5 Things Every Adult Should Know About Money
Money, money, MONEY.
It could be suggested that money is a strong foundation in our livelihoods, creating our experiences depending on how much we have of it. Generations of people have not had equal access to learning how to properly manage their money— thus creating a cycle that’ll take effort to break. As complicated as we think the concept of money and taking care of our finances can be, it can actually be pretty easy to digest when broken down properly. We have distinguished 5 things every adult should know about money, based on Financial Expert and CEO, Eva Macias’s e-book A Latina’s Guide to Money, a FREE source that diverse people will find highly valuable.
GET REAL:
Whatever doesn’t kill you, makes you stronger so face your finances head on! It can feel a little intimidating at first, but it’s necessary. Break it down by: what are your financial goals? What is your net worth? What are your monthly expenses? How much are you spending on eating out? Those Postmates deliveries add up! Budgeting and having a clear visual of where your money goes is the first step in starting this journey of making smart financial moves that future you will thank you for.
2. OWING & SAVING:
Many of us have been there, shiny new credit card, that thing you want that’s so exclusive it has to be purchased in that moment but it’s currently out of your budget— you’re ready to swipe for that instant solution. Yes, credit cards can be useful, they can help build your credit, but if you’re not handling them properly they can become an avalanche of debt that’s sometimes hard to get out of. A credit limit is NOT extra money that you can use frivolously. If you can’t pay the majority of it off for the next billing cycle, think twice about making that decision. The money that goes to interest fees would be happier in your savings account. Pay yourself first each time you get a deposit, other things that can add up might as well add up towards yourself.
3. THE SOONER THE BETTER:
The sooner you decide to start handling your finances wisely, the sooner you’ll be creating a strong structure for your future self to fall back on if needed. As Macias’s states on page 24 of her book, “current choices determine your future.” With that in mind, a focus of Macias is to be a source to aid women with financial planning to “CONFIDENTLY TAKE CONTROL OF THEIR FINANCES,” through her services. Being the CEO of her own financial and insurance service marketing firm, Eva Macias provides life insurance, retirement income strategies, debt strategy, emergency funds, estate planning, and college savings plans. Investing in life insurance at a younger age is highly beneficial because it can be easier to manage, as well as create a larger sum as we reach a certain age.
4. MAKE MONEY, KEEP MONEY:
Have your money work for you! There are various ways to create multiple streams of income. Find out where you can implement this based on your interests and skills. Protect your money by being mindful of how your money is being used in investments and savings. Learning how 401Ks work is also a way to make sure that you’re benefiting from the plan that’s being provided by your employer and being used to its highest advantage. For daily use, certain apps can also assist with a visual of small expenses that could be adjusted. (That $5 thing you spend on every day adds up to $140 a month.)
5. ENJOY THE PROCESS
It’s a reward in itself when you choose to make responsible choices that’ll be gratifying in the long run. Changing your mindset on how you view financial decisions makes all the difference in the world. Money is your friend!
This was only a slight breakdown of things that every adult should know, and we highly recommend that you not only follow @EvaMacias on Instagram for more financial learning opportunities, but download her e-book that goes into much more depth about how we can start and continue to execute a happy and successful financial journey. You can also book a consultation with Eva, where she can jumpstart organizing and breaking down your financial needs, as well as find more information on her services here.
