As young professionals looking to make 2021 better than 2020, some of the decisions you make can have a huge impact on your overall net worth and ability to achieve your financial goals. In case you’re not quite sure where to start, here are some of the best money decisions I’ve made that have had a positive influence on my finances.
1. Learning the basics of personal finance. Dedicating time to learning the basics of personal finance has paid off much more than I can even imagine. Learning the importance of spending less and saving more has helped me gain self-control, live below my means, and set up an emergency fund. Understanding the different retirement accounts and the need to invest money has put me on track to retire early and have a high net worth in the not-so-distant future.
2. Deciding to get out of debt. This decision was a life changer. Before I realized that becoming debt free was so important, I had a substantial amount of credit card debt, a car loan that I was paying the very minimum on, and enough student loans to make your head spin. Once I realized that having these monthly debt payments was drastically decreasing how much money I had left in my pocket each month and once I saw how much I was paying each month in interest on all of this debt, I decided to make a change. Less than 2 years later, I paid off the credit card debt and car loan. Because I paid off this debt, I had more money left over from each paycheck and was able to use that extra money as an emergency fund and contribute more to my retirement fund. If you, too, decided to get out of debt, I’m confident it will have a drastic improvement in your net worth as well.
3. Living with a roommate. To be honest, this was a tough decision for me to make. As a doctor who was in her late 20s and moving to a new city, I really wanted my own space. I had lived with roommates for almost a decade and wanted to have something of my own. Although I could certainly afford my own apartment, deciding to live with a roommate saved me so much money! I was able to spend $600 per month less on rent which amounts to savings of over $7,000 per year. With this extra $7,000, I was able to invest a substantial amount of money and pay off my credit card debt and car loan relatively quickly. Although there were times that I wanted to have my own place, learning to live with another person allowed me to decrease my debt and build my net worth much faster. Take time to consider if this is something that might work for you as well.
4. Setting up a spending plan. When I started learning about personal finance, many of the books I read mentioned the importance of having a monthly budget. Although I tried to have a budget, I felt it was too restrictive. I started to get anxious whenever I had to purchase even one thing that wasn’t in my budget. Because of this anxiety, I scrapped the budget and set up a less restrictive “spending plan.” In my spending plan, I had a certain percentage of my paycheck invested for retirement, another percentage that automatically went to a savings account to help me pay off debt and save up an emergency fund, and another chuck of money that went to checking account I used solely for paying bills. Any money that was left over after those allocations, I was free to spend how I saw fit. This allowed me to enjoy my life a little more without feeling so restricted. If you also find that budgets are hard to follow, consider setting up a spending plan.
5. Buying a slightly used car. As a young professional who needs reliable transportation, I needed a car. Although I was tempted to get a brand new car that looked nice and had all of the newest features, getting a new car was going to cost me a lot of money. Paying for a new car meant I would have to finance the car through the bank or car dealership which meant I would get into tens of thousands of dollars in debt and have a substantial car payment every month for the next 4-6 years. Although I could have afforded the payment, buying a slightly used car instead of a new one, was going to save me so much more money. Since buying a slight used car that was only 2.5 years old cost almost half as much, I was able to save a substantial amount of money each month and use that savings to invest, travel more, and save up for retirement. Buying the used car also added a dose of humility and reinforced the importance of living below my means. If you’re considering buying a new car, I’d encourage you to consider getting a slightly used car instead. The cost savings could be significant.
6. Contributing money to retirement early. As a young professional with a lot of uses for money from each check, I seriously contemplated not contributing towards retirement. I was in my later 20s at the time and thought “I’m many years, if not decades, away from retirement. Holding off for a few years probably won’t make that big of difference.” Thank God, I changed my mind. One of the most powerful indicators of how much money we make investing is time. The sooner we invest, the more money we make in interest and the sooner that money starts to make even more money for us in return. This concept of compound interest is key to the overall value of our investment portfolio and net worth. If a person starts investing in their late 20s vs their late 30s, the person who invested earlier will have exponentially more money and a drastically higher net worth because of compound interest. If you are on the fence about investing toward retirement, I’d encourage you to make the decision to start today.
Now that you’ve read about some of my best financial decision, think about some of the decisions you’ve made. Which decisions have had the largest impact on your net worth? What things could you change in the future?
