In my newest video, I embrace the #MambaMentality when it comes to savings and investing! I review money saving tips for everyday life in 4 key consumer expense areas: 1) Housing, 2) Transportation, 3) Entertainment/Clothes/etc, and 4) Food. I liken an aspirational mindset of a 90% savings rate to Kobe Bryant’s Mamba Mentality when it comes to optimizing our personal finances and being mindful about our spending. Once we achieve a good starting point of savings as we cut down on expenses, we can then put this money to work in our investments!
While the Coronavirus has been a nightmare, there are also some silver linings in saving on commuting costs and maybe forcing us to eat at home more, which can lead to saving and not overspending on restaurant food. People like Pete Davidson of Saturday Night Live (SNL) and as of September 2020, over 52% of young people live with their family members to save money and share housing costs. I borrow from the movie Glengarry Glen Ross’s “Always Be Closing” to rephrase the idea of hustling as “Always Be Optimizing” as a millennial generation.
To summarize, I emphasize 4 words that happen to start with S. To Save Money: 1) Simplify what you really need in your everyday life, and prioritize 2) Staples in affordable and high quality food and clothes. To Spend Less: Buy less 3) Stuff for stuff’s sake, and only commit to the few 4) Subscriptions in streaming services, gym memberships, etc that you actually use. The use of so many streaming services and food delivery apps can lead to costing you and your community more money and preventing high savings rates. Let’s be competitive with ourselves to decrease our living expenses while saving to achieve financial freedom someday. Delayed gratification is the juice of life that is worth the squeeze! And we don’t even have to wait forever to enjoy our savings and investments: by not spending it on frivolous stuff, we can make our money go the extra mile when it comes to people, cases, and experiences we care about most.
I’m excited to be on a path to FIRE (Financial Independence, Retire Early), and I look forward to making more investor friends. Connect with me on Instagram @michellemarki. 🙂