How To Stay Motivated And Keep Your Goals

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Lately I’ve been going through a slump. Like I haven’t been falling behind and I haven’t been getting ahead. I used to be so motivated in college, I even graduated a year early. I graduated college in three years with top grades. It seemed like everything was going to pan out and for the most part everything did. But after college I’ve kind of been worn out.

Life gets to you after a while; with jobs and relationships that fall apart. And even though it’s not where you imagined you’d be, you finally settle someplace comfortable.

Sometimes I miss being in college and feeling like the whole world was in front of me. It made me self  motivated and kept me going. Now that my life has settled with kids, a husband and a semi career, I find it harder to keep that positive energy I once had. Yet you hear stories of people pushing themselves to the limits. You see people going to school and graduating valedictorian while raising three kids; climbing Kilimanjaro and  Everest in the same year; running an ultra marathon.  I look at those people and realize I need motivation.  How can I get the motivation to take my life to the next level? How do I maximize my potential so that I’m getting all I can out of life?

Here are my fail proof tips on finding motivation and how to make goals/dreams a reality!

1) Make A Schedule

This seems so obvious but making a schedule and sticking to it is harder than it sounds. Your schedule needs to align what you’re trying to accomplish. If you’re a salesperson, you might schedule more time trying to prospect leads vs doing paperwork vs organizing your office.

Your schedule should optimize your time so that the most rewarding tasks get prioritized and the least productive ones aren’t but are still tended to.

I absolutely hate prospecting leads but it’s what will give me the biggest return for my effort, so I make sure that I do that every day, no matter what’s on my plate.

2)Break Up Goals

Nothing is more demoralizing than having what seems like an impossible goal. But unless you are trying to defy the laws of physics, like turning a flower into a rock, no goal is truly impossible. Difficult, yes. Impossible, no.

One way to manage larger than life goals is break them up into smaller goals. Reaching 400 blog posts has been one of my larger goals and sometimes it feels impossible, I’ve only written 73 posts, but my goal has been broken up into smaller “just finish one post at a time” goals. When I’ve focused on how far I am from reaching my 400th post, it’s so discouraging. When I think “I just need to do one more entry or 2 entries a week” it seems more manageable.

3)Be Consistent

This means showing up and putting in the work. Don’t put in part time hours and expect full time pay. Unfortunately, life doesn’t work like that. If only it did.

Stick with things even when it gets hard. I took a 6 month hiatus from this blog, mainly because it was getting daunting and I wanted to pursue something else. And it’s OK to take a step back once in a while to gain perspective but for those wanting to take their lives to the next level, you’ll need to show up each and every day and get things done.

4)Work With The End Goal In Mind

Know why you’re doing it! It’s so easy to get side-tracked and start comparing yourself to other people. Or start worrying about the wrong things. So often people want to do things for themselves but halfway through they start worrying about what other people think.

For me, my job is about earning money for my family, getting benefits, and having stability. I’ve written a few posts on how hard and negative the environment is. I need to keep my motivation at work.  At the end of the day, I need to look past the petty coworkers, the rude bosses, and the unreasonable clients. The end goals is to pay off the loans and gain a bit of savings before I can move on. A lot of people lose sight of their end goal and let the small stuff run them out of their jobs before they can reap the benefits.

5.  Push Through Setbacks

No matter what you do, there will always be setbacks. Two steps forward, one step back.

It’s how you handle the setback that matters. You could be saving for months then have your car breakdown. Then have spent $1500 to repair it and have that feel devastating because it took you so long to save. On one hand, you spent months worth of savings in one shot, on the other hand, you had $1500 cash handy and didn’t have to go into debt to take care of that expense. A person lacking motivation might say, “what’s the use of saving if I can never get ahead?” A person with motivation will just pick themselves up and start the savings again.

When faced with a major obstacle, just remember that it’s expected. In some cases, setbacks can help you grow and find ways to be more efficient or help you learn a lesson to avoid repeating the same stumbling block.

