Why Adulting Is Keeping You Broke
A WARNING FROM GRANT CARDONE: Do you consider yourself an adult? Do you have a regular nine-to-five job? Health insurance? Married with kids maybe? Or just starting your first “corporate” gig?
Welcome to adulting… But, are you still living paycheck to paycheck? No savings? Struggling to make ends meet?
Again, welcome to adulting… You may not realize it yet, but there are things you think are grownup behavior that are keeping you broke. Even as you are really trying to build wealth and achieve success.
Five ways adulting is keeping you broke
1. Happy Hour and the Weekend Party
It’s great to hang out when you get off of work, or to unwind and blow off some steam with your buds. But think of this: If a drink costs an average of $8 and you are buying three drinks (a round) every day and then blowing, let’s say, a hundred on the weekend going out having drinks and dinner that’s $880 bucks per month…
That’s money you could be setting aside to invest in yourself like learning a new skill set or investing in a real asset that produces cash flow.
2. Putting Your Money in the Bank
The only reason you should be putting money in the bank is to have a place to keep it until you have enough to invest. Storing away your money long term in a savings account is the same as burying it in the backyard and letting it rot. The bank’s interest rates don’t even keep up with inflation. You’re losing money by having it in a bank.
3. Buying a Home
Tired of renting and think that to be an adult means buying a house? Wrong. Not only do you have a mortgage payment each month, which almost all goes to interest on the loan you took, you have to pay for all upkeep, taxes and insurance. Think about this, to get any kind of sizable equity in your house, it will take years and years.
4. A Fancy Car Payment
You don’t need a new car, a luxury import or anything like that. What you really need is a reliable, safe, affordable car. That could mean used or something that doesn’t have all the bells and whistles to impress your friends, parents or neighbors.
The average monthly payment on a new car is $499 per month. The average length of a new car loan is 67 months. And worse, most people only think about what the monthly payment is and not the price of what they are actually buying.
Try this exercise, take your monthly car payment and divide it by the hours you are actually in your car using it. Now take that hourly figure and subtract it from your hourly wage.
5. Bad Debt
Going into debt on something that will produce cash flow or is an investment in yourself is debt worth going into. Bad debt like credit card debt used to go out, buy clothes, cover the expenses because you don’t have any money is not the way to utilize it.
In 2017 Americans paid over $104 billion in credit card interest. Take a look at your next credit card statement and find the area that tells you how long and how much it will take you to pay off the outstanding balance if you pay the minimum amount each month.
Being an adult is about taking responsibility…
A commitment to behaving wisely and in your best interests, now and for your future and wasting money is not an adult-way to live. Wasting your life is not an adult-way to live. Do you think your way of adulting is keeping you broke?
Ready for a change from living paycheck to paycheck? Ready to live your life but on your own terms and in your own way that will make you happy and be successful?
Join me at my 10X Growth Conference 3 February 1-3 in Miami.
You’ll be exposed to a new way of thinking. At 10X Growth Con, you’ll get a different mindset on money and finances. You will see how to boost your career, income and life to new, incredible levels.
It will be the biggest entrepreneurial event on this planet with over 35,000 people attending and It will also be the best! Join us. Don’t miss your chance.
