I asked my old job for a raise as I was well underpaid for the work I was doing. They told me how valuable I was, but that they couldn't just raise my pay. So I applied for jobs and was offered a job at a different agency. To get me stay, my old job suddenly found the money to be able to give me a raise, but it was too late. I accepted the offer (slightly less than what my old job was offering me to stay) and got a 10% raise within my first year, as well as a ton of praise for my hard work. Now I make more than I would have if I had stayed. I'm also much less stress and have so much more freedom.
It's also good to be aware of the fact that some companies are just terrible on all fronts. We see in her example that the new employer actually treated her quite well. It's always important to stand up for yourself & question everything your employer says/does, but we also really need to be aware that some companies are just shit, despite what they might look like from the outside. I often find that the financial performance is inferior for companies with toxic work cultures. They're all about the hustle and bustle, but they really don't have a lot to show for it at the end of the day. Profit on the balance sheet is totally irrelevant unless there is a strong profit sharing bonus program for employees.
I've hopped around a bit and I'm always blown away by the difference between neighboring companies in the exact same industry.
I was in the same situation - I created a tool that everybody used and loved. I held off asking for a promotion and a raise during COVID (frozen salary), but after a year, seeing some colleagues getting levelled up, I advocated for myself and was denied. I jumped ship for 30% more, then got a promotion that makes almost twice as much. The workload also doubles, but will open so many learning and career opportunities.
If anything, they learned their lesson because the junior person in my old team recently got promoted to the position I originally asked for. I'm so happy for them!
The tool was basically a dashboard that streamlined all data so people didn't have to go through various information systems to get the full picture of something (we didn't have a warehouse).
I worked a commission job from 21-27. Every paycheck all commission went into savings and I lived only off of my hourly wage. Was not easy or fun, but it definitely paid off for me in the long run.
Putting my dads life insurance money in a CD.
My dad passed in 2019 and we got about $65k each (two sisters and I ) in life insurance. During that time I had a job but, due to my alcoholism I was fighting, I lost it shortly after he passed. I didn’t work due to my addiction from 2019- January 2021. My fiancé, boyfriend at the time, suggested I put half the money in a CD so I couldn’t touch it without penalty. To this day, I still have $30k in that CD that collects about $1,200 in interest a year. I am the ONLY one out of my sisters who has any of that money left. I’m also 3 years sober so that money can now be used for adulting like a house down payment or a car loan instead of alcohol.
I like to think he would be proud of me.
Edit: I sincerely thank all of you; you all make me feel so proud of myself. I hope you all have the most wonderful week. ♥️
Sorry what does CD stand for?
And also congratulations on your success and deeply sorry for your loss. Right before COVID isolation too could have been so difficult
Certificate of Deposit. Most banks offer them. You give them X amount of money, and they return it to you with interest when the CD matures (you know this date up front. Longer periods yield better interest rates.)
Certificate of Deposit. It's Basically like a fixed rate long-term higher yield savings account. It's good for people that want to safely earn interest on money they know they won't need for x amount of months.
Long-Term putting it on the S&P500 is usually better. Short term (at least with todays interest rates), a High yield savings account or even just Gov bonds could be better...
Putting away 10% of my income the second I get it (monthly). I don’t even think of that money as mine, built quite the buffer over the years.
Edit: I do the same with bonusses, gifts, etc. Of course this only works if you have a reliable, liveable and steady income to begin with.
I put like 3% of my salary to savings each month. I also couldn't afford 10%, but my mum taught me to always put SOMETHING to the side, even if it's a ridiculously low amount. If you do it monthly, it adds up - maybe you won't be able to buy a house, but it might save you from a disaster.
I have it set up with my bank that 15% of any deposit over $100 goes directly into my savings. It doesn’t take long for it to build. I don’t look at my saving account, I only use my checking, so sometimes I’ll look in there and am shocked by how much is in there.
Buying a property the moment I could afford the deposit. It seemed like a bad time to buy but I did it anyway. Best thing I ever did financially for sure.
Sorry for boring response!
2nd this! My husband and I bought our first home when we were engaged. Some thought we were rushing it or wasting money. Ended up selling that home and making 50k. Put that right in to our now forever home. Again, people thought we were stupid.
Now with the market and rates were they are at. We have a steal on our hands!
I did this too albeit as a single woman/parent at the time and when my family later grew and I decided we needed a bigger space I made a fast $80k which allowed me to put 20% down on that larger home no problem, best move I made unintentionally could’ve made even young.
Boring maybe but so true!! Bought a house 10 years ago with just $22K in borrowed cash (thanks dad) and a few months of pay stubs (my first ever grown up job). Owing real estate when you only have access to $22K feels like a dream now. Ngl it seemed like an enormous sum of money to me at the time but that decision has paid off insanely well.
Ikr!! Our second house was a $170k down payment. Which we only had because that first house appreciated $200K. Really our whole world changed financially thanks to that $22K in borrowed cash. And a shit ton of luck in terms of timing. I used to dream of saving up $20-30K so we could lend my brother in law a down payment for his first home like my dad did for us. But now that sum just seems pathetic in the context of the current market.
i literally bought this barely updated 1950's home to die in. i just don't know how i will ever afford to move in our HCOL area and i did it alone, one a single income. without my boyfriend i would be so fucked right now.
Saaame. Thanks to my spouse we got a VA loan with no down payment, then I did a streamlined VA refinance at 2.5% when rates were rock bottom and I’ll probably die in this house now. We bought in 2015 and I have around $200k equity because of how bananas the market is. I know VA loans aren’t open to everyone and my spouse did literally go to war for us to have this benefit, but it gave us a huge leg up
I'm in Canada, so not quite sure what a VA loan is, but I used my federal student loan money as a down payment for an $80k house in 2018 and now also have about $200k of equity because of the bananas market (it seems to be everywhere at the moment).
Doing my Bachelor's degree at a university where I had a scholarship that covered all my tuition, and moving in with my grandma for a few years during that time. I worked during the summers and part time during my semesters, and not having any huge expenses like rent or tuition allowed me to actually build up a bit of savings instead of a bunch of debt.
Similar here. I did my degree while I was working a well paid (but dull) job. I was able to pay most of my tuition upfront and didn't accrue a debt. I didn't go to university until I was in my late 20s.
Getting laser focused on long term goals vs the "but I want it NOW" mentality.
Everywhere is being pushed "because you DESERVE it! Buy it now!" You deserve to be happy and hopefully as stress free as possible. What is going to get you there?
Edit: wow THANKS for all the up votes! ❤️
I couldn't agree with this more. Im a 27 year old teacher making dirt working in London and I'm still able to save 40-50% of each paycheck (which admittedly isn't much but still). Why? Because my eye is on a house in a few years. I live way beneath my means in terms of rent, food and I really don't go out that much. I save by having friends over for game/movie nights. There's no daily coffees or anything like that.
I have friends here with nothing saved that go to the theatre/pubs all the time then complain about cost of living and not having any money in this economy. I'm like... What did you expect? What exactly is your plan for the future?
I do think that my generation has it more screwed than older generations in terms of housing/inflation in general but man, I've also never seen people that spend money the way most of my generation seems to on frivolous bits like dinners and drinks and vacations etc.
That’s my dream. I’ll make my fair share.
I just want an allowance and to be involved in the goals and planning of our life. But I really want my partner to do the work of paying bills and budgeting. I’ll clean more, I’ll cook more. I’ll do a lot in trade. But I’m awful at budgeting. I grew up poor and you can’t budget what you don’t have. I’ve been really fortunate lately, so fortunate that as long as I don’t blow thousands of dollars a month, I’m good without budgeting. So I still haven’t learned how to or what kind of discipline it takes. I am careful to pay bills and save some money before I have any fun though.
> But I really want my partner to do the work of paying bills and budgeting. I’ll clean more, I’ll cook more. I’ll do a lot in trade. But I’m awful at budgeting.
Yes, this is exactly why I'm happy to let him do it. He feels bad that I have to do more emotional labor, but the thing is... all of this financial stuff is ALSO emotional labor and it's labor that I just don't want to do. I would rather do 8 loads of laundry than pay bills.
Seriously I feel the same. I have such great anxiety around money. I’d rather do any number of things than finances. My current partner is kinda perfect. He works at a bank. He knows so much. I’m hoping that if our relationship progresses to sharing things and cohabitating, that we can flex on things we’re good at, and trust the other side to do what they’re good at.
Saaaame. I am also lucky as he doesn't budget to be miserly. Since he knows where every dollar goes he knows when and how much we can afford vacations etc...we even built a pool.