6. Block out the negativity

The most well-meaning people like to give advice and sometimes that advice is unwelcomed negativity. How many times did I had friends or family tell me you can’t do this or that, mainly in regards to my self employment. Or that I need more stability at the expense of my own goals. If you hear that enough you start to believe it.

When dealing with naysayers you’ll have to either avoid them or straight up tell them where they can go. Nothing should be getting in your way when it comes to keeping your motivation. They say birds of a feather flock together, so if your friends and family are telling you that you can’t do something, you’re going to believe that.

I would also recommend keeping positive and motivational posters at your work or on your desktop/phone to keep you in the right mindset.

7. Build a Support Network

And that brings me to my last point, once you’ve removed all the negativity surrounding your goals you’ll need to find a group of people who support you.

If it’s not your friends and family then you’ll have to find people who are trying to accomplish the same thing as you and can help either coach you or give you the moral support you need. I’m a big fan of Facebook groups, Reddit, Twitter and general social media to help find other people who share your same interests.

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These may sound like easy things to do but mastering all 7 and being consistent day after day, month after month, and year after year is harder than you think. The key is to take it one day at a time and implement these tips in unison.  This is essential to set up goals for yourself

If you’re able to master this, you can watch your life change and your business flourish because putting in the time and work is all you need.

 

CHECK OUT MY OTHER MOTIVATIONAL POSTS AND SUBSCRIBE!

 

Organize Your Mind: How To Be More Productive With Your Day

The Power Of Change

The Power Of Positivity

Motivational Book Club: The Total Money Makeover by Dave Ramsey

Dealing with Toxic Work Culture

Stress at your job or feeling over worked concept.

This is my first post in a while. Thought I would just get back into it. I’ve been working at my “well paying” but toxic job. By toxic, I mean totally manipulative, cut throat, constantly changing and stressful toxic workplace. But luckily, I am on maternity leave until August. I’ve been there nearly 3 years and somehow managed to survive and out live several other employees.  Yet still I have days where the toxic work culture kicks me down and I feel totally lost on what to do.

I have survived 1 horrible bitchy manager only to be replaced by a slightly less horrible condescending, sexist manager. I survived 5 receptionists and countless weekend receptionists. I survived 1 assistant director. All these people gone and yet I remain.

For me my motivation for staying in this dead end job include the fact that I am paid well (for now), have good health insurance, have a decent schedule. And honestly, I would hate to quit and give in to the bullies. How would I feel knowing that I was run out of a perfectly good job because people are assholes?  It’s still worth staying even though I hate my job sometimes.

So here are my tips on staying sane and staying on your grind. Your job is definitely not perfect, but it’s still a job that puts food on the table.

1. Be Humble: Pride is the worst vice and when you start to think that you are better or more deserving of something ,that’s when resentment builds. Yes, know your worth. But if you’re in a position where you need to stay at your job, resentful feelings are really just  a waste of energy. I used to want justice for every slight or disagreement. But that desire for justice came from a place of pride, not a place of actual righteousness. Learn to recognize where you are being prideful and instead ask yourself how you can be humble. I like to be humble by telling myself I just need to focus on my own performance, my own objectives and my own motivation.

2. Focus on the positives: Understand your reason for being there. What are your financial goals? How do you plan to make the most of this experience? How does this add to your resume? Do you like this position in general, maybe there are aspects of it that you like? Focusing on these points will help make your job more bearable and less stressful. The effects of positive thinking are numerous. If you don’t like something change it, if you can’t change it, change how you think about it.

3. Care less: If you’re a type A personality this might be a hard one but recognize that you don’t have to love your job. Your job doesn’t even need to love you. All you need is just to do your job. Show up and get it done. Your job isn’t going to dry your tears when they lay you off or fire you. They’re not going to give you more time off than allowed when your going through a tough time. If they don’t care, why should you? I’ve spent too much time caring about a position that doesn’t give two sh*ts about me. I know this, yet my struggle lies in the desire to be acknowledged. Stop wanting that acknowledgement and you’ll start to feel the burden of stress lifted off your shoulders.