New [Money] Goals for the New Year
The new year has officially started and I’m not sure about you, but I couldn’t be more grateful. 2020 was filled with a lot of unexpected events and stress. Although many of us found ways to remain grateful and achieve things we are proud of, I’m glad 2020 is over and am really looking forward to this new year.
At the start of each year, I always make a list of goals I want to accomplish. This year is no different. One of the main categories of things I plan to improve in 2021 are my finances. If you’re also thinking of improving your finances in 2021, here are some money goals to consider:
1. Cut back on unnecessary expenses. I realize this sounds vague but for me it’s all-encompassing. Although I did a good job in 2020 saving and investing money in separate accounts, one the things I want to do better in 2021 is spend less money on things I don’t need. Although I do plan to enjoy my life, I want to be more diligent with my discretionary spending. Particularly, when it comes to my love for wine and guilty pleasure of buying new clothes. Do you also feel you should spend less money on unnecessary things in 2021? If so, what things do you think you can cut back on? What kind of plan are you going to put in place to ensure that you follow through on this goal?
2. Pay off one of my debts. One of my life goals is to become completely debt free. Although paying off all of my student loans (or getting them forgiven) may be a long way away, one of the things I plan to do in 2021 is pay off at least one of my debts. Since I bought a slightly used car a year ago, one of my goals has been to pay it off relatively quickly-which I should be able to do next month. What about you? Do you have a car loan, credit card balance, or student loan that you can attempt to pay off in 2021? If so, consider putting a plan in place so that you can achieve this goal by the end of the year.
3. Establish additional revenue streams to increase my income. 2020 reminded us that our jobs and our current incomes can change. One of the things I want to do in 2021 is become more financially secure by increasing my current income. Although an increase in salary is dependent on my job and other forces I can’t control, one of the things I can control is money that I make outside of my job. For me, that means making more money from blogging or working extra shifts at other medical facilities for added income. For you, it may mean, finding a way to monetize your hobbies and make additional revenue outside of your day job. Creating other income sources gives you more financial protection, allows you to save more money, and makes you less reliant on your day job. Are there additional revenue streams you can explore this year?
4. Save money for a large purchase or fun trip. 2020 taught us that life is unpredictable. Since our health and lives can change, one of my 2021 goals is to enjoy my time off from work more by doing something that makes me really happy: traveling. Since I didn’t get to travel nearly as much as I had planned to last year, in 2021 I plan to make up for lost time, if possible. One of the ways I’m preparing for this is by saving even more money from each check into a “vacation fund” so that I can travel to various places without incurring debt. What about you? Do you plan to travel somewhere in 2021? If so, perhaps you too should start saving even more money into a travel fund. If travel isn’t as important to you, is there an expensive item or gadget that you’ve wanted to purchase?
5. Invest more money by contributing more to retirement. Along with decreasing my debts and saving up money to enjoy a nice trip, I also want to increase my net worth. The two main ways to increase your net worth is to lower your liabilities (aka pay down debt) and increase your assets (purchase things like stocks, real estate, or business that allow your money to increase in value). One of the ways I plan to increase my assets is by investing more money in my retirement accounts, especially my Roth IRA. Contributions in Roth accounts grow and are withdrawn tax free which serve as a huge advantage when I take the money out in retirement. By contributing more to retirement via these Roth accounts, I can invest more money in index mutual funds (which are groups of thousands of different stocks) in a tax efficient manner. This will allow my money to make even more money over time, which will increase my net worth. Are you planning to contribute more to retirement this year?
6. Give more money to charity. One of the things that surprised me last year was how much joy I got from giving. Whenever I sent money or bought someone a gift, I would think of the person’s reaction to the gift or be reminded of how much I was helping someone else and instantly be filled with happiness . As a physician, I’ve been blessed in many ways and one of my 2021 goals is to give more and “pay it forward” to others. Tell me, have you thought about giving more to others? If so, what type of gifts or contributions are you planning to make in 2021?
Tell me, what are some of your 2021 money goals?