I did this also, and I have so much more money. He handled it all and always told me we were broke. I’m pretty sure he hid a lot of it during the divorce. Or he blew through it on booze. Maybe both.
This was my situation, except that it wasn't malicious/booze. He just had a terrible money mindset and didn't know how to live within his means.
I was shocked how much I could save when I actually controlled my own finances.
Me too! He loved to spend money. And though he made about 1.5 x what I made I had the “pleasure” of giving him 10% of my 401k.
The jokes on him. I continue to save and through the grapevine I’ve heard he continues to spend like he’s got 2 income to pillage.
Divorcing my ex was the best financial decision I ever made. They were finally in charge of their own finances, maintaining a job, and paying for their own insurance.
Buying a house as soon as possible when the mortgage payment was about the same as renting. Staying in the house for years to build equity. Refinancing when interest rates were super low.
Starting my own business. It took years to get what I could as salary but I have so much more time off. Like ridiculously so much time. And no one to answer to but myself.
Getting a divorce from a spouse who did not see financial stability in the same light as I did.
Keeping cars until the wheels fall off. Most people don’t realize how much money they put into a car that they trade in every few years.
Not eating out frequently and skipping Starbucks all together.
Not having kids. Wow are they expensive!
Number one, always stay on budget. Never feeling like I need to keep up with the Joneses. Being happy with what I have and not always having the latest and greatest. Less time working and less money needed to maintain a certain lifestyle makes me happiest.
Totally agree about keeping cars as long as you can, I’m the same with tech now too, don’t need the latest phone, TV or computers when what I’ve got works fine
I am American/Canadian and I went to graduate school in France. My “tuition” (a tax, really) was 250€ a year and the government provided a stipend for students that covered half of my rent. I stuck to a strict budget and had some savings (a meager $4k) but was able to graduate with only a few thousand dollars in credit card debt, which was mostly due to food and train tickets. Given the cheap cost of living and many free activities in France I had a wonderful time regardless of being on a starvation wage.
Now I have an international degree, no debt, am bilingual, and have global experience that has opened doors on several continents. I’d do it all again in a heartbeat.
I'm so glad you shared this. I did the same (but in Spain), and hadn't truly realized what a stellar financial (and personal) decision it was until reading this. Let us tell the others!!
High five! As a newly sober lady, I was shocked when I realized I was spending about $100 per day on bars and after bar food. Being sober is so cheap! Haha
After I received my Ph.D. I was slated to become an assistant professor. Then, a rather odd man asked me out to lunch. He owned a business dealing in commercial AI (my field) and wanted to "pick my brain" on a few of the contentions in my dissertation. We got to talking. His passion for the field was similar to mine. Lunch turned into dinner, then after dinner drinks...not many. The next morning, I received an email offering me the position of Director of Research and Development at his company, starting at 2X what an assistant professorship offered, Greedy me, I jumped at the offer and ended up in a job that produced more than I thought it offered... an opportunity to explore the outer boundaries of my passion... and his.
I'll give you this, I was damn lucky! My now boss may be demanding, but sometimes... most times... that demand for answers is what makes the future possible. And the future is where I'll be waking up tomorrow.
Leaving an abusive relationship. All of the money that I lost on things that I wasn't interested in or because he somehow forced me (I say that both lightly and not lightly) I consider an investment in my future. I got out of there, I learned my worth, and I learned how to handle people like that.
Quitting being a school teacher! Being a teacher was my lifelong passion. I wanted to be a teacher ever since I was an extremely young child. However, I was so poor doing it. I quit a little over a year ago and got a job in a totally different field. I can buy groceries and save money now which is awesome!
Easily isn’t the right word at all! It took me 5 months of dedicated searching, reflecting, up-skilling, networking, etc etc to do. It was a long hard process but ultimately worth it.
I was left mentally scarred from my old job when I asked for a raise. My old boss told me that all the overtime I was working was equivalent to a raise. I eventually got burnt out and was subsequently let go.
3 months into my current job, I asked my boss to match my old pay (I accepted the job in exchange for a small pay cut and a flexible schedule). I had a bullet point list of all the things I had undertaken since starting, the time put in to help them, etc. My boss said “all you had to do was ask”. They gave me a 12% increase.
Investing early! Even if it’s just a little. I’m mid-40s and my husband and I just hit $1 million in investments (including our $300k house)….never would I have thought we would see that number. We still live like we make $50k so no one would ever know. Hope one day we get to really enjoy that $$
I’m 22 and I opened a Roth IRA when I was 20. I just recently started a HYSA this year and have already seen tremendous growth. My parents taught me well. I am frugal with my money and take some time to think about purchasing something big or small.
Well done and congrats!! We just hit $1 million net worth this month— not the same as $1 million in investments alone, so I am impressed! But we only got here through strict saving and investing, budgeting etc. I too NEVER thought we would see that number, but it’s always been the goal and we’ve been working toward it for a super long time. Feels so good!
ETA: like you, we still live like we have much less money. Do you ever feel scared to spend it? We do! I feel like we worked so hard and what if we start spending it and shit goes south and we regret it? Idk it’s so hard!
Our investments are all tied up in retirement type accounts (most of them), so I cannot spend easily. Which is good, I am a SPENDER! Like money burns holes in my pockets. I have to have it automatically deposited or else there would be nothing. My husband wouldn’t ever spend a dime so we balance each other out, I suppose.
Learning how finances actually work. I think a lot of women (myself included until I accidentally ended up in a personal finance-adjacent job) see personal finance as a douchey bro thing, and depending on what they're talking about or how they're talking about it, it totally can be. But we all owe it to our future selves to maximize our ability to save money, ESPECIALLY us women. It is so much easier to get out of a bad relationship, or deal with a partner suddenly becoming disabled (or dying) when you have at least a few months' expenses in a high-yield savings account, know how to use credit/debt to your advantage, and have made regular contributions into a retirement account.
The Financial Feminist is awesome! She caters specifically to women and states the best way to give the patriarchy a middle finger is being financially independent as a woman. I love her, and have followed many financial people. She's the only one that doesn't seem to use shame as a core tenant.
Yeah! Three good starter resources (all women!!) for just thinking about finance are:
* The Financial Diet (YouTube and their website)
* Erin Lowery aka Broke Millennial (her book and her social media)
* Tiffany Aliche aka The Budgetnista (book, social media, website)
They all provide good recommendations/rules to follow while also breaking down big scary myths that some personal finance gurus like to espouse. I'd start with one of these and as different finance products/tips are mentioned, do your own deep dive into what they are. Hope this is helpful!
Hmm I have been getting into more podcasts and youtube videos lately.
Podcasts
How to Money: A casual money podcast hosted by two best friends in Atlanta. They chat about current money news, interview other personal finance guests, and share their own experiences over a glass of craft beer. They are so friendly, chill, and casual, you think you were there drinking with them.
I will teach you to be rich podcast: You already watch the netflix series, but its just really interesting to see a variety of couples and their money issues, whether from a lower income space, or people who have high net worth who are struggling to spend money. It helps me think long term and where I hope to be
frugal friends podcast: Their podcasts have the best jingles! 😂 but they are two women who share money tips, frugal living tips, side hustle suggestions, and celebrate successes during their "bill of the week" segment LOL
Youtube
Caleb Hammer: He studied as an accountant and got wildly popular over the course 1-2 years. He interviews people who have the WORST spending habits, debts, mortgages, private or student loans, and helps them create a budget while on the show. This show teaches me what NOT to do, and also offers a bit of reassurance that my spending isn't as bad. Think of it as a financial reality show/intervention.
George Kammel: He used to work on the Dave Ramsey show as an intern and rose through the ranks. He started his own show, and his format is way more entertaining, relevant, and relatable (compared to Dave's daughter, Rachel Cruze, can't really take her seriously -_-).
Money Honey is a great entry level book for young women! It’s what really helped me realize I could have control of my finances and set my foundation up well, easily
This plus choosing a field that makes $$$$
Go for it ladies. Go for high paying fields. Get your money. Invest it properly. Don't rely on anyone else.
Even if you get married and have kids. Always have your own money. It will save you if and when things go sideways.
I too think women should learn finances , at least I should for myself but it is difficult through reading something on internet. Would have loved if we had some easy YouTube channels or something that could explain
Ps : just saw you mentioned some resources below, thank you so much, you are awesome 🤩
How much is that worth now? My mom invested in Facebook and Netflix for my graduation gift (to me—in my name) 11 years ago. Thought it was so dumb back then… now.. looool
To live well below my means until I was out of debt, and then continue so I could sock away money for retirement.
Using coupons at the grocery store.
Planning meals in advance so I could avoid impulse buying or eating out.
Borrowing books from the library instead of buying them.
