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Balancing Multiple and Competing Money Goals
2 Frugal Dudes
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Episode 140: Should you get rid of debt or invest? Should you invest or build an emergency fund? How do you balance conflicting money goals? Learn how to balance multiple and competing money goals with Bernadette Joy.
While personal finance is a challenge for everyone, there are differences in the issue when it comes to the millennial generation.
One of the unique issues that the millennial generation faces is the overwhelming student loan debt that wasn’t an issue in the past. The generational push was to go to university, and there’s a dichotomy between the cost and the job opportunities that come from this form of education.
Another issue that affects millennial personal finances and debt management is social media and technology. There’s more pressure to keep up and compare yourself to others when you can see what everyone else is doing. This is exacerbated by the fact that people don’t always portray themselves accurately on social media and tend to highlight the good moments while hiding the bad.
When you see someone on social media sporting a new television or expensive car, it doesn’t always mean that they have more money, just that they have more debt.
One of the challenges many people face is getting trapped in a job, either by societal expectations or by poor financial management. Many people feel they can’t risk going back to school or pursuing their dream because they’re living paycheck to paycheck.
It’s also a challenge when it comes to competing money goals, as many people invest in education for their “dream job” then discover that it isn’t right for them.
To set priorities for your money goals, write your end goal and reverse engineer it to see what needs to happen to get there. For Bernadette, her goal was to make her business successful. To do that, she needed to be able to leave her previous job. To do that, she needed to pay off her student loans. To do that, she needed to cut back on her expenses, etc.
Reverse engineering and putting your goals in perspective can help outline the next steps in achieving your financial goals.
Starting to pay off debt, especially with competing goals, will take a lot of communication and dedication. Take the first step, figure out what works and what doesn’t, and put procedures in place to move forward.
If your partner isn’t on the same page, consider making the first move and modeling the behavior you hope to see.
Music: https://www.bensound.com/royalty-free-music
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.
Episode 139: The question “what’s next?” affects a lot of people in the FIRE community. In this episode, we talk about navigating what’s next and figuring out your path to […]
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