I’ve been seeing some ideas pop up on Twitter over the previous couple of months which have sparked an thought in my mind. Obviously, eachone’s journey to Financial Independence will look different. However what are a few of the methods our paths differ? Our journeys are different as a result of we’re all facing different financial headwinds. Let’s have a look at a few of the financial headwinds I’ve confronted on my journey so far.
Wayyyy again within the previousen days (okay nice the late 2000’s), ya woman was in highschool. I had the fundamentals taken care of for me courtesy of my parents like meals, shelter, some garments, and lunch money. Eachfactor else I needed was by myself. A main financial headwind for me in highschool was professionalviding the money for my very own mobile phone plan — and a pay-as-you-go plan at that. $60 a month doesn’t look like all that a lot now, but it surely was a main drag for me to scrap up that form of dough every month. Issues bought slightly guesster after I bought my first job at Toys R Us, however my headwinds elevated proper together with the rise in money stream. Suddenly I wanted to have money to pay my automotive payment ($150/mo for 18 months), insurance, and fuel.
My classmates didn’t belowstand what I was going by as they have been facing both no headwinds in any respect or perhaps a significant tailwind, assisting them to succeed. I as soon as had a conversation with a classmate who was complaining her little sister bought a nicer automotive for her 16th startday than she curhirely had. I don’t remember what automotive her little sister bought however I distinctly remember her complaining about driving a 2 yr previous Jeep. I supplied to commerce her vehicles. When she heard I drove an previouser POS Dodge Neon that got here with the aforemalestioned automotive payment, her nostril wrinkled up and I bought an “ew no method” in response. Her tone was on par with Alexis Rose in Schitt’s Creek. To at the present time, I doubt that particular classmate has any extra empathy for these in different financial conditions.
Overshadowing the other financial headwinds in highschool was, after all, the looming mountain of pay for school.
I used to be incredibly fortunate to have all my efforts in highschool repay within the type of a full-ride academic scholarship for college. With my military stipends coming in every month, the diploma to which I felt the pinnaclewinds much lessened dramatically. Headwinds have been nonetheless there, however far more manageready than earlier than.
I used to be nowhere close to struggling in college like a few of my pals. They needed to pay for their very own housing, meals, faculty, books, automotive, telephone.…. eachfactor. These are some hurricane-level headwinds to overcome. Due to my experiences in highschool, I was in a guesster spot to belowstand the differences between me and my pals. I made certain to pay for activities I suggested like going to see a film with a pal or covering their drinks for a night time out.
It’s at the moment in my life that I begined to truly belowstand how my privileges in life led to fewer headwinds for me. Although I had fewer privileges than some people I had grown up with, I nonetheless had a lot going for me. I had boughtten a glimpse of it in college, however this stage of life actually drove residence the variations.
I didn’t have student loans. I didn’t have family that wanted supporting every month. I didn’t have a little one to maintain. I didn’t have expensive well being points that impeded my ability to work and earn money. My automotive was all paid off and infrequently had mechanical issues.
The dearth of main headwinds at this stage in life actually helped me get forward in life.
Now, my headwinds are extra like tiny breezes on a good summer day. I must pay $300 a yr for glasses or contacts to have the ability to see. I pay $50 a month in medications to assist manage my ADHD. I am a lady, so a lot of products I purchase cost a pink tax or are simply straight up somefactor males don’t must worry about like femi9 products or bras. (Males, you have no idea how good you will have it!!!)
On paper, two people who earn $100k ought to have the ability to save actually the identical with the identical quantity of revenue, proper?
A fantastic examinationple was professionalvided by my pal Matt Lane on Twitter latestly. He earns what most people would consider to be a excessive wage. However, he additionally has a lot of financial headwinds in opposition to him in the meanwhile. He lives in Washington, DC, a excessive value of living space. Extra like tremendous excessive in the event you ask someone who lived there for a yr (psst that’s me. DC is tremendous expensive!). Babycare for two children is $4,600 a month. $2,000 a month goes straight to student mortgage repayments. Add in $2,300 a month for a respectable asidement and that’s $106,800 earlier than you add in other necessities of life like meals, garments, diapers, transportation, interweb, telephone, and other fundamentals. So yeah, he would possibly earn a ton of money, however he’s additionally experiencing extreme financial headwinds in opposition to that top revenue.
So earlier than we learn a Money Diary on Refinery29 that makes us tsk our tongues and lift our eyebrows, remember revenue is only one a part of the puzzle and a fewone is perhaps facing significant headwinds that you just aren’t. Or, what’s the equivalent of a gentle breeze for you is perhaps the equivalent of the Weather Channel reporters standing on the shore earlier than a hurricane makes landfall. I’ve been fortunate in life to face favorready winds and I solely hope the identical for eachone round me!
As at all times, thanks for learning! Are you facing any significant financial headwinds? Hold forth within the comments beneath!