OUR first paycheques are always special. After years of spending our parents' money or surviving from that allowance from a part-time job, one day in our adult life we will see the magic words “Your salary has been credited.” Regardless of the amount or the company, this moment is always special.
But being able to earn our own buck is like discovering a new land of excitement coupled with infinite spending opportunities and the enthusiasm to have it all.
This is the part where most of us struggle. Sure, we deserve a little glamour just like everybody else, but nothing is wiser than to be wise with the fruit of our sweat, blood and tears.
I, myself, am still in the process of mastering the proper way of living in this newly discovered land, but let me share with you my own hack that works by far.
As heaps of friends will advise you to invest on things like stock investments, let's start with the basic. And that is to always remember that what is important in saving is not the amount, but it's developing the habit of saving.
Be mindful of the "50-25-25" rule, which means that your income should be divided into 50 percent for savings, 25 percent for business start-up, and only 25 percent for expenses.
Feels like this is too much? The good news is you do not need copy and paste the exact model, but the principle. You can switch up the percentage based on your convenience and on your income capacity. You can start with a small amount saving allocation and increase it deliberately later on.
Carefree spending gets in the way of saving and the inclination towards instant gratification. Trying out new food, places or gadgets as your income goes up can transform into a habit that could develop and hard to do away with even to a point of insufficiency.
“Nung mas maliit ang sweldo, okay naman. Nung medyo lumaki, nagkulang na, nanghihiram pa. Weird di ba?" Thus, be more mindful.
And of course, in this era when the cost of living rises up violently, using your flexibility as a true-blue millennial to create multiple income streams is an advantage.
Never get your eggs from one basket. Having one source of income is discouraged. You need to generate income for the short-term, medium-term and long-term.
Maybe not everyone can operate an online or start-up business right away. Not everyone has the discipline or probably the know-how to begin one. But at least having an entrepreneurial mindset and pulling out from your own set of skills will surely be a good kicker.
#YOLO? You only live once. Sure! So maybe it's best to be wise and practical.
Stay active until our next chat!
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Need more tips in life, career and beyond? Invite me to speak in your event or reach me at "Coach Pat de Leon" on Facebook.