What To Do With Your Second Stimulus Check
With the passage of the newest coronavirus relief package, many people may have just gotten another stimulus check. Although there is ongoing debate on whether the amount should be increased to $2000, many people have already seen a direct deposit of $600 into their bank accounts. If you’re a resident physician like me, or a young professional in an entirely different career, you may be wondering what to do with this extra money. Here are some ideas:
Put it in your emergency fund. Many of us were fortunate enough to keep our jobs during the pandemic. We might have also been able to work from home part of the time, which saved us time and money from not having to commute. However, life may not always be this way. None of us can predict the future and although things may look promising, we still need to be prepared in case things take a turn for the worse. Since many of us may still be able to pay our current bills without any financial strain, why not use the $600 to protect ourselves in case things change? General advice is to keep 2-3 months of expenses in an emergency fund for a “rainy day.” For many young professionals, saving $1000 is usually the starting point or first goal. If you don’t yet have this much money in your savings account, then perhaps you should consider using this second stimulus check to beef up your emergency fund.
Pay down one of your debts. It’s January, which means the holiday season has just passed. If you’re like many Americans, you many have spent a little more than you anticipated over the last month. Perhaps you purchased things on your credit card and have been shocked at the pending balance you now have to pay off. Rather than letting interest accrue on the card, which will cost you even more money in the long run, consider using this stimulus check to pay down your debt by paying off one of your credit cards. If you don’t have any credit card debt, consider paying down your car loan or student loans. Either way, if you have debt, using this stimulus check to pay off part of it, is something you should strongly consider.
Invest it using a brokerage account. In case it wasn’t clear, I too got a stimulus check. If you’re wondering how a doctor like me qualifies, it is because the stimulus check income limit applies to the 2019 year and I was a medical student for half of that year. The other reason, is because even now, I am a resident physician who gets paid much lower than attending physicians (because technically speaking, I’m still in training). I explain this because as a young professional with a decent salary, I still have my job and I also have a decent amount in a savings account. I’m already paying down debt and have a financial plan in place. Since many of my basics are already taken care of, one of the things I wanted to do with the stimulus check is invest it. My goal is to use this money to make even more money. Thus, I opened up an investment account to purchase index mutual funds (which is a fund that buys most if not all of the top stocks). Although there are different types of investment accounts I chose to prioritize a Roth IRA to allow the money I make to grow tax free. So instead of picking one stock like apple or google to purchase, I now own a small portion of them all. Some of my colleagues who already max out their retirement accounts have chosen to invest the money into a taxable brokerage account using apps like Robinhood, Stash, or Acorns. Regardless of which brokerage account you choose, investing the stimulus check gives you the opportunity to see your money make even more money in a way that increases your net worth.
Use it to support local businesses. One group of people who may have been negatively impacted by this pandemic is small business owners. Some of them may not have had access to the limited loans given out by the government or perhaps they received that assistance but it has now run out. Due to the nature of the virus, many people are less likely to eat inside of a restaurant and may be tempted to purchase things online from retail giants like Amazon and Target instead of purchasing things in person. Because of these changes, business owners may be experiencing a decline in revenue. One of the things you should consider doing with your stimulus check is trying to support those people. Perhaps you can buy lunch from a local food shop or go visit the bakery nearby?
Give part of it away. One of the things you should consider doing with a small portion of your stimulus check, is buying something for someone else. Perhaps there is a charity you can donate to? Maybe your college is accepting donations for a new scholarship fund? Perhaps one of your close friends is struggling and you can do something nice for him/her? Regardless of which route you choose, why not use a portion of this money, to help someone else? It could be as simple as buying a coffee for the next person in line at Starbucks, or giving a little extra money in your church’s collection plate. Over the next month, I challenge you to do at least 1 nice thing for someone else with your stimulus check. You might be surprised by how good you feel afterwards.
5 Money Lessons from 2020
1. No job is guaranteed. The coronavirus pandemic has impacted our lives in numerous ways, especially economically. Many people suffered job losses they never imagined, pay cuts from a job they once felt was secure, and changes to work that required them to quickly adapt to video calls and zoom conferences. While some people were able to recover quite well, others were not as fortunate. Regardless of which group you identify with, one thing became abundantly clear: No job is guaranteed. With this realization comes the need to plan ahead and be financially prepared for whatever my come our way.
2. Emergency funds are essential. Since no job is guaranteed, the income we rely on each month isn’t guaranteed either. As young professionals with bills and other financial responsibilities, we need to have money set aside in an emergency fund for times like these. Although the exact amount needed may vary based on one’s living expenses, general advice is to make an initial goal of saving $1000 in a savings account. Once you have the amount, then then keep saving until you have enough money to cover 2-3 months of expenses. Ideally, your emergency fund should be in a savings account or money market account that you can easily access.