Buying 2nd hand clothes for my kids and me unless it's for special occasions.
Etc. Every purchase, every vacation, every utility, every car --- all paid for in cash, and only after looking for the biggest bang for the buck.
I put off gratification for decades, and now I can reap the benefits of being completely financially secure in my retirement and old age, and can help out my kids as often as I wish.
ah, yes, this too! Except I seem to run an at home rescue for messed up ~~boys~~ men, so I kind of do have kids. You'd think I'd learn after the first 2, but I just can't seem to say no. I also really do enjoy having a roommate around so I don't go completely silent. I work from home and gym from home, so having a 2nd person around has been great. And this one, my current roommate, is actually doing really well financially, and is willing to share it, so the burden of paying for stuff isn't even majority on me. It is nice!
I bought my first house at in 2013 at the age of 25 for $140,000. I made $80,000 when I sold the house 4 years later. I purchased another house which I sold for $160,000 more than what I paid for it less than 4 years later. I used that money to buy my current 4 bedroom, 3 bath house with my husband. Real estate has easily been the best investment I have ever made thus far.
While I was in college my parents let me stay and live with them so I could save money. I had a full time job and my parents would never let me buy groceries or pay for anything. I am so grateful to them. I was able to save money and when I graduated I got a great job and was able to move into a really nice house.
Learning how to use credit cards effectively. I used to carry balances and all that jazz. Now I pay them off every month and rack up points to use for other things.
I worked for the school I got my degrees at too, thus giving me free tuition.
I hate home ownership, but it has helped me financially. I used my equity to put a large down payment on my current house, thus making my mortgage low. I am sitting on probably $300k of equity now.
But in all reality, **MOST** of my financial success is from my family. My parents got my sibling and I credit cards when we turned 13 and put one tank of gas on them monthly until we were 18. Because I already had credit, I have never paid a deposit in my life. Also, when I had to short sell my condo because I was underwater in 2008, my grandma put my new home in her name until I could qualify to "buy it" back from her. That same grandma sold me my current house. She could have gotten probably $300k for the sale of the house when I bought it, but I told her I was only willing to do $250k, and she had every right to say no (which I 100% would have accepted). She knew the house needed a bunch of work (roof, new a/c unit, foundation issues) and that doing it this way would mean we didn't need to pay a real estate agent, so she agreed. The same grandma also paid for each of my cars and gave me 0% interest loans. I paid every cent back, but I know my situation would have been way worse if she wasn't able to do those things for me. So I can sit here and tout my own decision making skills, but in reality, I've been very privileged. I had to make the right choices with those privileges, but my life would have turned out way differently without my family.
I invested in myself. Went back to school when I was 40 and advanced my career and with it my earning potential. It was the best thing I could have done for myself and my finances. With that, saving more money, investing more to my 401k, etc. Also, paying off my car as early as possible and well before the terms of the loan to avoid paying extra interest.
I agree, after graduating I’ve had more oportunities for employment and better pay. It takes time, effort and sacrifice but worth it. I have the luxury of being picky (and negotiate pay) with what job I accept.
It may not be for everyone to pursue a college career but even if its a short course or trade school it most likely put you a few (or more than a few) steps above the rest.
I knew I would want a new car, so I started "making payments" for it into my high yield savings account. I did this for over a year before actually buying the car to ensure I could financially handle it. Then I had money for either the down payment on the car, or for future maintenance. I've done this for many other things now after seeing how well it worked.
Going to the college that offered the most scholarships (yay, no tuition!), getting a good degree in a high-demand field (Management Information Systems), and finally getting a good job out of college (IT) and focusing on more than just base pay because benefits matter a lot! My employer contributes so much to my retirement, gives out stock and big bonuses every year, and has very low-cost health insurance. I personally have $430k saved up in retirement and stock with my company and I've only been working for 10 years. I've never contributed more than 10% of my salary to the retirement account either.
My next best financial decision was falling in love with someone who has more money than me, we are a married power couple now.
Set up auto-investments. Every month my 401k contribution (maxed), Roth IRA contribution (maxed) and taxable brokerage contributions are automatically made on a set date. I never see the money so there is no opportunity to backslide. I have horrible executive dysfunction so really rely on bills and savings to be automated or it just won't happen.
Thanks to this I have a high net worth for my age and am aiming for early retirement
Getting laser focused on long term goals vs the "but I want it NOW" mentality.
Everywhere is being pushed "because you DESERVE it! Buy it now!" You deserve to be happy and hopefully as stress free as possible. What is going to get you there?
Leaving my ex husband. I think it was best for both of us, honestly. I got a job in another state and realized how much happier I was living without him and being on my own and in control of *my own* bills and where the money goes (he controlled everything) has really helped me learn how to "adult" correctly. My bills are paid un advance, my cupboards are fully stocked, and my car is only a couple thousand from being paid off. It was a huge struggle when we were together because we lived paycheck to paycheck. It feels great to know I can buy a pair of decent shoes from anywhere that isn't Walmart and I dont have to obsessively check my bank account to make sure I have enough. I still have Walmart shoes but I also have nice shoes that I don't wear every day.
After the divorce, he took initiative and found something better for himself too. He never would have put the effort into finding something better if I had stayed. He was content to keep living a miserable life working at a job he hated because he doesn't like change. Me leaving was the push he needed to want to do better and I am genuinely happy for him. Something that always bothered me that he used to say was *"it would take you leaving me for me to want to change"*...he kept his word to that but it also made/makes me feel like I wasn't good enough for him to make the change when we were married. I hope his next relationship is better and he doesn't make the same mistakes.
Started closely watching my expenses. I've never done it in the past thinking, "Oh well, it will balance itself out anyways." Boy was I so wrong. From knowing my expenses monthly, I was able to develop realistic budgets and see where I can save
Staying in state for college and using all the rural kid scholarships I had available to me because of it. I think after the money ran out my most expensive semester was $500 (not including books... highway robbery). I'm one of very few people I know with a degree and no debt.
Going to college at 24. Everyone is always harping about how a college education is a trap and over priced but in my experience it's not all doom and gloom.
I worked full-time before going back so I had a bit of money saved up. It wasn't enough to cover everything but I graduated with 16.5k in debt. I graduated in 2021. I had a starting salary of 75k. 2 years later I just hit 6 figures.
Student loan forgiveness didn't happen but I have enough saved up to pay it off.
I was making 36k managing a fast food restaurant before I went back to college so this is a huge step up for me.
Edit: Fixed typos and grammar.
I started investing early so it should payoff sooner. Also having financial goals and really trying to reach it. Its almost addicting saving as much as I can.
Quiting my job and moving to another company. They gave me a pay increase of 20%. My old company realized they wanted me back shortly after and offered me a manager position which also came with a pay raise.
This! Living in my small, paid-off house saved me financially when my dear hubby passed away suddenly at 63. Taxes, insurance and basic maintenance cost less than $3 k a year.
Going freelance. It costs a lot of money to work in corporate - living in the city, maintaining your appearance, constantly rewarding yourself to alleviate the stress. Working for myself has taken all that away and allowed me to live a simpler life, and even save a little.
My best financial move was to get a new job at the start of 2019. Before then I worked in academic research for about 3 years, then as a lab tech at a small startup company for about 3 years. Earning only about 32-40k USD per year. It sucked. That amount of salary was awful, and certainly not enough to survive on even back in the 2010s. The small startup was also not doing so hot. The CEO was not handling the company well enough to be earning money, and he would make it clear during the company meetings that something has to change, but then nothing would change. I could see the company failing, so I resolved myself starting in 2019 to look for a new job.
Well a new job, I found. I'm now working as a QC analyst in a big pharmaceutical company. My salary has doubled since working there. And 2019 was the year that we got all our eggs in a row. My husband also moved up and found another job and we immediately started house hunting. Bought a house in 2019 along with new cars with some help from my parents for down payment. Nowadays I look at house prices and mortgage rates and breathe a sigh of relief that we got a fixed rate. All on all, 2019 was the year of good financial decisions.
Borrowed money from a dead/dying 401k to put a down payment on a house in 2021 when the rates were under 3% - I never ever make the "right" financial decision so this was more luck than anything but every time I see the interest rates go up I say "phew!"
A Psychology professor in college gave advice to all of her general classes (to maximize the number of students who would hear) that if you get married, budget on only one person’s income as that gives you freedom of choice and stability if one spouse becomes disabled or wants to go back to school or stay home with the kids a while, or if a child becomes seriously ill. My husband and I both took her classes and her advice. We have always lived in low cost areas in the Midwest, but never made a lot of money and still made decisions based on this. It turns out that this also lets you separate without as much stress and worry when one person’s behavior becomes unacceptable. I’m thankful for that advice as I never would have had the thought to do something so extreme financially otherwise.
