What aren’t you saving for?
Getting a college education is supposed to teach people how to carry themselves through civilization. A college degree is a sacred instrument that equips people to have white collar jobs and handle other people’s money. This sounds all fun and peachy, until you actually speak with the graduates.
I am a college graduate myself. I have a degree in finance, and I work as a financial planner. I’ve already stated how incapable I’m to hold the pen and put down my thoughts. But I’m trying my best to find my footing in the writing world. My views on finance, albeit naïve and raw, can shed some light on bigger concerns relating to money and society.
My opinions on saving, budgeting and finance are just starting to come into focus. What I’ve realized over the past two years after getting out of the ill-clutches of bankruptcy, is that in spite of being a finance professional, I lacked perfection with my finances, and there are undoubtedly numerous people who are even more deficient than myself. My views on this topic can be summed up in a quick story.
Post bankruptcy filing, I took the responsibility of an accounts manager in a restaurant besides working as a financial advisor as I needed more money. One night, a really average and typical hospitality night, a co-worker walks up to me. He knew that I worked two jobs and he said “Man, you must really be able to save some money.” I responded that I was able to save some money. His second comment is one that has stuck with me for months now and caused deep personal reflection on the way money impacts our societal beliefs.
“What are you saving for?” he asked. Really? I thought about it for weeks and came to the conclusion that saving an amount of money for a specific tangible item should (without a doubt) be a mindset that expires at the age of 15. A college degree, if for no other purpose, should teach students what money should really be used for. Writing a non-humorous Christmas list when you’re 32 years-old is comparable to saving all your money for a material purchase in your mid-20s.
People spend a lot of their existence working to make themselves comfortable. A more progressive and positive way to view money is that of it being a resource to avoid massive financial fluctuation. Consistency and calculated spending is ideal for controlling the input and output of funds. Taking note of transactions can help with regularity in personal savings and increase victory in the margins. This directly contrasts the idea of saving a lump-sum of money to spend it all on a tangible purpose. Money is more sacred than a quick acquisition resulting in purchase, and serves as the foundation to our livelihood and the stability we have later on in life.
I feel my knowledge and opinions on finance are modest, and that is why I will continue to read and write about the topic (and of course share with you guys). For now, I think my strong belief is that people should save to not spend on something specific, rather than save to spend. This is a simple financial opinion, but one that can be understood and utilized by people of all workforce stature.