Everyone nowadays wants to start at the top. I hear teens talk about being established by the time they’re 25, house owned, babies, married, careers, etc. Little do they realize many adults are still heavily funded by their parents. This is an unfortunate circumstance of the laws put into place by generations before us.
With prices of houses, childcare, gas, and goods all inflating while pay wages bottom out, there are more adults living with or depending on mom and dad to support them more than ever before. Many get along just fine with supplemental payments from parents. For others, the heat is on to make every move count.
Do what you have to do, so you can do what you want to do.
No matter what happens, never lose your stream of revenue. If you hate your job, think of it as a means to an end. If it’s that intolerable, start looking for a new job, but don’t quit before you have a new one. Even if you’re living at home for free, maximize your efforts and save your money.
Sometimes this means going back to school to get a degree. Sure, you’re not making money but you’re bettering your station in life so you have more opportunities to make money. But be careful what degree you settle on. Robots are sweeping through the workplace and will soon displace many employees. Finding a job is about to get a whole lot harder, so the more competitive you stay, the better off you’ll be.
Be skilled in a couple of areas.
It’s not enough to have one source of income anymore. The more you diversify yourself, the better the odds you’ll be able to stay afloat in a tricky economy. The key here is to hustle your talents. You may have to volunteer your time at first to get to the paid position if you’re new. Look at it as one more advantageous section on your resume. If you’re in college, don’t skimp out on applying to internships. It can be a major stepping stone to securing your future.
If you’re not in school, you’ve probably already had different jobs or are working two jobs already. Find a couple trades that interest you and expand. For example, if you’re getting a real estate license, look into becoming a notary as well. Or look into mortgage brokering. The longer your skillset, the better.
Only buy things you absolutely need.
While you’re slaving away to make ends meet, stay away from buying things just for the sake of buying it. Sure, treat yourself now and then. Life is all about balance. But clothes, purses, shoes, jewelry— all these things won’t make you any money.
Also, be aware that most of the people you see decked to the nines have other people paying their bills or have gotten themselves into crippling debt. If you don’t have someone else footing the bill or want to be able to get a house, car, apartment— basically anything on your own, then keep your debt to income ratio in check. Frivolous spending will kill your financial security. Don’t be that asshole with a Louis bag on the unemployment line. The shit ain’t cute.
Keep your credit score as high as possible
A utility bill does not build credit. I repeat, a utility bill does not build credit. Neither does renting an apartment or having a cell phone. In order to build credit, you need a credit card or a car loan under your name, not someone else’s.
Start building credit immediately. Setting a solid financial history will be super beneficial to you when it comes time to pull out a loan. You don’t need millions of dollars to start a business or buy a home. What you need is good credit. Stick to major credit cards like Capital One, Discover, Chase, etc. Retail cards have high interest and are considered high risk. No bank wants to loan money to someone who clearly has a shopping addiction.
Good credit will get you the things you need without tens of thousands of dollars up front. Good credit helps you save on interest, and makes life easier when you want to advance in your adult life.
For more on where to start, check out The How to Reach Your Financial Goals Starter Kit.
What’s stopping you from achieving financial security?