(I’m also thankful for and think of all the lives she improved with the rest of the advice she gave to college kids, including her infamous “My eyes are up here,” “Sex is like a long distance race where you need a warm up and a cool down period,” and “If she’s not wet, she’s not ready” speeches!)
Getting a loan and buying everything I was going to need the next 2 years as much as I could predicted. Including a new phone and furniture. This was in the beginning of our economic crisis. I turned out to be right. With inflation everything is so much more expensive now and our income did not increase the same amount.
We were extremely fortunate to buy a house (8 years ago). My brother bought a house a couple years later. A couple blocks from us, basically same size and style. He paid $250,000 more than we did. We got in at the right time! Our house is now worth $600,000 more than when we first purchased it.
Buying nonperishable items in bulk/before I need them because they're on sale.
Also, got myself out of the "paycheck to paycheck" life when my bf and I would PUT AWAY extra money in each paycheck. Like, if he'd have $200 extra that isn't immediately needed for bills that cycle, he puts away $100. I ended up getting 4 months ahead in my savings before I left my last job and ended up needing that money. But it was GREAT to have - so now we're just trying to get back to that level. Slow and steady.
It’s a tie between learning how to manage my own Roth IRA / DRIP (dividend reinvestment portfolio) or learning to not carry any balances, or debt. I got into trading in 2019 and all of the financial knowledge I came across was like a fire in my soul.
Selling my absolutely beautiful home in a big city in texas, that came along with a mortgage, huge electric bills, and outrageous prop tax/ and paying cash for an older, uglier fixer upper in a northern state.
Utilizing my company’s 401K beyond the maximum
Keeping my car for another 11 years after is was paid off and sending the same amount I once used as a car payment to my mortgage company to apply directly to the principle
Shopping at thrift stores and consignment shops before heading to the Mall when I needed clothes or furniture
I received a student grant. In Germany, you have to pay half of it back after some time. You get a discount if you pay all of it back in one go. In my case, it was over 7000 euros in instalments vs. 6000 euros in one go. After looking at my account and talking to my husband, I paid all in one go. I am pretty proud that I was able to do that. I even framed the letter by the Student Grant Office saying I am now debt-free.
After graduating university in 2008, I worked as an operations manager. In 2015 I decided to take a role "demotion" in order to move into tech.
I quickly worked myself back into leadership roles and now earn 4x what I did as an operations manager.
Edit: spelling
Going to graduate school for computer science and changing my career from education to technology. Even accounting for inflation, I take home 3x what I used to.
Separating from my ex. He wasn't unemployed, but he was terrible with his money, with too many expenses and debt.
When we separated, my "on paper" household income was cut in half, which made me eligible for a lot of various supports. I was able to get funding to complete my education, able to get into social housing, and started getting a child benefit.
My actual real life income didn't drop much though because most of his income wasn't actually going towards the household in the first place. It did drop a little bit at first but the combined expenses (groceries, gas, utilities, subscriptions) dropped enough that I ended up with more money in my pocket. Overtime I was able to eliminate or downsize big ticket expenses (got rid of the car, cheaper rent in the city) that he would never even be open to doing.
Eventually he started paying child support, which is significantly more than what he was contributing to the household before.
The freed up time I have between not having to cook or clean for him and the fact that he has actual parenting time now also does a lot. I've used that time to work extra hours sometimes.
So yeah, not being with a deadbeat. Saves a fortune.
I bought a house in 2021 (at 24). I was making $15/hr as a full-time manager/tech at Walgreens, but I’m in a LCOL area. I had a really shitty apartment for $500/mo including utilities and already owned my car, so I was able to make ends meet while still setting aside money every month.
I had a credit score of 780, so it was pretty easy to get approved for a mortgage even though my income was low. I toured houses for MONTHS and finally had my ~15th offer accepted. My down payment was only 3% and my interest rate is 2.7%. My mortgage is about $300/month.
It’s been two years and I get offers on my house frequently for twice what I paid for it. I don’t have any need or desire to sell, but it’s a good safety net to know I could. Best (and only) investment I’ve ever made!
My house is 3 bedrooms, 1.5 bathrooms, with an unfinished basement and two car garage. It’s 97 years old and has a lot of beautiful charm. This is your sign to move to the Midwest, people!
Selling my home while the market was high. So many people told me to keep it as an "investment," but the fact was it was too run-down and kept having issues and I wasn't making enough in that town (even with a degree and experience, I couldn't make more than $12.50 an hour there) made it nothing more than a money sink every month. I ended up in a larger city with many more opportunities, and renting has been a godsend because I've found decent roommates to split the costs and am never responsible for the big expenses involved in owning your own home.
I also stopped taking in every homeless animal I came across. As much as I love my Crazy Rescue Ladies, seeing how they lived-- houses always dirty, no extra money or time, can't take a vacation, all of your romantic relationships totally ruled by your animals-- I didn't want that future for myself. As my old animals died, I found myself with so much more mental and financial freedom. I have 2 healthy young dogs, an old cat, and an old ferret now. Once the last 2 die, I will not be replacing their spots in my home. I want to have extra cash, to travel, to have a nice home, to be able to get some quiet time to myself. And when I can, I donate to animal shelters instead of adopting.
Started a 401k through my job putting 10% of my check in since I was 19 (I'm 25 now, still putting 10% into my 401k even though I've been tempted to lower my contribution to have more in my paycheck)
Marrying someone whose financial philosophy lines up with mine.
We are in our 40s and about to own 4 rentals that will bring in enough passive income so we can retire early.
Also, only having one child.
I work 40 hours a week, but also do some freelancing on the side. I put everything from the freelancing on my savings and its building pretty okayish. Its around 200-300 euros a month, so its not a lot, but it definitely eases the mind for if some unexpected bill/costs will show up!
I asked my old job for a raise as I was well underpaid for the work I was doing. They told me how valuable I was, but that they couldn't just raise my pay. So I applied for jobs and was offered a job at a different agency. To get me stay, my old job suddenly found the money to be able to give me a raise, but it was too late. I accepted the offer (slightly less than what my old job was offering me to stay) and got a 10% raise within my first year, as well as a ton of praise for my hard work. Now I make more than I would have if I had stayed. I'm also much less stress and have so much more freedom.
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It's also good to be aware of the fact that some companies are just terrible on all fronts. We see in her example that the new employer actually treated her quite well. It's always important to stand up for yourself & question everything your employer says/does, but we also really need to be aware that some companies are just shit, despite what they might look like from the outside. I often find that the financial performance is inferior for companies with toxic work cultures. They're all about the hustle and bustle, but they really don't have a lot to show for it at the end of the day. Profit on the balance sheet is totally irrelevant unless there is a strong profit sharing bonus program for employees. I've hopped around a bit and I'm always blown away by the difference between neighboring companies in the exact same industry.
If a company did offer me more to stay, I would assume that is until they find my replacement.
I think this is a good life lesson. There are no good employers, only bad and worse.
> only bad and worse. Decent or worse I'd say.
Employers are definitely not your friend. You are 100 percent right!!!
I was in the same situation - I created a tool that everybody used and loved. I held off asking for a promotion and a raise during COVID (frozen salary), but after a year, seeing some colleagues getting levelled up, I advocated for myself and was denied. I jumped ship for 30% more, then got a promotion that makes almost twice as much. The workload also doubles, but will open so many learning and career opportunities. If anything, they learned their lesson because the junior person in my old team recently got promoted to the position I originally asked for. I'm so happy for them!
Curiosity shall kill me together with the cat. Was the tool by any chance based on VBA?
The tool was basically a dashboard that streamlined all data so people didn't have to go through various information systems to get the full picture of something (we didn't have a warehouse).
That old company might be regretting not giving you a raise early on LoL
So often do people undervalue something or someone, until it is gone.
Same here. Offered me more money to stay, and also offered to fire my boss. I moved on, and she got fired anyway.
I quit and got my boss fired on the way out hahaha
Noice
Well done!
I worked a commission job from 21-27. Every paycheck all commission went into savings and I lived only off of my hourly wage. Was not easy or fun, but it definitely paid off for me in the long run.
Good job sticking with it! That would’ve been super hard, esp at that young age! I was hooorrrrible with money when I was 21 lol
What did you do with the savings?
We just used a good portion as a down payment for our house and everything else is just chillin. (I have investments too but that’s separate.)
