Money. One of the most important aspects of life, and also one of the most taboo. We’ve all been taught messages about money from an early age, whether stated explicitly or just observed. My dad taught me the importance of a strong work ethic and to avoid going into debt at all costs. My mom was a master in the art of frugality: she was always clipping coupons, making meal plans for the dinners she would make each week, and even became a “mystery shopper” so we could eat out occasionally for free. She sewed clothes for me and my siblings, and I never saw her shopping for nice things for herself. We only went on a total of four or five vacations, which consisted of going camping in Northern Arizona or driving to the nearest beach in San Diego. Though we lived simply, my siblings and I never felt like we were lacking anything. We had a wonderful upbringing with parents who loved us.
As I got older, these lessons are the reason I started babysitting at age eleven, and got my first “real” job at age fifteen. It’s also why I decided to take a full-ride scholarship to the nearby state university, rather than take out student loans to go to a private college out of state. As I graduated and entered the job market in 2008 at the beginning of the recession, I still believe this is one of the best decisions I have ever made.
I have always been good at paying my bills on time, and making the matching contribution to my 401(k). However the importance of saving was not a lesson I had learned yet. I have been living paycheck to paycheck for years; saving no more than two month’s worth of expenses.
Now in my mid-thirties and living in Los Angeles, I realize I am so behind in the savings game. More than a decade’s worth of compounding that I can never get back. As LA has the most unaffordable housing market in the nation, I need to make some drastic changes to my life if I hope to purchase property someday and have enough for retirement.
It’s better to start late than to never start at all. As a woman who makes her own money and is making her own future, I’m excited to finally take accountability for my financial education and build wealth. This is my journey towards financial independence - I will be learning how to drastically cut back on my spending, aggressively pay off credit card debt, max out retirement contributions, and how to invest wisely. I look forward to hearing from those who are at various stages of their own journeys!