3. Too much debt can make us vulnerable to catastrophe. One of the best things we can do with our money, besides saving and investing, is using some of it to pay down debt. Whether it’s car loans, credit cards, a home mortgage, or student loans, many young professionals have some type of debt. Since our income may change in unpredictable ways, the more bills and debt payments we are obligated to pay each month, the more we are vulnerable to financial catastrophe if our income decreases. Plus, most people have to pay interest on the debt they owe. This means the longer you wait to pay it off, the more the balance accumulates and grows – costing you even more money. My point? Try to avoid accumulating unnecessary debt and pay off the debt you have sooner.
4. Having insurance is vital. As young professionals, the majority of us are fairly healthy with very few, if any, medical conditions. Thus, we may not feel health insurance is that critical. Or, perhaps you have medical insurance through your job but don’t any other types of protection like disability insurance or life insurance. Rethink this plan. 2020 has shown us that life can be unpredictable, and we never know what may happen. One of the best things we can do is protect our income in case we cannot work for a long period of time (via disability insurance) and leave money for our spouse or children in case we happen to pass away younger than expected (via term life insurance).
5. Multiple streams of income provide added security. Many people had job changes or job losses this year. Even for the few people who didn’t have changes to their income, many of us know other people who were not so fortunate. Having multiple revenue streams makes us less reliant on our main jobs. It also serves as a cushion of financial security that can help protect us in case we experience a change at our main job or a decrease in salary. 2020 has highlighted how important this is. Start thinking about hobbies and other activities you enjoy or are good at, is there a way for you to leverage these things and use them in a way that will make you money? Perhaps you can create another stream of income in 2021.
5 Life Lessons from 2020
This past year has been quite different. We’ve had to deal with a global pandemic, a national reckoning on race, a divisive election and so much more. Despite all of the changes and stress, we have made it through. Before we close out 2020 and start looking ahead to next year, we may want to reflect on some of the things we’ve learned this year that have helped us grow into much stronger people. Some of the life lessons I’ve learned in 2020 are:
1. Life is short and good health isn’t guaranteed. As a medical doctor who has been working in the hospital and clinic during the pandemic, this statement has become a reality for me more than I’d like to admit. I’ve diagnosed and treated many patients with Coronavirus. I’ve seen, firsthand, how people who once considered themselves to be fairly healthy have been deeply affected by COVID. Over 300,000 people have died from Coronavirus in America over the last 9 months and that number is steadily climbing. With this reality, I’ve been constantly reminded that a long life with good health is not guaranteed. For those of us fortunate enough to have our health, we must cherish it and make the most of our time here on Earth by doing things we love, pursuing projects we are passionate about, and do our part to make the world a better place.
2. Resilience and adaptability are critical traits for successful people. Many of us have seen our lives change in drastic ways over the past few months. Some of us have witnessed our family members and friends suffer various changes to their health. Others of us have had to witness the trauma of inequality and racial injustice. Some people have had to adapt to changes in their work environment and others have had to cope with a huge halt in the social interactions that were so critical to their mental health. My point? All of us have had to deal with something. Many of these challenges were things we couldn’t have predicted. Despite the unexpected happening, many of us have been quite resilient and adaptable. We are continuing to work, take care of our responsibilities, keep in touch with our families, and be productive members of society. Our ability to handle sudden changes and persevere through difficult times has made us better people and is essential for our continued success going forward.
3. Empathy towards others can go a long way. Along with the obvious challenges many of us faced in 2020, there may have also been a few silent battles we’ve had to overcome as well. Perhaps we had to cope with a job loss, a decrease in income, the end of a friendship, poor performance on an evaluation, or mental health challenges. Many of us have obstacles and disappointments that we may never broadcast publicly. My point? We never know everything other people are going through. Empathy towards and lending grace to people can go a long way. Your kindness may be the thing that brightens someone’s day and gives them hope that they can continue fighting the challenge they may be facing. Your compassion may give them the inspiration they need to keep going.
4. Good money management is an added shield of protection. The pandemic has affected many of us in numerous ways, including financially. Many people suffered a change in income. Those whose salaries were protected may have needed to spend more money on other things in their home or personal lives to cope with the change. Either way, one thing became quite obvious: Some people were better able to deal with the change than others. Some people had jobs that allowed them to save money over time. When the pandemic occurred, they had money available to use to help them handle any increased financial costs. Other people were not so fortunate. While there are a myriad of reasons why one person may have faced more financial challenges than another person, good money management is an added shield of protection for everyone. If you have money saved in your account for a rainy day, when emergencies or financial challenges arise you may not be nearly as inconvenienced and better able to weather the storm.
