Photo Credit: Stacey Beggs
If this blog post does not light the bulb in your brain then maybe your bulb is blown!
I come from letting the payphone ring twice so the caller ID can pick up the number and then hanging up to get my quarter back. I come from past due cable bills, syrup sandwiches, government cheese, and food-stamp books. While this is where I came from, I promise you, I'll never be where I was 10 years ago, 1 year ago or even a week ago.
I am going to give you my 3 steps to elevating your life and you can feel free to tell me where the lie is.
1. DOWNGRADE YOUR LIFE TO UPGRADE YOUR LIFESTYLE
I used to live off of Flatbush and Hawthorne in Brooklyn, NY. I paid $1300 in rent, $200 in utilities, and $100 or more in parking tickets; I worked nights, often overslept and did not move my car in time for alternate side parking. In preparation to buying a house and moving out of overpriced New York City, I downgraded my son and I's lifestyle. We went from convenient, thriving, Brooklyn to boring, I can't believe I'm on this boat, Staten Island (Staten Island Ferry). In Staten Island, I rented a one bedroom studio for $950. A one bedroom studio simply meant the owner built a wall in the middle of the studio apartment, so he can charge more to rent it. SAVINGS $350!
A smaller space meant less money I had to dish out for utilities. On top of constantly telling my 5 year old son repeatedly, "cut off theses lights ConEdison is not my friend because if you don't you'll never get a toy again." SAVINGS $100!
Staten Island does not have alternate side parking, so less parking tickets for me! SAVINGS $50
2. SWITCH JOBS LIKE YOU SWITCH YOUR UNDERWEARS
No one is getting paid what they are worth or what they need to maintain a comfortable lifestyle.
You may have heard the rumor about millennials not sticking around for any one job long enough to learn the craft. While I don't want to be mistaken for a young millennial in her 20s, I have to tell you they are on to something. The reason why you should switch jobs RIGHT NOW is as simple as the next job will pay you more. In 2016, I switched jobs twice. On the first switch, they offered me $11,000 more than my current position at the time. The second switch and third job for the year offered me the EXACT SAME JOB TITLE for $23,000 more. These jobs didn't just fall in my lap. I must have filled out over 250 job applications on the job board and my commute is 30 minutes longer.
3. STOP FILING YOUR TAX RETURN
If you KNOW you do not owe, file your tax return the third year! I did not file my tax return for 2013 or 2014. I did file my 2013, 2014 and 2015 return in February 2016- Purchased my first home in May 2016. I only claimed 1 on my W4. In 2016, I received over $14,000 back from my taxes.
Combine my 3 years worth of tax returns, with the money I was saving every month from downgrading my lifestyle, and my pay increases, and I can afford an expensive pair of red bottom shoes. I will tell you they are very uncomfortable shoes, not worth the price tag to me even at half off and I'll be selling them online for nearly full retail value. #richerthanmyparents
#richerthanmyparents is our signature hashtag to encourage everyone to live and be financially better than their parents and empower today's youth with financial literacy to keep progressing forward. FINANCIAL FREEDOM FOREVER!
Savvy Kate is a financial educator at Diapers 2 Deposits and she is committed to helping parents raise financially savvy children in a country determined to keep it's population financially illiterate.
Americans' current credit card debt is 1.3 trillion dollars!
BOOK YOUR APOINTMENT WITH KATE AND LET HER SCHOOL YOU! https://SchoolMe.as.me/