You Choose Which by How You Use It

This is the next to last page of Maya’s graduation book. I wanted to be sure to include practical advice about money. Over my many years, with many friends, young and old, money is a tough topic to handle and manage well. Working hard is one thing – learning, accomplishing, even building the life you want – watching it all fall away due to poor money management is one of the worst lessons to learn the hard way.

All of us at one time or another have hit hard times, tight times, phases of life when we didn’t seem to have enough money. It can feel demoralizing and depressing, leaving you to believe you are a big fat failure! No one who has accomplished anything has ever had completely smooth sailing when it comes to money. EVERYONE has to deal with their own issues and spending which can bring you to your knees. Money comes and money goes. Bills go down, bills go up. That’s life, that’s being an adult.

The economy, rising costs, increased interest rates, all of that is beyond our control. What we can control is our debts and our day to day money management skills. It is worth the effort and energy to learn how to manage money. Understand how a 401k works, how to invest, how to save, when and what to save, what you need to keep in reserve AND how to live within your means. I heard this saying once and it stuck with me: If your outgo exceeds your income then your upkeep will be your downfall. Truer words have never been said.

I am not going to become your financial advisor, I am going to suggest you find one – someone you trust – and start talking openly about money. Parents are not always the best resource as they may not be able to talk to you like an adult. Find a friend, financial advisor, or ask other people you trust how they handle money…just keep talking. Ask them tough questions and then listen. When we begin to hide our money problems, our fears, our mistakes and budget dilemmas, THAT is when financial problems start. Debt is not a good thing, it presumes you know what is going to happen in the future…which is NEVER true.

So Maya, I hope you have a savings account, your own checking account, and that you save more than you think you need to, starting now! Stick to your goal of getting out of college debt free. Spend your time with financially responsible people, and learn to say “No thanks, that’s not in my budget this month” when you are pushed to spend beyond your means. Being able to stand on your own two feet means being responsible for your money. Start now, don’t wait. Money can be your greatest gift or a disastrous burden, you choose which by how you utilize it. So start learning now…and never stop saving!