5. A strong support system can help us overcome the unthinkable. With all the changes we’ve faced in 2020, one thing has become crystal clear: having a strong support system is crucial. Whether it’s family members we love, coworkers we cherish, or friends we can’t live without, we all need someone to lean on and talk to every now and then, especially during times like these. Many of us have been unable to to socialize and live life as we would normally, all while facing health threats and numerous job changes that have tested the limits of our patience and adaptability. In the midst of all of this, it’s essential that we have some type of support. It can be difficult to keep it together at all times and remain positive in the midst of changing circumstances around us. We all need a strong support system to lean on and encourage us along the way.
Tell me, what are some life lessons you’ve learned in 2020?
Determine What Makes You Happy
A few weeks ago, I was talking to one of my friends from medical school. Although we normally catch up about something work-related, this time, our conversation was different.
I was describing a relaxing weekend I’d just had in which I spent most of my time writing blogs, watching holiday movies, drinking wine, and conversing with my brothers. It seemed so simple, yet I was satisfied.
I mentioned to her that although work has its stressful moments, I’m tired often, and haven’t been to the gym in so long I didn’t even know where my membership card was located, I was quite happy.
She was happy for me and mentioned that sometimes we get so caught up with our current responsibilities and schedules that we don’t stop and wonder if we are truly happy, or better yet, what happiness looks like for us. I could’n’t agree more.
For some people, happiness is having time to relax and unwind at home. For others, it’s the creation of priceless memories with their family. And yet for some people, it may be having a productive day a work, eating good food at dinner, traveling to a new place, or achieving a certain level of financial or career success.
Regardless of what your view of happiness is, it’s vital that you define it for yourself. Without defining happiness for yourself it can be difficult to prioritize tasks or achieve the long-term life satisfaction you crave. You may also find yourself working toward the wrong goals or expending too much energy trying to live up to other people’s expectations while neglecting your own.
As we close out 2020 and head into 2021, it’s vital that we not only get clarity on our long-term goals, but that we also get specific about what makes us happy and satisfied overall.
According to authors George Kinder and Jonathan Clements, there are several questions and scenarios we should ponder to help assess our happiness and determine what things we value most in life. They are:
1. “Imagine money were not an issue. What would you do with your time?”
2. “Look back through your life. When were you the happiest—what were you doing?
3. “Imagine that you have enough money saved to satisfy all your financial needs for the rest of your life. Would you change your life, and if so, how would you change it?”
4. “Assume you are in your current financial situation. Your doctor tells you that you only have five to 10 years to live, but that you will feel fine up until the end. Would you change your life and if so, how would you change it?”
5. “Your doctor tells you that you have a single day left to live. You look back over your life. What did you miss out on? Who did you not get to be? What did you fail to do?”
As you answer these questions, what comes to mind? What do you think fills your life with joy and what are some ways you can attain that?
Financial Planning for the Holidays
1. Get a baseline for where you are financially. Most of us spend a lot more money during the winter holidays than we do during any other season of the year. We may have increased travel costs and higher grocery bills along with more costs related to decorations and gifts. However, unlike previous years, 2020 had been quite different.
The coronavirus pandemic has changed our lives in numerous ways and may have drastically changed our financial outlook. While some young professionals have saved lots of money from decreased entertainment costs or travel expenses, other young professionals might have experienced a salary decrease that may have put a huge strain on their finances. Regardless of which experience you may have had, it’s critical to get a baseline for where you are financially so you know how much money you can afford to spend during this holiday season.
2. Have spending limits for different costs. After examining your income and budget for the remainder of the year, it’s important to make a plan for how much you can afford to spend during the holiday season. Many of us have desires to bless those we love with elaborate gifts this holiday season, but before we overspend, it might be wise to make a spending plan.
When I make my spending plan, I have categories of expenses and an estimate of how much I plan to spend on each thing. I set a certain amount for travel, decorations, gifts, food, etc. That way, when I’m shopping or thinking of gifts to purchase, I have a set limit in mind of how much I can spend. It’s one of the most effective ways I attempt to keep my spending in check.