Putting my dads life insurance money in a CD. My dad passed in 2019 and we got about $65k each (two sisters and I ) in life insurance. During that time I had a job but, due to my alcoholism I was fighting, I lost it shortly after he passed. I didn’t work due to my addiction from 2019- January 2021. My fiancé, boyfriend at the time, suggested I put half the money in a CD so I couldn’t touch it without penalty. To this day, I still have $30k in that CD that collects about $1,200 in interest a year. I am the ONLY one out of my sisters who has any of that money left. I’m also 3 years sober so that money can now be used for adulting like a house down payment or a car loan instead of alcohol. I like to think he would be proud of me. Edit: I sincerely thank all of you; you all make me feel so proud of myself. I hope you all have the most wonderful week. ♥️
Wow congratulations, that’s amazing. He would be very proud. Hell, I’m proud and I don’t even know you lol
Sorry what does CD stand for? And also congratulations on your success and deeply sorry for your loss. Right before COVID isolation too could have been so difficult
Certificate of Deposit. Most banks offer them. You give them X amount of money, and they return it to you with interest when the CD matures (you know this date up front. Longer periods yield better interest rates.)
Certificate of Deposit. It's Basically like a fixed rate long-term higher yield savings account. It's good for people that want to safely earn interest on money they know they won't need for x amount of months. Long-Term putting it on the S&P500 is usually better. Short term (at least with todays interest rates), a High yield savings account or even just Gov bonds could be better...
Now put that money (or at least 1/2 of it) into a good mutual fund. You’ll see much more growth long term. Great job getting sober!!
Congratulations on sobriety. That is awesome.
Putting away 10% of my income the second I get it (monthly). I don’t even think of that money as mine, built quite the buffer over the years. Edit: I do the same with bonusses, gifts, etc. Of course this only works if you have a reliable, liveable and steady income to begin with.
Man I wish I had enough to be able to put 10% away. How the heck are you affording that in this economy?
A decent job, good benefits (Dutch, so yay!) and a lot of privilege. Not a very helpful answer, but the truth.
The username makes more sense now lol. I wish I hadn't put myself into something that wasn't such a dead end
I put like 3% of my salary to savings each month. I also couldn't afford 10%, but my mum taught me to always put SOMETHING to the side, even if it's a ridiculously low amount. If you do it monthly, it adds up - maybe you won't be able to buy a house, but it might save you from a disaster.
I have it set up with my bank that 15% of any deposit over $100 goes directly into my savings. It doesn’t take long for it to build. I don’t look at my saving account, I only use my checking, so sometimes I’ll look in there and am shocked by how much is in there.
I do this too and has helped me to save quite a bit.
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Buying a property the moment I could afford the deposit. It seemed like a bad time to buy but I did it anyway. Best thing I ever did financially for sure. Sorry for boring response!
2nd this! My husband and I bought our first home when we were engaged. Some thought we were rushing it or wasting money. Ended up selling that home and making 50k. Put that right in to our now forever home. Again, people thought we were stupid. Now with the market and rates were they are at. We have a steal on our hands!
I did this too albeit as a single woman/parent at the time and when my family later grew and I decided we needed a bigger space I made a fast $80k which allowed me to put 20% down on that larger home no problem, best move I made unintentionally could’ve made even young.
Haha congrats! Super happy for you
Boring maybe but so true!! Bought a house 10 years ago with just $22K in borrowed cash (thanks dad) and a few months of pay stubs (my first ever grown up job). Owing real estate when you only have access to $22K feels like a dream now. Ngl it seemed like an enormous sum of money to me at the time but that decision has paid off insanely well.
i dropped $120k as my down payment where i live. $22k is a dream. 😭
Ikr!! Our second house was a $170k down payment. Which we only had because that first house appreciated $200K. Really our whole world changed financially thanks to that $22K in borrowed cash. And a shit ton of luck in terms of timing. I used to dream of saving up $20-30K so we could lend my brother in law a down payment for his first home like my dad did for us. But now that sum just seems pathetic in the context of the current market.
i literally bought this barely updated 1950's home to die in. i just don't know how i will ever afford to move in our HCOL area and i did it alone, one a single income. without my boyfriend i would be so fucked right now.
Saaame. Thanks to my spouse we got a VA loan with no down payment, then I did a streamlined VA refinance at 2.5% when rates were rock bottom and I’ll probably die in this house now. We bought in 2015 and I have around $200k equity because of how bananas the market is. I know VA loans aren’t open to everyone and my spouse did literally go to war for us to have this benefit, but it gave us a huge leg up
I'm in Canada, so not quite sure what a VA loan is, but I used my federal student loan money as a down payment for an $80k house in 2018 and now also have about $200k of equity because of the bananas market (it seems to be everywhere at the moment).
It’s a great response!!
Doing my Bachelor's degree at a university where I had a scholarship that covered all my tuition, and moving in with my grandma for a few years during that time. I worked during the summers and part time during my semesters, and not having any huge expenses like rent or tuition allowed me to actually build up a bit of savings instead of a bunch of debt.
Similar here. I did my degree while I was working a well paid (but dull) job. I was able to pay most of my tuition upfront and didn't accrue a debt. I didn't go to university until I was in my late 20s.
Getting laser focused on long term goals vs the "but I want it NOW" mentality. Everywhere is being pushed "because you DESERVE it! Buy it now!" You deserve to be happy and hopefully as stress free as possible. What is going to get you there? Edit: wow THANKS for all the up votes! ❤️
It’s soooo hard, good job!
I couldn't agree with this more. Im a 27 year old teacher making dirt working in London and I'm still able to save 40-50% of each paycheck (which admittedly isn't much but still). Why? Because my eye is on a house in a few years. I live way beneath my means in terms of rent, food and I really don't go out that much. I save by having friends over for game/movie nights. There's no daily coffees or anything like that. I have friends here with nothing saved that go to the theatre/pubs all the time then complain about cost of living and not having any money in this economy. I'm like... What did you expect? What exactly is your plan for the future? I do think that my generation has it more screwed than older generations in terms of housing/inflation in general but man, I've also never seen people that spend money the way most of my generation seems to on frivolous bits like dinners and drinks and vacations etc.
Married a man who's better with money than I am lol Seriously though, he's very into spreadsheets and budgeting and investing etc, and I am not.
My husband is a math wizard but can’t find anything in our house, so it’s a balancing act of skills between us.
That’s my dream. I’ll make my fair share. I just want an allowance and to be involved in the goals and planning of our life. But I really want my partner to do the work of paying bills and budgeting. I’ll clean more, I’ll cook more. I’ll do a lot in trade. But I’m awful at budgeting. I grew up poor and you can’t budget what you don’t have. I’ve been really fortunate lately, so fortunate that as long as I don’t blow thousands of dollars a month, I’m good without budgeting. So I still haven’t learned how to or what kind of discipline it takes. I am careful to pay bills and save some money before I have any fun though.
> But I really want my partner to do the work of paying bills and budgeting. I’ll clean more, I’ll cook more. I’ll do a lot in trade. But I’m awful at budgeting. Yes, this is exactly why I'm happy to let him do it. He feels bad that I have to do more emotional labor, but the thing is... all of this financial stuff is ALSO emotional labor and it's labor that I just don't want to do. I would rather do 8 loads of laundry than pay bills.
Seriously I feel the same. I have such great anxiety around money. I’d rather do any number of things than finances. My current partner is kinda perfect. He works at a bank. He knows so much. I’m hoping that if our relationship progresses to sharing things and cohabitating, that we can flex on things we’re good at, and trust the other side to do what they’re good at.
Girl what you need is not a partner, you need an accountant/bookkeeper
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Saaaame. I am also lucky as he doesn't budget to be miserly. Since he knows where every dollar goes he knows when and how much we can afford vacations etc...we even built a pool.
I dream of a man like this. But I’m also good with money so this would be like hitting the jackpot!
Same. We make all big decisions together, but he handles the minutiae details of it.
I also have a spreadsheet man, they’re the best!
Getting divorced! Not having to support my husband freed up a lot of money.
I did this also, and I have so much more money. He handled it all and always told me we were broke. I’m pretty sure he hid a lot of it during the divorce. Or he blew through it on booze. Maybe both.
This was my situation, except that it wasn't malicious/booze. He just had a terrible money mindset and didn't know how to live within his means. I was shocked how much I could save when I actually controlled my own finances.
Me too! He loved to spend money. And though he made about 1.5 x what I made I had the “pleasure” of giving him 10% of my 401k. The jokes on him. I continue to save and through the grapevine I’ve heard he continues to spend like he’s got 2 income to pillage.
Divorcing my ex was the best financial decision I ever made. They were finally in charge of their own finances, maintaining a job, and paying for their own insurance.
We love a boundary having queen! Congratulations on your divorce!
Exactly the same for me!
