In Discussions, Money

Money Talk: What drives your financial decisions?

I would have to say the main driver of my financial decisions depends on where I am in my money journey.

So when I was in debt, it was to get out of debt. I stopped spending as much as possible and I checked my debt balance obsessively. I made charts to see when I would get out of debt, I planned for everything. EVERY PENNY.

Once I was out of debt, I just wanted to save money and reach a comfortable amount of savings so I could breathe and not worry about having to go back into debt of any kind.. It was around the time of the market crash of ’08 and I managed to save $30K and was paralyzed in investing or spending because I had no clue when my next contract would come and when.

I couldn’t invest that bit of money, I thought I would not get a job for another year or two, and I needed all that $30,000 to pay for expenses in that case.

Fast forward to today.

Now, I am growing wealth. It is easier for me because I make a good income, but harder because I didn’t (until recently I have been running models on whether I am on track or not) have any real goals set up with true benchmarks of wealth or assets.

Today, I would say the main drivers are:

  • Comfortable retirement (and on track for it, to give myself an #%9# kicking to stop spending so freely)
  • Saving to be comfortable so that I am financially stable for Little Bun – he will not worry about me and I can help him if I need to
  • Hitting the $1M mark this year. Yeah, THIS YEAR. I am trying to force myself to accelerate.
  • Disregarding my car and house as liquid assets because I am being fooled into thinking I have money and I have it in fixed assets, so I will be splitting out my LIQUID assets versus fixed.

What drives your financial decisions?

You can read the rest of the Money Talk questions here.


Share Tweet Pin It +1

Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

You may also like

Previous PostIn the world of Save. Spend. Splurge.: This Instagram Celeb scammed her followers into a pyramid scheme
Next PostJanuary 2019: Income & Expenses Budget Roundup

4 Comments

  1. John

    The economy drives my financial decision, whether it’s the stock market or real estate market. I worry about not having enough liquid assets to take advantage of a recession or a business opportunity.

    Since I manage my own stock holdings, I also do not want to hold stocks during a recession as it happened many times in my past.

    With that said, my main financial goal is to also achieve a rate of return on capital of around 20% per year which of course requires substantial risk taking.

    Reply
    1. Sherry of Save. Spend. Splurge.

      The risk taking is what gets me nervous. I try to diversify outside of actual stock holdings but this is becoming difficult.

      Reply
  2. Domonique

    As someone who grew up orphaned, low-income/working class, and had very low self-esteem, I never thought I would amount to much…until I was pregnant with my first child.

    The fire inside me to succeed began the moment I knew he existed and has only been fueled by other circumstances I put myself in and a few others I had little control over.

    My desire to be financially independent finally reached the first milestone on January 31st — more than six years after I made that goal – no government assistance.

    The next step is saving 3 months worth expenses and NOT touching them because I finally make a reasonable income.

    The goals I had because of my son, I now have because I WANT them for myself. It’s a nice feeling.

    Sherry, I love that you write about these topics.

    Reply
    1. Sherry of Save. Spend. Splurge.

      I love how children push you to be better. That is truly impressive. My mother grew up also, very low income (literally no income), poor, sleeping on a wine crate with rats at her feet. She is MY inspiration, and I am always pleased when I hear other people who have done similarly well.

      Reply

Leave a Reply

In a nutshell…

Save. Spend. Splurge.
[ wealth. style. minimalism. ]

——

MOST DEBT: cleared $60K in 18 months

MONEY: Hit $1M personal net worth At 36

NEW GOAL: $1M in invested assets

FAVOURITE DAY: payday

HATES: being late & lazy people

SOCIAL: Instagram @saverspender

DRINKS: homemade matcha lattes

SLEEPS: on a 100% cotton U.S.-made futon

WRITES: Books (also available on Amazon).

BEAUTY: swears by Paula’s Choice

——

…but you can read more about me , browse my index of posts, or get in touch with me, talk to me directly on Instagram, and of course, ask me anything here.

$35 The Wealth Building Tool

Like a Boss Library (Sherry’s Books)

Referral Codes

Free Money Surveys
[ Use this link ]



Webhosting
[ saverspender ]



Shopping Cashback
[ Use this link ]



Clothing Resale


[ SHERRYISH ]



Private Lending
[ 7b03f0 ]



No-Fee Banking
[ 32726976S1 ]



Discount Brokerage
[ o0soehds ]



Social media scheduler
[ saverspender ]



Blog Ad Network
[ Use this link ]



Disclosure

Save. Spend. Splurge. uses affiliate links from Shopstyle, and Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com or ShopStyle. In addition to these, any referrals on the page will result in revenue if used such as BlueHost.

In English: If you click on a link, I could get a small commission, typically a few cents. And if you use a referral code, I could get anywhere from $10 – $70 for it. Thank you for your kind support!

Also, I am not a professional investment advisor or money manager by any means.

I am just a woman who loves money, talking about money, and making money.

All opinions expressed on this blog are personal and for entertainment value. Take them with a grain of salt and always consult a professional when in doubt.