These are your only choices for money

Don’t know what to do with your money? There’s only so many things you CAN do with it…

  • Spend it
  • Save it
  • Invest it

That’s really it. No other option.

Let’s break down each one.

Spend it

Ok, this is the fun one. Who doesn’t like to spend money? We all like to go on vacations, by a new toy, or go out to eat. After all, what good is money if you can’t spend it?

Save it

BOR—ING!! Why do I wanna put my money in some account, just so I can spend it later? No, I wanna spend it now.

Invest it

Again, not as appealing as spending it, but a little less boring… right? Ok ok, for most people this is just as boring as putting money in a savings account.

What to do? Decisions, decisions.

I suppose the decision comes down to what you want.

Do you want to have fun? Do you want to have money incase your car breaks down? Do you want to eventually retire?

These are all questions you have to ask yourself. Once you answer them, you will know what to do with your money. It’s that simple.

For me, it’s a little of all 3: Spend, save, invest.

1) I definitley like to spend it

I believe that working your whole life is pointless, if you can’t enjoy the fruits of your labor. Spending is fun! I enjoy vacations to the Caribbean, I enjoy going out with friends, and I enjoy not having to cook myslef.

2) I like to have money put away for a “rainy day”

I put some money in a high-yield savings account, so I have money if something happens. Things that are unforeseen, like:

  • If my truck breaks down
  • If my air conditioning stops working (Florida is hot, duh!)
  • If Uncle Sam wants more money from me that I didn’t account for

Who knows! There’s a million reasons why I like to have some funds available for stuff I can’t forsee.

3) I definitely invest

I do not want to work for someone else my whole professional life. I also do not want to work until the day I die; I want to retire some day. And I want to retire comfortably, and still be able to afford to travel and have fun.

My goals require me to invest. Why? Because it simply will not happen unless I can grow my money… make my money work for me.

Money does not grow on trees. It’s a limited resource. What you do with it, is HUGELY important for your future. It’s also important for your present.

I’m not here to tell you to stop spending. I would be a hypocrite if I did. Instead, I’m here just to enlighten you.

There has to be a balance between spending, saving, and investing.

1) Spend it wisely

Do you really need to spend hundreds of dollars every week? Do you really need to spend on a credit card if you don’t have the cash to pay it off?

I don’t think so! Credit card interest is a killer! It will eat you up and take your money. The balance grows if you don’t pay your balance off every month

2) Start with $25 weekly

I started off, years ago, by having $25 per pay check, automatically go to a savings account via direct deposit. Over the years that number has increased to $100 per pay check.

After a while, because it’s automatic, you don’t even think about it. It just happens, and you get used to living off of what gets deposited into your checking.

3) If you want to retire, you better invest

401K’s, IRA’s, etc…. they’re a must unless you were born with a silver spoon in your mouth. I know I sure wasn’t.

I don’t want to work until the day I die. This requires me to invest. There’s just no other way.

If your employer offers a 401K, take advantage. If not, consider an IRA.

Talk to a professional financial advisor if you don’t know where to begin.

I’m not here to tell anyone what to do. I’m just here to plant seeds in your head; get you thinking.

Personal finance is a lifestyle. There is a balance; I found my balance. Have you found yours?

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