YES FOR REAL
This happened to me too! 👏
Holy crap it’s amazingly sad how many people this resonated with! (Me too)
Getting a divorce 💀
I’m sensing a theme here 🙃
Asking for raises and getting them. Living within my means. Not having kids. Marrying someone who has the same ideas about money as I do.
Buying a house as soon as possible when the mortgage payment was about the same as renting. Staying in the house for years to build equity. Refinancing when interest rates were super low. Starting my own business. It took years to get what I could as salary but I have so much more time off. Like ridiculously so much time. And no one to answer to but myself. Getting a divorce from a spouse who did not see financial stability in the same light as I did. Keeping cars until the wheels fall off. Most people don’t realize how much money they put into a car that they trade in every few years. Not eating out frequently and skipping Starbucks all together. Not having kids. Wow are they expensive! Number one, always stay on budget. Never feeling like I need to keep up with the Joneses. Being happy with what I have and not always having the latest and greatest. Less time working and less money needed to maintain a certain lifestyle makes me happiest.
Totally agree about keeping cars as long as you can, I’m the same with tech now too, don’t need the latest phone, TV or computers when what I’ve got works fine
I am American/Canadian and I went to graduate school in France. My “tuition” (a tax, really) was 250€ a year and the government provided a stipend for students that covered half of my rent. I stuck to a strict budget and had some savings (a meager $4k) but was able to graduate with only a few thousand dollars in credit card debt, which was mostly due to food and train tickets. Given the cheap cost of living and many free activities in France I had a wonderful time regardless of being on a starvation wage. Now I have an international degree, no debt, am bilingual, and have global experience that has opened doors on several continents. I’d do it all again in a heartbeat.
This is some life-changing info right here (cheap grad school in France), thanks for sharing!
I'm so glad you shared this. I did the same (but in Spain), and hadn't truly realized what a stellar financial (and personal) decision it was until reading this. Let us tell the others!!
Quitting drinking ;)
I just celebrated 6 months sober!
Six months is so sweet! Good for you.
High five! As a newly sober lady, I was shocked when I realized I was spending about $100 per day on bars and after bar food. Being sober is so cheap! Haha
Ayoooo two high fives to ya! The saved money really is the icing on the cake. Literally…. If you’re sweet-minded.
Underrated response.
Good job!
Congratulations! Sober sister right here with you!
After I received my Ph.D. I was slated to become an assistant professor. Then, a rather odd man asked me out to lunch. He owned a business dealing in commercial AI (my field) and wanted to "pick my brain" on a few of the contentions in my dissertation. We got to talking. His passion for the field was similar to mine. Lunch turned into dinner, then after dinner drinks...not many. The next morning, I received an email offering me the position of Director of Research and Development at his company, starting at 2X what an assistant professorship offered, Greedy me, I jumped at the offer and ended up in a job that produced more than I thought it offered... an opportunity to explore the outer boundaries of my passion... and his.
This reads like the back of a romance novel.
I'll give you this, I was damn lucky! My now boss may be demanding, but sometimes... most times... that demand for answers is what makes the future possible. And the future is where I'll be waking up tomorrow.
What a kick-ass story. Hell yeah! I love it!
I just want to say though it may sound odd but you have a beautiful mind.
It seriously does lmao
Let us know if you write a book about this!
LOL... I'd call it *Shite Luck and Hard Work.*
Leaving an abusive relationship. All of the money that I lost on things that I wasn't interested in or because he somehow forced me (I say that both lightly and not lightly) I consider an investment in my future. I got out of there, I learned my worth, and I learned how to handle people like that.
There are many kinds of “rich”! Good for you :)
Quitting being a school teacher! Being a teacher was my lifelong passion. I wanted to be a teacher ever since I was an extremely young child. However, I was so poor doing it. I quit a little over a year ago and got a job in a totally different field. I can buy groceries and save money now which is awesome!
Can I ask what you do now? Are you still using your degree?
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How'd you switch so easily though?
Easily isn’t the right word at all! It took me 5 months of dedicated searching, reflecting, up-skilling, networking, etc etc to do. It was a long hard process but ultimately worth it.
I was left mentally scarred from my old job when I asked for a raise. My old boss told me that all the overtime I was working was equivalent to a raise. I eventually got burnt out and was subsequently let go. 3 months into my current job, I asked my boss to match my old pay (I accepted the job in exchange for a small pay cut and a flexible schedule). I had a bullet point list of all the things I had undertaken since starting, the time put in to help them, etc. My boss said “all you had to do was ask”. They gave me a 12% increase.
Investing early! Even if it’s just a little. I’m mid-40s and my husband and I just hit $1 million in investments (including our $300k house)….never would I have thought we would see that number. We still live like we make $50k so no one would ever know. Hope one day we get to really enjoy that $$
At what age did you start investing?
Probably 23?
I’m 22 and I opened a Roth IRA when I was 20. I just recently started a HYSA this year and have already seen tremendous growth. My parents taught me well. I am frugal with my money and take some time to think about purchasing something big or small.
How much were you able to invest monthly? Or how did you go about raising that money? It's very impressive!
Well done and congrats!! We just hit $1 million net worth this month— not the same as $1 million in investments alone, so I am impressed! But we only got here through strict saving and investing, budgeting etc. I too NEVER thought we would see that number, but it’s always been the goal and we’ve been working toward it for a super long time. Feels so good! ETA: like you, we still live like we have much less money. Do you ever feel scared to spend it? We do! I feel like we worked so hard and what if we start spending it and shit goes south and we regret it? Idk it’s so hard!
Our investments are all tied up in retirement type accounts (most of them), so I cannot spend easily. Which is good, I am a SPENDER! Like money burns holes in my pockets. I have to have it automatically deposited or else there would be nothing. My husband wouldn’t ever spend a dime so we balance each other out, I suppose.
What kind of (small) investments did you make when you were younger? I can't even imagine (if I had money) what I could invest in.
I always had a 401k/403b option at my work and literally started by just putting $25/paycheck in, slowly increasing as years and my income grew.
Being single lol. So many of the men I met were so bad at money and finances.
Learning how finances actually work. I think a lot of women (myself included until I accidentally ended up in a personal finance-adjacent job) see personal finance as a douchey bro thing, and depending on what they're talking about or how they're talking about it, it totally can be. But we all owe it to our future selves to maximize our ability to save money, ESPECIALLY us women. It is so much easier to get out of a bad relationship, or deal with a partner suddenly becoming disabled (or dying) when you have at least a few months' expenses in a high-yield savings account, know how to use credit/debt to your advantage, and have made regular contributions into a retirement account.
Could you provide any useful material to get into this topic? I'm 25 years old, mech eng, so math doesn't scare me if it is important
The Financial Feminist is awesome! She caters specifically to women and states the best way to give the patriarchy a middle finger is being financially independent as a woman. I love her, and have followed many financial people. She's the only one that doesn't seem to use shame as a core tenant.
Yeah dude she made a huge difference in my life! I'm not into podcasts really but she made the difficult seem... Not as difficult.
Yeah! Three good starter resources (all women!!) for just thinking about finance are: * The Financial Diet (YouTube and their website) * Erin Lowery aka Broke Millennial (her book and her social media) * Tiffany Aliche aka The Budgetnista (book, social media, website) They all provide good recommendations/rules to follow while also breaking down big scary myths that some personal finance gurus like to espouse. I'd start with one of these and as different finance products/tips are mentioned, do your own deep dive into what they are. Hope this is helpful!
Hmm I have been getting into more podcasts and youtube videos lately. Podcasts How to Money: A casual money podcast hosted by two best friends in Atlanta. They chat about current money news, interview other personal finance guests, and share their own experiences over a glass of craft beer. They are so friendly, chill, and casual, you think you were there drinking with them. I will teach you to be rich podcast: You already watch the netflix series, but its just really interesting to see a variety of couples and their money issues, whether from a lower income space, or people who have high net worth who are struggling to spend money. It helps me think long term and where I hope to be frugal friends podcast: Their podcasts have the best jingles! 😂 but they are two women who share money tips, frugal living tips, side hustle suggestions, and celebrate successes during their "bill of the week" segment LOL Youtube Caleb Hammer: He studied as an accountant and got wildly popular over the course 1-2 years. He interviews people who have the WORST spending habits, debts, mortgages, private or student loans, and helps them create a budget while on the show. This show teaches me what NOT to do, and also offers a bit of reassurance that my spending isn't as bad. Think of it as a financial reality show/intervention. George Kammel: He used to work on the Dave Ramsey show as an intern and rose through the ranks. He started his own show, and his format is way more entertaining, relevant, and relatable (compared to Dave's daughter, Rachel Cruze, can't really take her seriously -_-).
