This post is mostly for the 70% of the U.S. population that lives paycheck to paycheck.
You need a much better financial cushion than a cardboard box. You need to make sure your “friend” isn’t making up stories about you to screw with you, because you dare talk goals and values. (See OTM)
Let me tell you about those tattle-tales. They’re as entitled as all get out.
Let’s get down to business.
- Work OT and/or earn commissions.
- I would contribute to my regular (non-IRA) brokerage account. You could/would/should contribute some cash to your Traditional IRA for tax savings. The tax savings and the cash you stashed away can be used to pay bills in the future.
- Cut up high interest credit cards. I believe cash is better than credit. 24% interest every month? Who sold you on that plan? Cancel credit card insurance.
- Move someplace less expensive. I’d avoid the ghetto. Find a suitable roommate. Don’t let some do-gooder try to let a meth head be your roommate.
- Make and monitor your budget. Read your bills. Read How to Save $1000 per Month.
- Eat staples (rice, potatoes, salads) at home. No ordering $35 pizzas.
- If you’re not a borderline minimalist, you could potentially sell lots of stuff on eBay, Amazon, and Offer Up.
- If you stick to this plan for weeks and months, your bank accounts should grow. This is not a reason to spend foolishly.
- Don’t be rushed or manipulated by phony friends, family, yourself, or talking heads. Let others worship talking heads and follow their “failsafe” bullshit. Don’t be rushed into bad deals or sales of your stuff for too little….
- Don’t deprive yourself of sleep or nutrition or safety.
- I wouldn’t start a degree program to get financial aid.
- If you get a second job, set aside some cash for taxes.
- If you want liquid assets that pretty much ensure freedom within years, I wouldn’t buy annuities or real conservative investments. (Know the fees whatever you decide.) I think a 1 1/2 to 3 month emergency fund is adequate.
- Be patient. Accumulate cash and allow it to sit until you can make a meaningful debt payment.
- Turn to your real friends and your MasterMind group for further pointers, alternatives to narrative, and objective what I’d do if I were you advice.
- Again, be patient. Don’t expect to build a business overnight. Learn what you need to learn ahead of time. You have to be patient with your stocks to. Look at the charts of recent growth stories.
- “Enroll” at this university.