4. Build your own support network outside of work: Do not commiserate with coworkers. They can’t be trusted and it can be construed as spreading gossip. Friends, family, online network of strangers on Reddit or blogs going through the same thing…these can be a great base of support when you feel like just giving up in general and stressed from work. Rome wasn’t built in a day and it certainly wasn’t built by one man. Being able to vent in a safe place is key and essential to your mental health.

5. Document, document, and document: some workplace bullying is illegal and discriminatory especially when it pertains to protected classes like age, sex, disability etc. The issue is that it’s not always clear up front whether you are being discriminated or not. So document everything. Make sure everything is in writing. If there is discrimination it will flush itself out as long as everything is documented and written.

6. Make an exit plan and stick to it: If your job is really messing with your mental health, the truth is you just can’t stay there. It’s ok to make plans to leave. How many times have I said “I’m going to find a way to quit,” and magically the job gets better and I decide to stay? This cycle has repeated itself so many times. But your mental health is NOT WORTH IT. Make plans to either find another job or build your own business.  Do something that will earn residual income or passive income so you can take a lesser paying job on top of that.  It might take a year, it might take 3 years but those years will pass you by faster than you think. Being perpetually miserable for a paycheck isn’t the answer so find a way to break the cycle and commit to your exit plan.

Overall, employment takes an average of 2080 hours per year. But that still leaves 6680 hours in a year to get stuff done and pursue your passion. Work isn’t the end all be all and if you get fired or if you quit, your identity won’t be lost. We are not what we do for a living.

My husband always tells me this when I stress out, “They don’t pay you enough to stress like this.” And he’s right, they definitely don’t. I’m not an executive or a director. Why should I be stressing the way they would about their jobs?

To sum up this blog post, working in a toxic environment is tough, probably tougher than working in a physically demanding environment. But finding ways to cope in a stressful job when you have no other options is essential to your wellbeing and mental health.  Workplace stress is not worth it.  Work, work, work and all stress would drive anybody crazy.

Check out my other posts!!

Office Politics: Win At The Workplace

Top 6 Ways To Maintain A Work Life Balance When Your Job Is Stressing You Out

My Job is Killing Me….

How To Live With Student Loans & Pay Them Off Faster

Hello my name is.

I have major student loan regret.  I’m not going to lie, looking back, I was not well educated on how loans worked.  I didn’t understand the financial repercussions of signing on for those loans.  In my mind, they were a necessary part of getting an education. I was a person that needed a lot of student loan debt help.

Actually, everyone was getting loans, so to me it wasn’t anything out of the ordinary.

I didn’t understand how much I had until graduated undergrad with about $20K in loans.  At the time, that seamed like a behemoth amount.  But it would only grow as I went off and took a risk going to law school for 1 year. By the end of that year, I finished with 49K worth of loans.

Still, I was in denial of how much in loans I owed.  I paid off a little here and there and sat on some unused loan money for a few years, while I was trying to build a safety net of emergency funds.

From the age of 18-24, I was not smart with money.

From 2011-2014, I was making small $200-$400 payments, it wasn’t until 2015 I realized I couldn’t forebear any longer and made my mind up to commit to the 10 year payment plan.  By that time, my debt had ballooned to nearly $60K. Mind you, the student loan payment for a 10 year payment plan for the average overall student loan of $25K is $280.

Until now I’m still paying a minimum of $871 towards my principle and interest.  But I’m working towards pushing and paying off my loans in bulk.  Earlier this year I paid off a $10K loan in full!

I’m lucky, I’m at $24K-25K in remaining debt, down more than half after deciding to get real about my student loan debt.  And in 3 more years, if not two, it will be completely gone.

Here are some tips to live with student loan debt.  Sometimes it’s inevitable to have to take out loans but we can at least minimize the shortfalls and reduce college debt.

