Very soon, you’re going to see a friend or an acquaintance flex their new iPhone duo.
When that happens, it’s extremely important for you to tamp down on that little voice in your head which will beg you to get one as well.
As someone who comes from a middle-class family, I cannot stress enough on the importance of making good financial decisions.
When I was growing up, I used to ask my dad why we didn’t have a car. Why did he not let me buy that shiny new PS4. Why did we never go on foreign vacations like my other friends?
And every time, the response was the same: “Beta, we need to be frugal with our expenses so that we never have to cut back on things we really need in life.”
Here’s what that meant:
- Sending me to the best convent school in the city
- Buying things that helped me develop my skills/ learn new things - like a DSLR when I wanted to get into photography
- Paying for my 15 day exchange program with a top Irish school when I got selected as a part of a 15 member cohort out of my entire batch
(Even if he’d never himself gone abroad. (And he still hasn’t))
Back then, seeing my rich friends waltz into school in their shiny BMWs while I used to have to carpool used to make me a little sad.
But today, as I’m becoming a little independent and working full time, understanding the harsh realities of life, I’m extremely grateful to my father and I’m proud of the decisions he made.
While I strongly believe that you should spend on experiences and learning new things, buying a $2000 iPhone when yours is working perfectly well is not justified.
It might not matter if you’re making over $100K a month, but most of us aren’t making even 10% of that, and with the way world economy is right now, we need to act more like boomers and save and invest aggressively.
Spend wisely. Be willing to learn new things every day. And save and invest as if your life depends on it.
Thank you, dad, for everything you’ve taught me.