All in Financial Basics
What's fun about commitment?
When we have our life to live
Yeah, we're just young dumb and broke
But we still got love to give
I'm sure by now you've heard of Khalid's latest single, "Young, Dumb and Broke." It's pretty catchy and once you hear it, it's hard to get it out of your head, but there's a lesson in his lyrics if we look closely.
There are these billboards on the highway close to where we live that says we spend more time liking photos on social media, than planning for retirement. This sounds scary to me. I will also be the first to admit that sometimes I get lost on social media. I've learned to strike a balance though by using a financial app that's as easy to use and as aesthetically pleasing as the feeds I see on Instagram.
Money is just a tool. It is neither good or bad. It's value comes from how it is used.
BUT...depending on how you grew up, you may not think of money that way. Money may be a source of fear. Money may be a source of strength. Money may conjure up good or bad memories.
Most people live for the 5-10% pay increase every year. Many think they deserve the increase for putting in another year on the job. The reality is that most of the time this increase is typically eaten by lifestyle inflation and taxes and does not result in incremental wealth.
At Sisters for Financial Independence, we are broadly terming financial independence as the means to replace a wage income (9-5 salary) with income from an investment portfolio. It is generally passive and it comes regardless of how many hours one spends at the office.
