RE: Just Admit It

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mightyrocklee in Finance and Economy • 10 months ago (edited)

Actually, It was harder for me to move from a weekly pay to a monthly one, and even now with all the investing/saving and bill pay automatized via direct debit and standing orders, sometimes I do go over the budget with the food and clothes money. And I just use a crypto card to get over the wage date with a little bump.

I learned about it the hard way, reading about the FIRE movement and MrMoneyMustache and JCollins blogs. We did not have a lot of info back then, maybe just some books from library. If you want to learn about finances, you will learn. I make it into little games and quests with my underage nephews.

Now it is so much easier, with a basic income, you can literally achieve financial independence by the age of 30-40 instead of retirement at 67. If you start saving and planning by the time you are 18. No excuses. But, you may also need to really work hard for it, and delay some rewards and holidays for later.

10 months ago in Finance and Economy by mightyrocklee

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tarazkp 10 months ago

Actually, It was harder for me to move from a weekly pay to a monthly one

For sure it is harder. But, it is also something that can help people grow. In Finland, most salaries are monthly, with only some blue collar workers and kids in fast food getting paid bi-weekly. That tells something, doesn't it?

If you want to learn about finances, you will learn.

Exactly!

I make it into little games and quests with my underage nephews.

And this is awesome :) If you have some examples I could use with my daughter, that'd be swell.

If you start saving and planning by the time you are 18. No excuses.

And this is where it all can start (or before). But the "only young once" paradigm seems to be well into the forties.

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mightyrocklee 10 months ago

You need to learn about the marshmallow test, when you can have one now or two 10 minutes later. Actually delayed gratification is a skill that can be learned. Ans it is paying of greatly later in life.

I do little choices like on your birthday do you want me to pay you £10 in cash or to transfer £20 in your saving account (that he can access at 18). He always choose 20. Or if any of them needs lets say £200 for a bike, I will be like, save money for a month and i give you as much as you saved towards your bike. Stuff like that.

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