  1. Pay Off Your Loans While You’re In School:

I had these stupid minimum wage jobs that brought in a couple hundred here and there. If I put at least 150 a month towards my loans, starting day 1, do you know how much of a dent that would have made in principle and future interest?  Whoosh, I don’t even want to think about it. Probably closer to 10K but I’m here not to regret and feel sorry for myself but to hopefully wake up a few other people who are still in dreamland about their loans!

2. Stop pretending you’re loans aren’t that bad.

Whether you have $1000 in loans or $200K in loans, you need to face them as soon as you’re financially able to.  Make a plan on how to pay or at least minimize your loans.

My sister is a great example of understanding how deep of shit she was in.  She went to two Ivy League Schools, Cornell for Undergrad and Columbia for Grad.  She was a smarty pants in many ways, and got a practical degree in engineering.  Still, her $70K salary doesn’t seem like enough to pay off her $125K in student loans from 6 years of Ivy education.

She was smart in the sense she worked during those years and put whatever she could working paid internships and hosting at restaurants towards her loans.  She saved herself thousands by doing that.

Though she makes a decent salary, she still lives below her means and drops 2K a month towards her loans.  That bad boy is going to be paid off in 5-6 years.  Considering the size of the loan, that’s incredible!

3. For Godsake, go to college for something practical!

I had a friend that started for speech pathology in college and spent two years pursuing that. Then she changed direction and decided to do performing arts, even though our school wasn’t a performing arts school.  She then transferred to another private college, lived on their Manhattan campus and finished her schooling there.  She finished with a liberal arts degree, because the other school she transferred to wasn’t a performing arts school either.

She worked a few years, then decided to go back to school for teaching.  She went back for another 3 years of undergrad or grad and is finally a teacher.

But OMG she is in too much debt.  Nearly $200K worth of debt with only a $50K salary?  Like how was this ever going to work for her? What was she aiming to do with all these changes and all these expenditures?

My friend is just one gleaming example of all the people I know who weren’t practical in choosing or at least funding their degrees.  I have nothing against less practical degrees like art, liberal arts, and philosophy.  But did she really need to spend $200K to get that?  Wouldn’t it have been better for her to just go to a community college first and then transfer?

I’m not perfect and I’m one of those people who didn’t think about the practical nature of my degree, Legal Studies.  But I made the most of it and got my real estate license through the course I took..  I realized that I couldn’t keep running from the hardness of finding a path and managed to carve one out through an opportunity provided from my education.

4. Live Frugally to Save Even Move Towards Loans

For me living very frugally felt like punishment.

“I can’t afford certain things because I made this bad choice and collected all these loans.”

Still to this day, I struggle with frugal living BUT you can take small steps to at least spend your money wiser.

I’ve stopped buying coffee outside like at Starbucks or DD. $1.95 3X a week for a cup of coffee adds up.  Over a year, that’s exactly $304 a year just on coffee.  With that money, you can buy a $30 coffee maker and 2 years worth of coffee grinds!  It just didn’t make sense.

I stopped buying frivolous things like random makeup and clothes to build a wardrobe that was already big enough.  I stopped going out to drinks on every occasion.  My socializing cut back a little bit, which kind of sucked.  But I invested in spending time with people who didn’t need to spend money to have fun, like my parents and sisters.

Cutting the non essentials was a hard change, but putting it towards my student loans was liberating.

5. Work a side hustle

I’ve never had a chance to tackle this but I would encourage this in anyone who has the free time or talent.

Taking on a 2nd job like Uber or working at the pizza place down the street can definitely help you.

Imagine taking on a part time holiday position on top of your 9-5 full time job.  If you earn an additional $600 a month, you can put all of that towards your loans on top of the payments you usually make.

This can help you make a nice dent in your loans and help you pay off your loans faster. I’ve heard of people paying off their large five figure loans in just a few years with this method.  Combine that with all the other methods we just discussed and that could be the way out of debt.

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Overall, I hope this post has helped you to realize that even though we had to take these godforsaken loans to get ahead, there’s no reason why these loans should keep us behind financially.

