Lets Talk Coins
Happy New Year.
I don’t know about you, but I just 2022 to come in quietly and sit down. Don’t touch anything, don’t be too loud, and hopefully, we won’t have any problems.
The new year also means new goals, one of those being to become more financially stable. I will begin by saying if you are trying and not where you want to be due to lack of decent pay and institutional oppression…same sis. Discussing financial stability without calling out the harmful capitalism that hinders the majority of our population is not only dangerous but insensitive. Over 70% of the US population is one missed paycheck from homelessness. The question becomes, where does one find time to save when you are trying to avoid homelessness or housing insecurity?
Many of us do not, so I am not going to write this article unaware of our reality because I as well have found myself a paycheck away from homelessness. However, I will give tips to leverage any savings and income that could be used down the line towards investing and emergency funds! One of the most significant mindset shifts that have helped me is not feeling bad about falling on hard times, especially after 2020. We saw that you could have it all together, and then out of nowhere, you get hit from left field with the global pandemic.
Once you have given yourself the grace of letting go of the guilt of not having it financially figured out, I would recommend stopping listening to all these cishet white men about money. Significantly, those who do not acknowledge the institutional oppressions that hinder financial stability. After we do all that, I will put you on some financial literacy game. Oh, and again I am not a financial literacy expert, but this is stuff that has worked for me in the past and tips I have learned from experts:
1) Don’t have all your money in one account. We know hacking and fraud are real, but even if you have to dispute a purchase, it is better not to have all of your income in one account.
2) Bank accounts should have the money that is for your bills! PERIODT. Everything else should be placed in an HYS (high yield savings account). When your money is in the bank, it is not working for you, but at least in an HYS account, your money is earning interest. I recommend this if you want to keep your cash accessible but still earn a little something on the side.
3) It is reducing debt. This one is difficult because our country operates with the notion that you should get into more debt to purchase oversized items that will put you in deeper debt. You need debt to prove you financially responsible…ironic, isn’t it? Budgeting and calculating which debts need to be paid off sooner can help with not racking up interest.
4) Investing. Now investing is different from trading. I am not talking about staring at a screen all day; I am talking about putting your money into companies and organizations that you are aligned with and letting your money grow.
5) Live. Listen, there are times when we have to save a little and maybe eat PB&J sandwiches for a month. But don’t be afraid to spend money on the experiences you want and need! I encourage you to find out what those experiences or items are budgets them out accordingly.
Listen! YOU GOT THIS! I know it is complicated and mentally taxing to focus on money, but these are the thoughts and conversations we need to have. In 2022, I wish you much financial wealth, and I hope you continue securing the bag.
