Financial Wellness: Achieving Independence and Emotional Wellbeing as a Millennial

Through disciplined strategic savings, work ethic at a young age, (babysitting, fry cook at a baseball park, helium balloon artist, retail worker at 2 stores, stylist at 2 salons, bridal hairstylist) aggressive debt repayment (got my self into 10K of credit card debt) and the constant billboard announcements from my parents of "renting is throwing money away" (face palm) I was able to achieve a feeling of financial freedom with a net worth of over $200,000 by the age of 33.

I purchased a 1,441 sq ft townhouse with a one car garage in Waterbury, CT as a foreclosure in 2013 for $75,000.

Mind you I did with my highest level of education being a High School Diploma and a Cosmetology License. #richgirlnation #licensedtocreate

My superpower is being obsessed with saving money (we got that #moneytrauma here). I saved every cash tip that I got from every single client. I saved birthday and holiday gift money - to the point that it would "annoy" family members that I'd just put it in the bank. **

I had accumulated enough cash by the age of 19 to buy a brand new honda crv, 22k (enter second face palm - Could have bought in cash but it was too challenging at the dealership to accomplish because "no one does that, you need to build credit so you can buy a house because renting is throwing money away.) This wealth journey has not only provided financial flexibility but has also greatly enhanced my emotional wellbeing, reducing stress, allowing for mindful living and giving me the confidence to pursue my goals and dreams without financial anxiety. In an article I read from Money With Katie; found I am part of the 13% of Americans who have a higher net worth that find it comforting to hoard cash in a High Yield Savings Account (HYSA) and be able to have it available at anytime as my remaining assets are tied up in our current property. I'm a saver. I require a certain amount of money in my "well(thy) account" to feel at ease.

Technical High School was the place for me. Never really had thoughts of college, I had always just visualized myself doing hair. Tech school in CT allowed me to have my hair license at the sometimes questionably young age of 16, for a grand total of $500.

The cost of 8 mannequin heads, scissors, combs, a blow dryers, perm rods... all the things you needed to start a career. That is for sure a no brainer.. rationalized it as a 8th grader as Mom does it, makes great money-parents built a house and we got to go on vacations. #nailedit.

Dad taught me to sit down weekly and balance the checkbook. Every week. on Sunday. I got to help with the calculator. Thinking about it now; really should have had a calculator that printed the receipt paper...

My husband and I now have debt together, once we got married back in October 2023, we combined bank accounts. I took on his student loan debt ** The gracious gifts we received throughout our relationship had always gone to a vacation fund and since we've combined finances, they go to debt repayment. (screaming in the car rage kind of feelings) The student loan debt that he accumulated after listening to his parents repeating to him from a young age "if you don't go to college you'll be flipping burgers at McDonald's." (face palm: depending on your geographical location you now can make $20/hr working at some McDonald's; don't throw shade at that!) All that to say and they didn't share with him anything about what it meant to take out loans and be in debt. They never told him the angst it would cause him years later after signing his name to take out $28K at multiple varying interest rates. My in-laws never had a conversation about what do you with your financial life, it was unspoken expectations that you go to college and then do what? He had no idea. My parents were influential in my money mindset on setting goals whether that was a goal or maybe it was the in their strange ways of drilling the importance of savings into my adolescent skull)

We are utilizing our talents pooled together and came up with an idea of Ramit Sethi and Dave Ramsey to pay off the remaining 20K in his loans and 200K in our primary residence. We (the royal we as hubby would say) hopped on the crazy sellers market trend in 2022. Sold the townhouse, which had doubled in value, and moved to a very small farm community in Litchfield County. Bethlehem, Ct. Christmas Towne.

It is possible! You can achieve a state of financial wellness that balances responsibility with enjoyment. Implementing these tasks will help you take control of your finances, reduce stress, and work towards a secure and fulfilling financial future. These work phenomenally better when both partners are involved if you are in a committed relationship

• Practicing Mindful Spending Make intentional spending decisions aligned with your values and goals. Before making a purchase, ask yourself if it aligns with your priorities and long-term goals. Be practical and simplify differentiating between needs and wants to guide your spending choices. Mindful spending ensures your money is used in ways that genuinely enhance your life, helping you avoid unnecessary debt and regretful purchases.

• Allocate Priorities in Your Mindful Spending Plan Identify and categorize your spending into four key areas: Fixed Costs Investments Savings + Sinking Funds Guilt-Free Spending / Permission to Spend Calculate your monthly income and allocate 60% to Fixed Costs (rent, utilities, groceries), 5% to Investments (retirement funds, stocks), 5% to Savings (emergency fund, future goals), and 20-30% to Guilt-Free Spending (hobbies, dining out). This approach ensures that your essential needs are met, your future is secured, and you still have room for enjoyment without guilt, you have given yourself permission to spend! If you want that cup of coffee or to take yourself out to lunch, go fit it. No need for Chitta Vrittis.

xoxo

Namaste besties

see you on the next one

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