Wishing you all prosperity and financial wellness 🙂

 

 

How to Job Hop Successfully

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Millennials are set to be the majority in the workforce in the upcoming years, that is if they’re not already running most offices.

5-10 years ago I remember reading article after article about how millennials were disastrous for companies because of their lack of loyalty and lack of respect for hierarchy and systems. Employers were scratching their heads trying to wrap their head around how to retain the best millennial talent. “What do you mean, you don’t want to pick up my coffee and work your way up from the mailroom? But that’s how everyone starts?!?!”

At the time, we were job hopping furiously trying to find opportunities that fit our best interest. Some of us were smart enough to realize that spending 5 years in a mailroom after spending thousands on higher education just wasn’t going to cut it.

I’ve personally had 8 jobs in the past 8 years! That’s a different job every year! Of course some of my employment was short-lived while others lasted 2-3 years. But honestly I’ve never stayed somewhere more than 2-3 years! Yet I’m making close to six figures in salary and compared to other comparable positions, I’m at the top of my pay scale.

So after 8 years of relentless job hopping here are some thoughts on how to make it work for you.  Is job hopping good or bad? That’s totally up to you!

1)  Realize the bigger picture of your position. Think about how will this add to your resume.

The only time you’re allowed to have a lackluster resume is during those few years after college. Even so, the lack of experience will cause you to be scrambling for meaningful work or any work at all. Because of this difficulty some people settle for the first job they land. Some people end up in the service industry like bartending or waiting. Others end up at a dead-end office job getting coffee for someone at a company that no ones ever heard of.

Smart employees take these opportunities for what they are and plan their exit strategy. They take on more than their role so they can add some extra skills to their resume. They bide their time while a side hustle slowly flourishes into a reliable business.

2)  You are not entitled to a growing career just because you have a diploma.

One of the hardest truths I’ve learned is that I was the only person that was capable of growing my career. No one else. All the dead-end jobs I ever had, the managers and coworkers would have been just as happy to let me stay there for all eternity as long as I did a good enough job.

Advancement? Ha! If you can call a 2% cost of living raise advancement, I guess so.

It’s a hard truth to swallow because universities and colleges tend to brag about how 99.9% of their graduates find jobs in the field of their choice within 6 months. You’re raised to believe that if you don’t succeed right away, it’s your fault. You’ll talk to your college guidance counselor and they’ll just say, “just network more.”

So for me job hopping was the best way to be in control of my work situation and career. By changing jobs frequently I was able to gain the knowledge I needed and move on to greener and more profitable pastures.

I would sometimes feel guilty for leaving, like, “omg, they need me…I can’t leave.” And I think people, especially women, tend to view their work like friends or family and feel loss when it’s time to move on… but at the end of the day we need to look out for own best interest.

3) You can give yourself some major pay raises by job hopping.

With every job you’ve taken, hopefully they’ve helped you add to your repertoire of skills so now that you’ll be in a position to negotiate and market what you bring to the table.

Here are the job hops I’ve made to help you’ve visualize what I did to make sure that each job and subsequent “hop” turned itself into a payday.

  1. Office job- sales job selling and organizing the movements of goods: $30K, 1 year period.
  2. Brief stint as a rental broker $1200. 3-4 month period
  3. Business owner- cosmetic distribution company- $5K over 1 year.
  4. Perfume salesperson- on and off for a few years, 8K over that period.
  5. Target Associate $3000- 6 month period. (I was pregnant during this time, so just needed light and easy work)
  6. Receptionist at a new rental building- 75K over a 10 month period.  (This was a troll position and I was definitely overpaid, but it was a blessing during the time I was a new mother.  It ended after 10 months because it was a contract position).
  7. Real estate broker – Year 1 $6000,  Year 2, $30K, Year 3 $45K.
  8. Full time salesperson for developers $80K

So my jobs were pretty diverse and but the main focus is that I’ve done sales jobs for the majority of my 8 years and, during interviews and my resume, I was able to convey how all these different opportunities helped me grow as a competitive salesperson.

