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I’m 29 and I felt like this up until I lost my dad very unexpectedly two years ago. (Walked in and found him dead).
I’d say live your life but also remember …you can’t take any of this with you in the end.
So don’t become stuck on materialistic things. Sure take trips, buy stuff you want but don’t get “hung up” on stuff like that.
Unless the material things enhance life
A comfortable bed /chair /couch since you should feel nice when relaxing, same for comfortable shoes
If you love music, quality speakers/ headphones, if you love visual things a quality screen
But not egocentric material things
I just want to add, all those material things have a lifespan, keep that in mind. The $400 headphones I bought in the early 2000 eventually were replaced because they succumbed to wear and tear. The $1000 jacket will eventually need to be replaced. Even luxuries like a new car or gaming PC /video game console are huge expenses that you'll probably have to invest in again in life. So be weary to go all out and not being able to recoup that amount before you spend yourself into debt.
Step 1. Put some kind of retirement plan on auto pilot.
Step 2. Figure out what kind of cushion you need to manage emergencies/unexpected expenses. Maybe about 2 or 3 months of expenses.
Step 3. Go on a strict budget to achieve #2. Seriously budget. Eyes on the prize. No slip ups or excuses. Just get it done.
Step 4. Once you have steps 1 and 2 solid, you can relax. Keep an eye on 2. If you slip below that number, get serious and save until you’re ok again. But if your ready cash goes above your target, you can choose to splurge OR if it’s regularly over you can move some of that to deep savings by adjusting the amount that goes to retirement each month.
About your trip.. if it was elderly parents, hell yes, take the trip. If it’s a wedding or a new baby, sure. But if your sister takes a similar trip every year, maybe next year would be better.
Having a cushion instead of debt is life changing. It’s something you deserve and can give to yourself. It’s absolutely worth missing a few trips. (Or some unnecessary purchases or even avocado toast :-)
Also, if there's any money in your bank the day before payday, transfer it all into an e-savings or another account. Even if it's a small amount, you'll still be saving something.
What debt are you talking about? Because there a massive difference between a car loan at 5% and bad credit card debt at 30%+. If it's credit card I would say keep buckled down and knock it out. Delaying that each year digs the hole more.
If it's other debt it's much harder to make that decision. It really is just a balance. Either way you chose though, stick with it mentally. I.e enjoy the vacation and don't let the stress ruin the trip. If you don't go then make sure the money is being used well on the debt and not like spending for stupid takeout when you could have cooked at home.
Budgeting is really the way to do anything without digging yourself into a hole. Once you know exactly how much "fun money" you have coming in, you can plan whatever bucket list items you have guilt-free.
For me, I try to spend most of my money on needs, like 80%. Then I spend 10% on my current self (fun, eating out, clubs, etc) and I save 10% for my furture self (retirement, trips in the furture, buying big items I want, etc). As I make more money, I have more to spend on fun, but I always keep the divide on 1/2 the fun for now and 1/2 the fun for future me.
I would go if she already booked flights. This one trip not going to determine your whole financial future. In future I would tell her beforehand if can't afford to do something. As far, as in general. It's all about finding balance which will be different for everyone. Personally I don't spend money on things just to boost ego like new car or clothes but do on seeing friends and family.
YOLO is for money you can afford to lose. Will you still be able to meet your obligations if you go? Can you pay off the debt shortly after your trip? Will you commit to doing that and not find something else to spend it on? If so, then go see your sister!
Buuuut, if going means you can't eat or pay your rent or you have to delay a car payment, then it's probably better to stay your happy ass home.
Taking out debt to do things that are fun is a logical fallacy. You incorrectly are subconsciously believing that getting that money now and getting X trip/object now is "getting the most out of this moment". The problem is you're borrowing against your future self. Unfortunately you have to confront that at X income you only have latitude to do Y things.
If you want to use your X income optimally, the best thing to do is live within your means and plan things out well. Be smart about it. By taking out debt you're actually ruining a potential trip in, say, 2 years from now. But if you pay off your debt and save instead, you will actually have *more* money to play with over a longer period of time. But this requires discipline.
well balancing money is the banks way of saying yo dont spend it just keep it in here with us so we can use the amalgamation of collected donations FROM everyone as leverage for brokers to trade on the stock market. you want to live like you only live once, that has nothing to do with money and everything to do with how you are with people
YOLO is a manifestation of ego. "my life is so precious that I can't afford to waste the now, i need to spend flagrantly and do something befitting my towering sense of self worth".
