A Tale of Caution to Avoid My mistakes
I talk more about this whole situation here or keep scrolling to read. 💻
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This is life advice beyond that of just a developer earning a lot of money and should be preached more.
If you're earning 25k/year and are surviving somewhat month to month and find yourself in a new job earning a lot more, yes, grant yourself some enjoyment with the increase in earnings, but also remember that you were surviving on the lower salary and therefore the increase is money that you can use to save and invest, without impacting your current financial situation.
I made similar jumps in pay in the past year, the first helped me to start getting debt on track, and the second is being used to, mostly, save and invest. I've never felt as financially secure in my life and it's a wonderful feeling, not worrying about the next paycheck.
It really allows you to focus on your family, job and daily life more.
Absolutely, totally agree! I wish I knew a little more than money before I got it so fast...
Nice post. I've shot myself in the foot before on a number of occasions. I try to avoid it now that I've learned my lesson. I haven't used a credit card now in over 20 years as a result.
I have never got a credit card after that as a result.
I will jump and defend credit.
It is a smart way to use your money to generate more money as long as yield of your investments are greater than the interests your are paying.
I mean, seriously, you can put all your wage to work and live on credit... as long as your total debt is lower than your total savings.
Just credit cards! Not all debt is bad but here in Ireland there is no bonus for having a credit card. No nice rewards and it doesn't impact your credit score that much (unless you're bad with one).
Credit card interest rates in the U.S. are 17% compounded daily, if one makes only the minimum payments the cards are never paid off. To put one's money to work it would have to earn more than 17% to have a positive cash flow. I see no way to do this consistently.
Great post though I just started acquiring financial knowledge and getting more into it.
Here is the book The Richest Man in Babylon I think will enough to change one mindset.
I got gifted this book a few months after this believe it or not 😂
Very important article! thank you for this!
Glad you think so 😁
Sound advice, thanks for sharing your story!
Thanks for reading!
A valuable life lesson good read I guess you learned from your mistakes back then :)
you were a lucky one to learn this lesson in such a fortunate way.