Of course some things were irrelevant like that very short stint as a rental broker and that time I had to work at Target to make ends meet but those experiences still keep me humble as to how far I’ve come.  In the end I’ve left the more irrelevant experiences off the resume.

Overall, I think that job hopping has become more normalized.  People are realizing that they are not being rewarded or recognized for they loyalty and dedication but rather, treated like replaceable cogs in the corporate machine.  When there’s nothing to gain from staying, what is there to lose from leaving?

For me, my experience job hopping has been confusing and uncertain at times.  I wanted to know if I was going to make it somewhere where I felt I was earning a reasonable living.  And I finally made it!

My one piece of advice is to look at the big picture of what you need and want and commit to that over everything and everyone else.

Wishing you all the best of luck on your careers.  Feel free to share in the comments below.

Feel free to read my other career related posts:

Top 6 Ways To Maintain A Work Life Balance When Your Job Is Stressing You Out

Top Lessons I learned In Business & As A Salesperson

Build An Eye Catching Resume And Get More Interviews

 

 

I Can’t Afford To Retire: Essential Tips On Filling The Gap

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I was on Reddit r/PersonalFinance last week, I was just browsing when I came across this  quote:

“There’s no insurance, no loans for retirement.”

If you’re short on cash to retire, well then you’re just SOL.  Straight up, prepare to be homeless if you don’t have family to help you out or are unable to continue working through your 60s and 70s.  It’s a rude awakening for so many of our elderly population.  I see older homeless people all the time and I wonder, “Why???”

When I think of my own retirement, I think about living in Florida, poolside somewhere in some assisted living luxury community.  I don’t think about the reality of just trying to keep my food costs down so I can pay the taxes on my house and not end up homeless.

The truth is that so many American families are living hand to mouth, check to check, that they are forced to decide between eating and saving for the future.  Where is the extra disposable income they can put in their 401K or IRA?

Here are some things to consider when trying to build a retirement fund.

Social Security Will Not Be There:

There are still some people holding on to the idea that Social Security will be enough. STOP IT.  There is not enough social security.  It is a Ponzi scheme.  And to be honest, to be a real conspiracist, Social Security’s main role is no longer to provide financial support for the elderly and other people unable to provide for themselves.  I mean, maybe that was never the purpose.  Social Security and their designated numbers are a means to track you for tax collection purpose.

I work with many elderly people to get them apartments and when I see their social security statements, I can’t even consider that income for the purpose of qualifying them for the apartments.  It’s a pitiful amount.

The other day my client Jenn had 1.4M between annuities, 401K and other investments.  She was sharp, I could tell she had been working her whole life.  She was earning $819 dollars a month from Social Security!  Try living in NYC with $819 a month, you wouldn’t last a week!  This is someone who probably paid into Social Security $100K+ over her lifetime and now when its time to collect she’s getting $819 a month? Something isn’t adding up…

Start Early.

Everyone tells you this but OMG this is the best and greatest financial advice anyone can give you.  At 18, nobody’s really thinking about their retirement.  They’re thinking about the future, “what career path will I choose, what will I major in at school?” But even putting $100 a month towards your retirement is a HUGE jump start.

I played around with a retirement calculator and here’s what I found:

When I was 18, I was working a shit job selling pretzels at Auntie Annes, working minimum wage.  I was lucky if I earned as little as 600-700 a month in pocket money.  If I started putting $100 a month into an IRA or 401K from the age of 18- 67,  I would have roughly $500K saved by the time I’m ready to retire.  And that’s ASSUMING, I don’t increase my contributions as my earnings increase over the years.  Not enough to retire.  But not a bad figure to start with.

Now let’s consider someone a little older:

Life got me good and I had all these expenses, children, a mortgage, an expensive marriage, an even more expensive divorce.  I wasn’t able to get it together until I’m 40 to start saving for retirement.  I would have to contribute $500 a month at the age of 40-67 in order to have roughly $500K saved by the time I’m ready to retire.  But that’s still not enough to retire with and at 40, time is no longer on my side.  I’ll need to double down and make monthly payments of $1100.  That’s the only way I can save enough so I have at least 1M available when I want to retire at 67.  I still don’t think that’s enough to retire on but you can work with that.

