I often get asked how I was able to afford what I have. Both of my parents worked, I'm not a trust fund kid and I graduated from a state school. I thought I hit the jackpot when I landed my first entry-level position upon graduating. That only paid $42,000/year.
When I was a kid, around the age of 9, I started a slushie business out of the kitchen of the townhouse I lived in. Kids would knock on the back door and ask me for a $0.50 slushie. My dad helped me manage my cost, I surprisingly did very well. He taught me all about income and expenses.
That summer I opened up my first savings account, which I put my first $500 in. That's 1,000 slushies. And I would sell out on a daily.
On my birthday that year, my parents ended up getting me this blue electronic scooter. I legit thought that scooter would have been tax-deductible. Sure, it cost them money upfront, but it had a little trunk in the back with a lock that I could fit at least 4-6 slushies in at a time. I was going to step up my game!
That summer I also learned about competitors. There was another kid in the neighbor who wanted to sell slushies too. I'm the only one who stayed in business. I was the O.G.
The point that I'm trying to make is that from a young age, I learned about making money and saving money. I've always been the type to have money coming in, someway somehow.
I had two jobs in high school, not because I needed to but because I loved making money. I don't even think I had a way of getting there but I took the jobs anyway and made it work!
By the time I went to college, I was able to still do those jobs over summer and winter break.
When I was in college I had multiple jobs as well. I juggled at least four jobs and a full-time class load. When I say, I always had money coming in...
I always had money coming in.
There is a misconception about being a broke college student. Students aren't going to be making a six-figure salary. We aren't going to be making the type of money to throw at our 401k's. But I think many college students give in to that lifestyle of being a broke college student.
My husband made $65,000 one year from working two jobs and having a paid co-operative opportunity. He was still enrolled in full-time course work at this point as well.
Both of us had to mindset to continuously generate income. We both had the mindset of saving. We both knew earlier on that for us to have the nicer things that we wanted we needed to work many jobs for now.
Even after graduating, our income increased but our mindset never having changed. We both had to generate multiple sources of income. You need to have a side hustle or 2...or 3. My side hustles were baking and wedding planning. I planned events and baked cakes.
From those side hustles, I stored almost all my money away in my savings accounts.
When we decided to buy our home, I was only 23 years old at the time. In 3 months, I saved $15,000 off of my $42,000 salary alone.
You need to be able to know how to save, budget, and track your expenses. You need to be smart about your money choices and think about the bigger picture. You need to have discipline.
We are not a family of professional athletes, lawyers, and heart surgeons. I'm an accountant for a small company and he's a Tech Consultant. We have our debts - plenty. But we also know the value in what it takes to achieve the goals we want to reach.
Leave me a comment below on whats hindering you from your savings goals!