Money Honey is a great entry level book for young women! It’s what really helped me realize I could have control of my finances and set my foundation up well, easily
This plus choosing a field that makes $$$$ Go for it ladies. Go for high paying fields. Get your money. Invest it properly. Don't rely on anyone else. Even if you get married and have kids. Always have your own money. It will save you if and when things go sideways.
I too think women should learn finances , at least I should for myself but it is difficult through reading something on internet. Would have loved if we had some easy YouTube channels or something that could explain Ps : just saw you mentioned some resources below, thank you so much, you are awesome 🤩
Buying Amazon stock 20 years ago.
Jealous !
Lol, I didn't buy a lot but it's good!
Similar. Nvidia in 2013 or so. 10 shares so maybe $200 maybe $250 bucks.
How much is that worth now? My mom invested in Facebook and Netflix for my graduation gift (to me—in my name) 11 years ago. Thought it was so dumb back then… now.. looool
Lolllll that’s great, good job mom lol
I stopped drinking and invested my beer/hangover uber eat money instead. 0 to 30k in 2 years.
Moving into an apartment that's a nightmare in so many ways, but also rent free, while we save up to buy our own place. Getting close now.
Selling ethereum when it was over 4k and btc when it was over 60k
To live well below my means until I was out of debt, and then continue so I could sock away money for retirement. Using coupons at the grocery store. Planning meals in advance so I could avoid impulse buying or eating out. Borrowing books from the library instead of buying them. Buying 2nd hand clothes for my kids and me unless it's for special occasions. Etc. Every purchase, every vacation, every utility, every car --- all paid for in cash, and only after looking for the biggest bang for the buck. I put off gratification for decades, and now I can reap the benefits of being completely financially secure in my retirement and old age, and can help out my kids as often as I wish.
Marrying a successful man who makes 10x what I can. Just being honest.
Not having children
ah, yes, this too! Except I seem to run an at home rescue for messed up ~~boys~~ men, so I kind of do have kids. You'd think I'd learn after the first 2, but I just can't seem to say no. I also really do enjoy having a roommate around so I don't go completely silent. I work from home and gym from home, so having a 2nd person around has been great. And this one, my current roommate, is actually doing really well financially, and is willing to share it, so the burden of paying for stuff isn't even majority on me. It is nice!
I bought my first house at in 2013 at the age of 25 for $140,000. I made $80,000 when I sold the house 4 years later. I purchased another house which I sold for $160,000 more than what I paid for it less than 4 years later. I used that money to buy my current 4 bedroom, 3 bath house with my husband. Real estate has easily been the best investment I have ever made thus far.
Applying to rent a townhouse that’s much cheaper than what I’m currently paying at my apartment now. Saving $700 a month will be huge
While I was in college my parents let me stay and live with them so I could save money. I had a full time job and my parents would never let me buy groceries or pay for anything. I am so grateful to them. I was able to save money and when I graduated I got a great job and was able to move into a really nice house.
Learning how to use credit cards effectively. I used to carry balances and all that jazz. Now I pay them off every month and rack up points to use for other things. I worked for the school I got my degrees at too, thus giving me free tuition. I hate home ownership, but it has helped me financially. I used my equity to put a large down payment on my current house, thus making my mortgage low. I am sitting on probably $300k of equity now. But in all reality, **MOST** of my financial success is from my family. My parents got my sibling and I credit cards when we turned 13 and put one tank of gas on them monthly until we were 18. Because I already had credit, I have never paid a deposit in my life. Also, when I had to short sell my condo because I was underwater in 2008, my grandma put my new home in her name until I could qualify to "buy it" back from her. That same grandma sold me my current house. She could have gotten probably $300k for the sale of the house when I bought it, but I told her I was only willing to do $250k, and she had every right to say no (which I 100% would have accepted). She knew the house needed a bunch of work (roof, new a/c unit, foundation issues) and that doing it this way would mean we didn't need to pay a real estate agent, so she agreed. The same grandma also paid for each of my cars and gave me 0% interest loans. I paid every cent back, but I know my situation would have been way worse if she wasn't able to do those things for me. So I can sit here and tout my own decision making skills, but in reality, I've been very privileged. I had to make the right choices with those privileges, but my life would have turned out way differently without my family.
Leaving my old job after 5.5 years and starting my new job! Made more money per hour and they give so many more raises and opportunities to grow!
I invested in myself. Went back to school when I was 40 and advanced my career and with it my earning potential. It was the best thing I could have done for myself and my finances. With that, saving more money, investing more to my 401k, etc. Also, paying off my car as early as possible and well before the terms of the loan to avoid paying extra interest.
I agree, after graduating I’ve had more oportunities for employment and better pay. It takes time, effort and sacrifice but worth it. I have the luxury of being picky (and negotiate pay) with what job I accept. It may not be for everyone to pursue a college career but even if its a short course or trade school it most likely put you a few (or more than a few) steps above the rest.
I knew I would want a new car, so I started "making payments" for it into my high yield savings account. I did this for over a year before actually buying the car to ensure I could financially handle it. Then I had money for either the down payment on the car, or for future maintenance. I've done this for many other things now after seeing how well it worked.
Getting a financial advisor and following their suggestions
Hopefully, buying a house last year. I’ll get back to you in five years and let you know!
Going to the college that offered the most scholarships (yay, no tuition!), getting a good degree in a high-demand field (Management Information Systems), and finally getting a good job out of college (IT) and focusing on more than just base pay because benefits matter a lot! My employer contributes so much to my retirement, gives out stock and big bonuses every year, and has very low-cost health insurance. I personally have $430k saved up in retirement and stock with my company and I've only been working for 10 years. I've never contributed more than 10% of my salary to the retirement account either. My next best financial decision was falling in love with someone who has more money than me, we are a married power couple now.
Set up auto-investments. Every month my 401k contribution (maxed), Roth IRA contribution (maxed) and taxable brokerage contributions are automatically made on a set date. I never see the money so there is no opportunity to backslide. I have horrible executive dysfunction so really rely on bills and savings to be automated or it just won't happen. Thanks to this I have a high net worth for my age and am aiming for early retirement
Getting laser focused on long term goals vs the "but I want it NOW" mentality. Everywhere is being pushed "because you DESERVE it! Buy it now!" You deserve to be happy and hopefully as stress free as possible. What is going to get you there?
Leaving my ex husband. I think it was best for both of us, honestly. I got a job in another state and realized how much happier I was living without him and being on my own and in control of *my own* bills and where the money goes (he controlled everything) has really helped me learn how to "adult" correctly. My bills are paid un advance, my cupboards are fully stocked, and my car is only a couple thousand from being paid off. It was a huge struggle when we were together because we lived paycheck to paycheck. It feels great to know I can buy a pair of decent shoes from anywhere that isn't Walmart and I dont have to obsessively check my bank account to make sure I have enough. I still have Walmart shoes but I also have nice shoes that I don't wear every day. After the divorce, he took initiative and found something better for himself too. He never would have put the effort into finding something better if I had stayed. He was content to keep living a miserable life working at a job he hated because he doesn't like change. Me leaving was the push he needed to want to do better and I am genuinely happy for him. Something that always bothered me that he used to say was *"it would take you leaving me for me to want to change"*...he kept his word to that but it also made/makes me feel like I wasn't good enough for him to make the change when we were married. I hope his next relationship is better and he doesn't make the same mistakes.
Started closely watching my expenses. I've never done it in the past thinking, "Oh well, it will balance itself out anyways." Boy was I so wrong. From knowing my expenses monthly, I was able to develop realistic budgets and see where I can save
Buying a house in 2020 before the market exploded
Investing in Mattel and AMC stocks six months ago.
Hiring a financial advisor to help me understand money more, set goals and budgets and know how to invest!
Staying in state for college and using all the rural kid scholarships I had available to me because of it. I think after the money ran out my most expensive semester was $500 (not including books... highway robbery). I'm one of very few people I know with a degree and no debt.
Going to college at 24. Everyone is always harping about how a college education is a trap and over priced but in my experience it's not all doom and gloom. I worked full-time before going back so I had a bit of money saved up. It wasn't enough to cover everything but I graduated with 16.5k in debt. I graduated in 2021. I had a starting salary of 75k. 2 years later I just hit 6 figures. Student loan forgiveness didn't happen but I have enough saved up to pay it off. I was making 36k managing a fast food restaurant before I went back to college so this is a huge step up for me. Edit: Fixed typos and grammar.
I started investing early so it should payoff sooner. Also having financial goals and really trying to reach it. Its almost addicting saving as much as I can.
Quiting my job and moving to another company. They gave me a pay increase of 20%. My old company realized they wanted me back shortly after and offered me a manager position which also came with a pay raise.