Moral of the story: If you’re able to start young (most people can) and save a modicum amount, you are still in a much better position than someone who is older and needs to play catch up.  Compound interest is a bitch like that.

Get a Side Hustle:

Money doesn’t grow on trees.  If you don’t have the money now to set aside for retirement, when will you?

“If you always do what you did, you’ll always get what you got.”

In this type of scenario, somethings gotta give.  You’ll need an additional source of income.  A lot of people reading this now are going to start shaking their heads thinking, “I don’t have money and I don’t have time.”

Well, make time because old age don’t feel so good when you’re broke.  The time to make a move is when you’re young and capable.  It might be hard, it might be challenging but side money is the kind of money you can put ASIDE for retirement.

Here are some ideas on low cost ways to make money:

  • Uber- Drive and get paid.  You already have your own car so thats already taken care of.  Keep track to mileage, maintenance and gas costs.  Hustle for tips.
  • Work a 2nd job.  Any job.  Work at the McDonalds across the street.  Let your kids hang in the seating area quietly if there’s no one to watch them.  Don’t worry if you get fired, it’s only a side job, so speak up for what you need and hustle until it works  for you.
  • Blog and Youtube- this is actually a very long process to build income off of.  I would only recommend this if you have the time and the means to do this.

Mortgage vs Retirement vs Kids College

The truth that none of the other retirement gurus really are able to touch on is that  99% of us will only be able to makes so much money in our life time.  Most of us are on a fixed income of salary and paying off fixed expenses.

A lot of us are still paying off student loans, we have mortgages, car payments, insurance costs and the list goes on and on.  This is just a reality for most Americans.  There might be some left over to save, but is it enough?

Probably not.

In this case it’s important to prioritize the most important needs first.

Mortgage- when deciding to buy a house, there are so many factors to consider. I’m not going to go into buying vs renting, that’s for another post, but here are my top tips on how to make sure the mortgage burden does not overtake the other financial responsibilities.

  • Live in the cheapest, smallest apartment you can comfortably manage. Of course you wanted the nicer and bigger house in the better neighborhood but you need to really consider your reasons for wanting that home.  Is it ego?  Is it an expectation you had for yourself?  Is it maintaining the lifestyle you had as a child?  It’s time to reconsider and evaluate your expectations. Times have changed, money don’t flow like it used to.
  • Only consider a more expensive neighborhood if it means a better school district for your children.  And even then, consider a cheaper neighborhood with the option of a good private school.  Compare the costs.
  • Small is good.  You can dress up small.  Trust me, I’m a real estate agent in Manhattan.  There’s no such thing as too small.  I’ve actually seen some charming 400sqft studios!  But more importantly, small is cheap.  You don’t need the extra bathroom, it’s just more space to clean.

Retirement: As I discussed earlier in my post, retirement is the main priority.  Make it so. Focus on maintaining a retirement fund that will at least allow you to maintain the same quality of life you’re used to.

Kids College: As someone who had to spend 12+ years paying student loans, I don’t think I want my children burdened with that same issue.  At the same time, I don’t think it would be fair for me to burden my children with my living costs if I don’t have adequate retirement funds.  Paying for the kids colleges is the least important financial concern you should have. It’s nice if you can afford it but the kids can take out student loans or go to community colleges, there’s no loan for retirement.

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To cut to the chase retirement is something we need to think about NOW.  Pensions and social security are out the window. They can be considered supplements but not a fall back.  Make efforts to educate yourself on what you need to do to meet your financial goals.

Wishing you the best of luck!

Check out my other posts:

Flashpass to Retirement: FiRE and LeanFiRe Strategies

Why I Budget and How to Budget: Personal Finance In A Nutshell

Motivational Book Club: The Total Money Makeover by Dave Ramsey