C-1. The Rewards of having accumulated a $10K starter emergency fund
The best outcome requires you to stay the course. Be encouraged, many people will say it is impossible, but keep pressing forward. You will have increased your leadership potential once you successfully fulfill the goal of saving $10 grand. Achieving this goal will give you the confidence to make big things happen in your life and in the lives of those who you are responsible for in the future. Many of us who achieved it wished that we had started in our 20’s. Believe us, you will be so proud of yourself for getting this done!
C-2. Woulda, Coulda, Shoulda
If you wonder why we are providing you all this information, then here’s the reason: Failure to control money is one of life’s primary regrets. Stated in colloquial terms, later in life we all reflect back and many people say, ‘woulda, coulda, shoulda’ typically in regard to their handling of money. If you get a ‘good grip’ regarding money in your 20’s, then perhaps you will have fewer financial regrets later in life. Be bold! You can do this! Just get started with $100. Overton Leadership Associates wants to see you not only win with money, but Dominate it! In closing, Resist the temptation to overspend. When you are in your 60’s, 70’s and 80’s, you will be glad that you didn’t waste so much of your hard-earned money.
C-3. You can avoid living paycheck to paycheck
A fundamental accounting principle says that revenue minus expenses equals net income. Therefore, the only way to stop being broke or stop just getting by due to living paycheck to paycheck is to earn more and/or spend less. That means working overtime, earning promotions at work without spending the increased income (aka avoiding lifestyle creep), minimizing spending on nonessential items, working a second job (hustling to get ahead), selling things that you do not need, establishing a sideline business, etc. Hoping, dreaming and wishing will not get you there. No one can do it for you; either you are committed to sacrificing in order to save $10K or you are not.
C-4. Yes, some people have money without having sacrificed, but that doesn’t guarantee that their life is perfect.
It’s important to acknowledge that some people are born into wealthy families; some marry into wealth; some have the talent to become professional athletes and celebrities, and some people win the lottery. Those are legitimate ways to become wealthy, but very few people fall into those categories. Also, remember that wealth does not always mean success, because wealth can be given while success has to be earned.
C-5. Is it really possible to get ahead without being a pro athlete or celebrity?
Stated plainly, the majority of people who get ahead financially (become successful) in America are not movie stars, they are not famous, they will never be on tv or perform at a sporting venue or entertain you at a concert, and you will likely never know their names. Those millions of unknown successful individuals primarily follow this type of script: 1) They use Education and Training to Manufacture an In-demand Skill Set, 2) they then Work hard and earn promotions for Decades, 3) simultaneously they Save, Invest, Minimize Debt, and most importantly they 4) Own one or more Successful Businesses. Here’s another perspective: there are more than 300 million people in the United States. Most live their lives without being on tv or becoming famous while striving to become financially successful. If you want to win with money, consider following the script that those millions of unknown people are following instead of comparing yourself to the tiny number of rich celebrities and professional athletes. This is real life—attack it and drive it in the direction of a positive financial future that is fully within your means to accomplish. It will not be handed to you, but you are capable of making it happen. The first step is a commitment to work instead of dreaming and hoping that someone will just give it to you.
C-6. Where does technology fit in?
We all know that money has been around for thousands of years. Furthermore, saving money existed well before apps, phones or computers were invented. Therefore, it’s important to acknowledge that saving $10K is really just basic math, not rocket science. While using technology is acceptable, please do not let advertisements, promoters, endorsements, and commercials persuade you to believe that saving $10K is complicated or that you must download apps, create electronic spreadsheets, buy a more expensive phone or purchase any type of financial product or technology upgrade in order to save $10K. You don’t need to discuss anything with bank representatives or any financial organization in order to save money. Just as influencers persuade you to buy certain products, financial institutions promote and advertise in order to get your business. There is nothing wrong with companies employing that strategy as it is a valid principle of marketing, but if your goal is to save $10K, then you don’t need to spend your time or your money on things or products that are completely unnecessary when it comes to the goal of saving $10 grand. Your brain, pencil and paper, perhaps the calculator located on your phone, and the discipline to consistently take action (hustling, working extra hours, cutting back on unnecessary expenses, etc.) for the long haul are all you need to handle this basic math task. Despite the prevailing belief that everything requires technology, the reality is that technology is just a tool (just as a cordless screwdriver performs the same function as a manual screwdriver) to improve accuracy, enhance efficiency and/or perform complex operations. It’s crucial that you ensure that neither technology nor influential commercials replace your highly capable brain. Stated succinctly, do not allow paid advertisers to convince you that things that have been done for centuries (writing, saving money, raising children, etc.) are beyond the capabilities of your mind and thus require technology. We know that it is difficult for some young adults, but it is important for you to do your own research using a variety of credible sources to avoid being sold things that you don’t need and/or being told that you are not smart enough to make decisions without technology. Do not misinterpret what is being said because we embrace and use technology every day. It’s just that technology is only a factor in our decision making, not the sole answer because we also consider other things such as book knowledge, past experiences, world renowned experts, older family members, and history as well. Finally, despite widespread confusion in terminology, investing is not the same as saving. We will leave it to you as an exercise to research the distinctions between investing and saving. To be clear, successful stock market Investing requires some tech; Saving $10K does not.
Learn more at Overton Leadership Associates blog titled, ‘Young adults: Got a full-time job? Time to start using the power of 100: Part D’