Good evening friends!
So as I was perusing the Internet this evening, I came across an awesome article via Black Enterprise magazine that asks a question that many young women *and men* my age ponder daily — are we behaving wealthy? As a a proud member of Generation Y, I have many aspirations to be a wealthy individual — not only to have nice things, spend vacations in Argentina and take care of my family, but to assure that I have a full grasp of how money works domestically and globally. Financial competency is vital in this day and age, and the only way to know if you’re becoming smarter with your money is by utilizing several available tools and of course, making a few mistakes along the way.
Author Robin Young lists seven signs of wealth behavior:
- How many different credit cards do you have in your wallet?
- What is the value of your purse and its contents?
- Is your cash organized by denomination and facing the same way?
- Do you have an up-to-date daily, weekly, or monthly to-do list in your purse?
- Do you have protection plans on the electronic devices in your purse?
- Do you have an emergency card in your purse?
- Are your receipts and important papers (in your purse) organized by category?
I surveyed myself and noticed that of the seven signs, I only had personified three (don’t judge me just yet!). Granted, I did just graduate from a private university eight months ago, and I did commit the ultimate undergraduate no-no (I got a credit card my sophomore year — *face palm*) but now that I’m staring 23 in the face, I’ve come to the conclusion that it is time to become much smarter about how I spend my money, how much I’m saving monthly, and most importantly, understanding what I need to do in order to get the bang out of my 401K once retirement comes.
The article lead me to the website Women Behaving Wealthy that looks like a great resources for those young ladies (and gents) who are looking to get wise about their greenbacks. There are so many tools online that we can use in order to track finances (mint.com is my personal fave) as well as using online tools that your financial institution provides.
I figure by the time I turn 25 (two more years — yikes!), I should have all of my credit card debit paid off, knock a nice dent into my college loans (oh, Sallie Mae) and have a steady amount stacked in my savings account. And trust me, I totally understand that emergencies happen, but what better way to be prepared for a rainy day than with a sturdy umbrella?
There are so many financial gurus that stay on CNN and MSNBC, so while you’re flipping the channel looking for the latest episode of RHOA or Jersey Shore stop for a second and see what they have to say. Pick up the NY Times or Wall Street Journal in the morning while you’re on your way to work or skim through the Twitter timelines of @CNNMoney or @FortuneMagazine to get the latest news on money markets here in the states. And with everyone constantly connected to their smartphones, I am certain that there is a managing money app that meets your exact needs.
Scared money don’t make money, so get smart about yours now!