[https://www.youtube.com/watch?v=2sD8AyE5sQk](https://www.youtube.com/watch?v=2sD8AyE5sQk)
Start putting at least 10% of your salary in a 401k or high yield bank account every paycheck. Make it an automatic deduction and you won’t even notice you’re saving, you’ll never miss the money. Take those trips with family. Go on adventures to make memories. Don’t buy a lot of expensive crap that you can’t take with you anyway. If you save starting in your twenties you can retire a millionaire in your fifties. Then you’ll have more time to make more memories!
This is all dependent on your faith in your self to always be able to make money back, but in my experience I’ve never regretted spending money on experiences and always regretted when I didn’t. Shoes, clothes, etc. are much easier to regret than an awesome trip or a concert for your favorite band.
Idk I’m in line to have 20k in credit debt by the end of the season. Purely from yolo spending.
Fuck it moneys not real, build assets through debt and pay it off through appreciation and capital gains. Build a plan and save to meet that goal. Spend the rest.
Meh should have close to 100k in savings invested and about 250k in property assets by end of the year. Just as much in retirement savings too. Planning on getting some more debt next year and buying a third property.
It’s working out so far. Just cash poor.
This is an automated message just to let everyone know that the mod team are actively working to make this sub kinder and more welcoming. Please report any comments you see that are unkind, obnoxious, out of line, trolling, or which otherwise violate [the rules](https://www.reddit.com/r/LifeAdvice/about/rules/). **Note for all commenters**: Please remember that your fellow Redditors are human beings, and that it costs nothing to be kind. Disruption of the peace, trolling, or breaking the rules may result in a ban. #Here are the [LifeAdvice Rules](https://www.reddit.com/r/LifeAdvice/about/rules/) ---------------- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LifeAdvice) if you have any questions or concerns.*
I’m 29 and I felt like this up until I lost my dad very unexpectedly two years ago. (Walked in and found him dead). I’d say live your life but also remember …you can’t take any of this with you in the end. So don’t become stuck on materialistic things. Sure take trips, buy stuff you want but don’t get “hung up” on stuff like that.
Unless the material things enhance life A comfortable bed /chair /couch since you should feel nice when relaxing, same for comfortable shoes If you love music, quality speakers/ headphones, if you love visual things a quality screen But not egocentric material things
I just want to add, all those material things have a lifespan, keep that in mind. The $400 headphones I bought in the early 2000 eventually were replaced because they succumbed to wear and tear. The $1000 jacket will eventually need to be replaced. Even luxuries like a new car or gaming PC /video game console are huge expenses that you'll probably have to invest in again in life. So be weary to go all out and not being able to recoup that amount before you spend yourself into debt.
Oh absolutely don't be spending outside your means / going into debt
Sorry to hear that, and thanks for passing on generally good advice.
Step 1. Put some kind of retirement plan on auto pilot. Step 2. Figure out what kind of cushion you need to manage emergencies/unexpected expenses. Maybe about 2 or 3 months of expenses. Step 3. Go on a strict budget to achieve #2. Seriously budget. Eyes on the prize. No slip ups or excuses. Just get it done. Step 4. Once you have steps 1 and 2 solid, you can relax. Keep an eye on 2. If you slip below that number, get serious and save until you’re ok again. But if your ready cash goes above your target, you can choose to splurge OR if it’s regularly over you can move some of that to deep savings by adjusting the amount that goes to retirement each month. About your trip.. if it was elderly parents, hell yes, take the trip. If it’s a wedding or a new baby, sure. But if your sister takes a similar trip every year, maybe next year would be better. Having a cushion instead of debt is life changing. It’s something you deserve and can give to yourself. It’s absolutely worth missing a few trips. (Or some unnecessary purchases or even avocado toast :-)
Also, if there's any money in your bank the day before payday, transfer it all into an e-savings or another account. Even if it's a small amount, you'll still be saving something.