3. Set expectations with yourself and others. Once you see where you are financially and come up with spending limits, it’s important to set expectations with yourself and others. If you know that money is tight and you don’t plan to decorate your home as much as you have in years past, then be sure to let your family know so that everyone is on the same page.
If you can’t spend quite as much money on gifts for your loved ones, then let them know in advance and think of other ways show them how much you care. If the pandemic has precluded you from traveling to see your family like you normally would, then be sure to find other ways to show your appreciation.
What Are Your Top Financial Goals?
It can be easy for us to get caught up in the busyness of life. We are so focused on progressing in our careers that we may lose sight of the main reason(s) we are working so hard in the first place. When you reflect on some of the biggest financial benchmarks you want to accomplish, what comes to mind?
Some people want to pay off their student loans. Others want to be completely debt free. Some people want to buy their dream home, others want to fully fund college for their children. Before you hire a financial advisor or start investing money in various places, figure out what’s most important to you and create a specific plan to meet that goal.
Do you want to pay off your student loans? Doing so may require you to live below your means for the next 5 or 10 years so that you can increase your monthly student loans payments and lower the loan balance quicker. If you work in a non-profit job that qualifies for loan forgiveness, you may want to make sure you’re enrolled in an income-driven repayment plan so that your student loans payments are lowered to an amount you can actually afford. If your job doesn’t qualify for federal loan forgiveness and you have already refinanced your loans with a private company, perhaps you should see if your job would be willing to pay down some of your student loan debt directly – some professions may use this student loan payment as a type of salary bonus. Regardless of the route you take, if being student-loan debt free is a goal, you may want to think of ways to pay it off within the next few years and align your financial priorities to meet that goal.
Do you want to purchase your dream home? For many young professionals, buying a home is the ultimate sign of adulting. This desire to have a place of their own intensifies when young professionals reach their early to mid 30s, get married, or become more settled in their careers. If you desire your own place as well, perhaps you should meet with a specialist at your bank to see if any unique mortgage programs are available to buyers in your profession, income bracket, and geographic region. You may be surprised at the options mentioned. Along with seeing what’s available, you should also re-shift your focus to saving a larger amount of money in your savings account than you otherwise would. Having this money available will help you pay for the house down payment, closing costs, moving expenses, and other associated home-buying fees.
Do you want to retire early or work part time? Many people who like their careers may decide that other things are more important to them. Perhaps they enjoy their work but want to be able spend a little more time at home with their children. Maybe they want to cut back to part-time. Other people may choose to retire early and do something else altogether. If working less or retiring early is one of your goals, then it may require you to invest aggressively in retire accounts from a very early age. While some people may only contribute 10% of their salary to retirement, you may want to double or triple that amount. Perhaps you should consider maxing out your work retirement account then setting up additional taxable accounts to invest even more money. My point? If you plan to retire soon or work part-time, you will likely need to invest more money toward retirement from an earlier age so that you can let the magic of compound interest work in your favor and actually afford to make that change in your career.
Do you want to pay for your kids’ college? Perhaps you are someone who would like to finance your kid’s educational costs. Because the cost of college has continued to increase over the years, paying for an undergraduate education can be quite expensive. Many parents who plan to pay this cost end up saving/investing money for many years in a 529plan that saves them money in taxes. Other parents may opt to save money in a Roth IRA, set up a custodial account for their kids, or purchase educational bonds. Regardless of which method you choose, you will likely need to save money each month which will require you to think over your monthly income to see just how much you can afford to spare in order to stack up enough money over time to cover the cost of college.
Do you want to be completely debt free? Many people are risk averse and hate debt. The thought of owing someone, or some financial institution money, bothers them and adds bills to their monthly expenses that decreases the amount of money they can spend on other things they enjoy like travel, entertainment events, and fancy restaurants. If you feel similarly, and would like to get rid of all of your debt, doing so may require some changes in your finances. Perhaps you need to decrease the amount you contribute to retirement investments and instead pay down your credit card debt and car loans more aggressively? You may also need to learn to save aggressively and pay for everything in cash instead of credit.
My point? Many of us have financial goals we would like to accomplish. Achieving these goals may require some sacrifice and a shift in how we think about our money. It may also change how much we invest for retirement or spend on various debt repayments. Think about what is most important to you financially and make the necessary shifts in your finances to bring these goals into fruition.