opportunity cost involves their emergency fund…or the ability to afford the purchase of a home…or the ability to EVER retire…Whatever it may be, there is a cost to every financial decision we make in life.
DISCLAIMER For the record, I am not a certified financial advisor of any kind and will not be held legally responsible for any misuse of the content of this site.
So ask yourself…do you have a lil Dolla Thug in you?
To contact me with any ideas, questions, suggestions, or feedback please email: dollathug@dollathug.com
Or: dollarthug@dollarthug.com
For the record, I am not a certified financial advisor of any kind and will not be held legally responsible for any misuse of the content of this site.
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