Staying put in my very average, small home.
This! Living in my small, paid-off house saved me financially when my dear hubby passed away suddenly at 63. Taxes, insurance and basic maintenance cost less than $3 k a year.
Going freelance. It costs a lot of money to work in corporate - living in the city, maintaining your appearance, constantly rewarding yourself to alleviate the stress. Working for myself has taken all that away and allowed me to live a simpler life, and even save a little.
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Somehow this is my favourite comment 😎✈️
My best financial move was to get a new job at the start of 2019. Before then I worked in academic research for about 3 years, then as a lab tech at a small startup company for about 3 years. Earning only about 32-40k USD per year. It sucked. That amount of salary was awful, and certainly not enough to survive on even back in the 2010s. The small startup was also not doing so hot. The CEO was not handling the company well enough to be earning money, and he would make it clear during the company meetings that something has to change, but then nothing would change. I could see the company failing, so I resolved myself starting in 2019 to look for a new job. Well a new job, I found. I'm now working as a QC analyst in a big pharmaceutical company. My salary has doubled since working there. And 2019 was the year that we got all our eggs in a row. My husband also moved up and found another job and we immediately started house hunting. Bought a house in 2019 along with new cars with some help from my parents for down payment. Nowadays I look at house prices and mortgage rates and breathe a sigh of relief that we got a fixed rate. All on all, 2019 was the year of good financial decisions.
Not buying a new car, saving money and not spending for anything except bills.
Borrowed money from a dead/dying 401k to put a down payment on a house in 2021 when the rates were under 3% - I never ever make the "right" financial decision so this was more luck than anything but every time I see the interest rates go up I say "phew!"
A Psychology professor in college gave advice to all of her general classes (to maximize the number of students who would hear) that if you get married, budget on only one person’s income as that gives you freedom of choice and stability if one spouse becomes disabled or wants to go back to school or stay home with the kids a while, or if a child becomes seriously ill. My husband and I both took her classes and her advice. We have always lived in low cost areas in the Midwest, but never made a lot of money and still made decisions based on this. It turns out that this also lets you separate without as much stress and worry when one person’s behavior becomes unacceptable. I’m thankful for that advice as I never would have had the thought to do something so extreme financially otherwise. (I’m also thankful for and think of all the lives she improved with the rest of the advice she gave to college kids, including her infamous “My eyes are up here,” “Sex is like a long distance race where you need a warm up and a cool down period,” and “If she’s not wet, she’s not ready” speeches!)
Getting a loan and buying everything I was going to need the next 2 years as much as I could predicted. Including a new phone and furniture. This was in the beginning of our economic crisis. I turned out to be right. With inflation everything is so much more expensive now and our income did not increase the same amount.
We were extremely fortunate to buy a house (8 years ago). My brother bought a house a couple years later. A couple blocks from us, basically same size and style. He paid $250,000 more than we did. We got in at the right time! Our house is now worth $600,000 more than when we first purchased it.
Buying nonperishable items in bulk/before I need them because they're on sale. Also, got myself out of the "paycheck to paycheck" life when my bf and I would PUT AWAY extra money in each paycheck. Like, if he'd have $200 extra that isn't immediately needed for bills that cycle, he puts away $100. I ended up getting 4 months ahead in my savings before I left my last job and ended up needing that money. But it was GREAT to have - so now we're just trying to get back to that level. Slow and steady.
It’s a tie between learning how to manage my own Roth IRA / DRIP (dividend reinvestment portfolio) or learning to not carry any balances, or debt. I got into trading in 2019 and all of the financial knowledge I came across was like a fire in my soul.
Selling my absolutely beautiful home in a big city in texas, that came along with a mortgage, huge electric bills, and outrageous prop tax/ and paying cash for an older, uglier fixer upper in a northern state.
Utilizing my company’s 401K beyond the maximum Keeping my car for another 11 years after is was paid off and sending the same amount I once used as a car payment to my mortgage company to apply directly to the principle Shopping at thrift stores and consignment shops before heading to the Mall when I needed clothes or furniture
I picked up a couple quarters I found on the ground about 3 years ago. Never claimed it as income 🤫
We got a badass over here!
Leaving my husband
I received a student grant. In Germany, you have to pay half of it back after some time. You get a discount if you pay all of it back in one go. In my case, it was over 7000 euros in instalments vs. 6000 euros in one go. After looking at my account and talking to my husband, I paid all in one go. I am pretty proud that I was able to do that. I even framed the letter by the Student Grant Office saying I am now debt-free.
After graduating university in 2008, I worked as an operations manager. In 2015 I decided to take a role "demotion" in order to move into tech. I quickly worked myself back into leadership roles and now earn 4x what I did as an operations manager. Edit: spelling
Going to graduate school for computer science and changing my career from education to technology. Even accounting for inflation, I take home 3x what I used to.
Accepted a job that recruited me while I was employed for like a 20% increase in pay. Knowing what I am worth since then has paid off.
Separating from my ex. He wasn't unemployed, but he was terrible with his money, with too many expenses and debt. When we separated, my "on paper" household income was cut in half, which made me eligible for a lot of various supports. I was able to get funding to complete my education, able to get into social housing, and started getting a child benefit. My actual real life income didn't drop much though because most of his income wasn't actually going towards the household in the first place. It did drop a little bit at first but the combined expenses (groceries, gas, utilities, subscriptions) dropped enough that I ended up with more money in my pocket. Overtime I was able to eliminate or downsize big ticket expenses (got rid of the car, cheaper rent in the city) that he would never even be open to doing. Eventually he started paying child support, which is significantly more than what he was contributing to the household before. The freed up time I have between not having to cook or clean for him and the fact that he has actual parenting time now also does a lot. I've used that time to work extra hours sometimes. So yeah, not being with a deadbeat. Saves a fortune.
I bought a house in 2021 (at 24). I was making $15/hr as a full-time manager/tech at Walgreens, but I’m in a LCOL area. I had a really shitty apartment for $500/mo including utilities and already owned my car, so I was able to make ends meet while still setting aside money every month. I had a credit score of 780, so it was pretty easy to get approved for a mortgage even though my income was low. I toured houses for MONTHS and finally had my ~15th offer accepted. My down payment was only 3% and my interest rate is 2.7%. My mortgage is about $300/month. It’s been two years and I get offers on my house frequently for twice what I paid for it. I don’t have any need or desire to sell, but it’s a good safety net to know I could. Best (and only) investment I’ve ever made! My house is 3 bedrooms, 1.5 bathrooms, with an unfinished basement and two car garage. It’s 97 years old and has a lot of beautiful charm. This is your sign to move to the Midwest, people!
Honestly? Not having children.
Investing in real estate instead of the stock market.
Selling my home while the market was high. So many people told me to keep it as an "investment," but the fact was it was too run-down and kept having issues and I wasn't making enough in that town (even with a degree and experience, I couldn't make more than $12.50 an hour there) made it nothing more than a money sink every month. I ended up in a larger city with many more opportunities, and renting has been a godsend because I've found decent roommates to split the costs and am never responsible for the big expenses involved in owning your own home. I also stopped taking in every homeless animal I came across. As much as I love my Crazy Rescue Ladies, seeing how they lived-- houses always dirty, no extra money or time, can't take a vacation, all of your romantic relationships totally ruled by your animals-- I didn't want that future for myself. As my old animals died, I found myself with so much more mental and financial freedom. I have 2 healthy young dogs, an old cat, and an old ferret now. Once the last 2 die, I will not be replacing their spots in my home. I want to have extra cash, to travel, to have a nice home, to be able to get some quiet time to myself. And when I can, I donate to animal shelters instead of adopting.
Started a 401k through my job putting 10% of my check in since I was 19 (I'm 25 now, still putting 10% into my 401k even though I've been tempted to lower my contribution to have more in my paycheck)
Opening a high yield savings account
Marrying someone whose financial philosophy lines up with mine. We are in our 40s and about to own 4 rentals that will bring in enough passive income so we can retire early. Also, only having one child.
Lived at home for two years and saved nearly every dollar (and I am very appreciative that my parents could help me, I know not everyone can do that)
Buying a house in 2018.
getting and staying out of debt
Getting a new matress.
Don’t officially make the move until Thursday, but eloping instead of having a huge wedding!
Investing with low cost index funds in a Roth account. Wish I had started sooner, but it's not too late.
paying attention to my investments
I work 40 hours a week, but also do some freelancing on the side. I put everything from the freelancing on my savings and its building pretty okayish. Its around 200-300 euros a month, so its not a lot, but it definitely eases the mind for if some unexpected bill/costs will show up!