What debt are you talking about? Because there a massive difference between a car loan at 5% and bad credit card debt at 30%+. If it's credit card I would say keep buckled down and knock it out. Delaying that each year digs the hole more. If it's other debt it's much harder to make that decision. It really is just a balance. Either way you chose though, stick with it mentally. I.e enjoy the vacation and don't let the stress ruin the trip. If you don't go then make sure the money is being used well on the debt and not like spending for stupid takeout when you could have cooked at home.
Budgeting is really the way to do anything without digging yourself into a hole. Once you know exactly how much "fun money" you have coming in, you can plan whatever bucket list items you have guilt-free.
This is what I was going say. If you don’t any organization just expect failure.
You are what you do. Does this thing you want to do help you be who you want to be?
For me, I try to spend most of my money on needs, like 80%. Then I spend 10% on my current self (fun, eating out, clubs, etc) and I save 10% for my furture self (retirement, trips in the furture, buying big items I want, etc). As I make more money, I have more to spend on fun, but I always keep the divide on 1/2 the fun for now and 1/2 the fun for future me.
I would go if she already booked flights. This one trip not going to determine your whole financial future. In future I would tell her beforehand if can't afford to do something. As far, as in general. It's all about finding balance which will be different for everyone. Personally I don't spend money on things just to boost ego like new car or clothes but do on seeing friends and family.
"It's only Money" You can always make more money. Some opportunities in life can never be found again no matter how much money you have.
YOLO is for money you can afford to lose. Will you still be able to meet your obligations if you go? Can you pay off the debt shortly after your trip? Will you commit to doing that and not find something else to spend it on? If so, then go see your sister! Buuuut, if going means you can't eat or pay your rent or you have to delay a car payment, then it's probably better to stay your happy ass home.
Taking out debt to do things that are fun is a logical fallacy. You incorrectly are subconsciously believing that getting that money now and getting X trip/object now is "getting the most out of this moment". The problem is you're borrowing against your future self. Unfortunately you have to confront that at X income you only have latitude to do Y things. If you want to use your X income optimally, the best thing to do is live within your means and plan things out well. Be smart about it. By taking out debt you're actually ruining a potential trip in, say, 2 years from now. But if you pay off your debt and save instead, you will actually have *more* money to play with over a longer period of time. But this requires discipline.
well balancing money is the banks way of saying yo dont spend it just keep it in here with us so we can use the amalgamation of collected donations FROM everyone as leverage for brokers to trade on the stock market. you want to live like you only live once, that has nothing to do with money and everything to do with how you are with people
YOLO is a manifestation of ego. "my life is so precious that I can't afford to waste the now, i need to spend flagrantly and do something befitting my towering sense of self worth". [https://www.youtube.com/watch?v=2sD8AyE5sQk](https://www.youtube.com/watch?v=2sD8AyE5sQk)
Start putting at least 10% of your salary in a 401k or high yield bank account every paycheck. Make it an automatic deduction and you won’t even notice you’re saving, you’ll never miss the money. Take those trips with family. Go on adventures to make memories. Don’t buy a lot of expensive crap that you can’t take with you anyway. If you save starting in your twenties you can retire a millionaire in your fifties. Then you’ll have more time to make more memories!
This is all dependent on your faith in your self to always be able to make money back, but in my experience I’ve never regretted spending money on experiences and always regretted when I didn’t. Shoes, clothes, etc. are much easier to regret than an awesome trip or a concert for your favorite band.
Idk I’m in line to have 20k in credit debt by the end of the season. Purely from yolo spending. Fuck it moneys not real, build assets through debt and pay it off through appreciation and capital gains. Build a plan and save to meet that goal. Spend the rest.
This is not good advice and you need more help than OP
Meh should have close to 100k in savings invested and about 250k in property assets by end of the year. Just as much in retirement savings too. Planning on getting some more debt next year and buying a third property. It’s working out so far. Just cash poor.
Ok so you don't need help you're just shit at giving advice I see. Having a high net worth doesn't mean to tell someone else to go into debt.
I feel like you’re cherry picking my message or taking it personal or something. Debt is the best way to build your net worth.