3 Simple Money Resolutions for 2019
The older I get, the more I realize how important my financial health and stability is. After going through a divorce, with the marriage crumbling because of money, I now take my finances seriously.
The more I started to think about what role money plays in our lives and relationships (with our spouse/partner, family, friends and the relationship with ourselves) , the more I came to the conclusion that money can solve and prevent most problems.
A lack of money tends to spark arguments, feeling broke makes us have anxiety or even depression, our underpaying employers makes us resent our job, and being unable to afford the extra drink at dinner can make us feel less than abundant.
I’ve made a pledge to make 2019 the year that I get my finances in check. I have barely any savings and zero retirement. And now that I’m in my mid-30’s, I need to get my act together. What about you?
If you always feel broke, you’re not making enough income, you don’t have a large savings ($1000 for every year of your age, so if you’re 38 years old then you “should” have $38,000 in cash savings), and if you don’t have retirement funds going, please join me to make money resolutions for 2019.
Budget Like an Adult
It’s time to spot eyeballing my budget. The last 6 months have been figuring out a way to budget on an Excel spreadsheet so I know where every dollar of my bi-weekly paycheck goes to. I finally figured out a simple system of creating “buckets” where I divide up my paycheck every two weeks. I have a budget called “play money” (for unexpected purchases), another bucket for “Going Out & Entertainment,” and many other various buckets like groceries, gas, Planet Fitness, mani/pedi, dog food and more. Because I’m micromanaging my money, I can save more than $500/month and put into savings.
Side Hustle Really Hard
While I have my corporate day job, I’ve made a promise for 2019 to be the year I finally work my side hustle really hard so that I can quit my day job by end of year. I want to work for myself and travel the world before the next big chapter of my life, and while I’m young enough and without kids or a husband, I might a well travel the world. But that takes owning my own business to make the money to travel. I’m waking up 1.5 hours earlier on weekdays and working on the weekends so that I can consistently work on my side hustle. I would rather work hard for the next 12 months and then be able to travel the world and retire by the time I’m 40 years old, versus only relying on my day job for my income and needing to work until I’m 70 years old. So having a tighter schedule and saying no to down time is a small sacrifice when I can gain 30 years of free time by becoming financially free and retiring early when I turn my side hustle into a full time income.
Learn to Trade Stocks and Options
I’m currently enrolled in an online course that teaches about the stock market and how to trade stocks and options. It’s taught by a guy who routinely makes $100k/month in profit from trading stocks. When you know the strategies of the stock market, you get a much higher rate of consistent return in the stock market versus starting your own business, and trading stocks and options is no longer a gamble. Please let me know in the comments if you would be interested for us here at LIFESTYLE LIBERATED to talk more about the stock market. Since I’m still going through the course and have not put in real money into the stock market yet, I don’t have a review of the course so I won’t be disclosing the course or name of the instructor. I want to diversify how I make money and also how I invest (as Warren Buffet and the big investors have a very diversified portfolio so they don’t put all their eggs into one basket).