Mindset

Amazon prime day

On Amazon Prime Day, Ask These Three Questions

Money Maroon

It is back. Yes, it is that time of the year again, it is amazon prime day. The annual two day deal event that is exclusively for prime members. But before you hit the checkout button and reach into your wallet or bag for your credit card, ask yourself the following three questions. Do I really need this item? Can I afford it? How many days will I have to work to pay for this item. Do not buy just to buy, be intentional and logical with your purchases. It is your hard earned money after all. 

Amazon prime day
On amazon prime day, think before you spend

Do I Really Need This Item

So often we buy items because we think we need it. But do we really understand what is a need versus a want? Generally, a need is something that is a necessity or essentially required for life. For example, food, water, and shelter are needs. In some instances, the list can be much broader depending on your specific situation. But if you are hoping to take advantage of an amazon prime day deal, it is likely that the item you are planing to buy is in the category of a want. 

A want is something unnecessary but desired. For example, while you may need a car, do you need a luxury car? We all need shelter, but do you need the home that is at the top of your budget? Do you really need the new fancy gadget for your grill or your car? The answer is no. It is not a need, just a want. What is actually interesting is that a lot of times, we may desire an item, but once we have that item, we will rarely use that item.

Many factors contribute to your wants. Did you fall victim to a commercial or was it something you saw in your neighbor’s yard? Your want for an item may also be a matter of the fear of missing out. The fear of missing out will at times push us to buy when we need not do so. Before pulling the trigger on a purchase, remember not to buy just because something is on sale. Assess whether or not the item is a need. Does it make sense? For all you know, next week, the special sale that appears on amazon prime day will be back. Do not allow a manufacture sense of scarcity and pressure force you to make a purchase.

Can I Afford Amazon Prime Day

When thinking about taking advantage of amazon prime day, always ask the question of can I afford it. No matter what the sale prize is or the discount percentage, ensure that you can afford it. Being able to afford something is very different from being able to purchase the item. You can use credit to purchase just about anything. But can you actually afford what you are buying.

Do not be tempted to put something on a credit card that you cannot afford. You do not want to have an amazon prime day purchase made this year that is not paid in full next amazon prime day. Credit cards are expensive. Take a look at your interest rate. Ensure that if you make a purchase on credit, you are able to pay it off in full without having to pay interest.

Can you afford your next purchase? Be honest with yourself. If the answer is no, know that it is ok. Because there is a sale does not mean that you have to buy. Keep your financial future in mind.

How Many Days Will I Have To Work To Pay For Amazon Prime Day

It is a question that is rarely asked but should be asked before every major purchase, especially on amazon prime day. The question is, how many days will I need to work to pay for this item? For example, if the item costs $500, and you are paid $30 an hour, it will take you 16 hours of work to pay off the item, two days of work. If you are making significantly less than $30 an hour, you may have to work for over a week to pay for the item. Now consider if the item or items total over $500, it may take you a lot longer than a week.

Now, is this item that you are thinking of purchasing worth a week of work? Is it worth it? If the item is a need, then it likely is. However, if you are about to purchase a want, take into account the costs. With regard to costs, consider not only the money, but also your time.

Before you consider making a purchase on amazon prime day, ensure that you are not succumbing to a manufacture sense of scarcity and pressure.

Amazon prime day
On amazon prime day, don’t forget that it’s your money

Conclusion

Amazon prime day is here again. The annual two day deal event that is exclusively for prime members. Before you hit the checkout button and reach into your wallet or bag for your credit card, ask yourself the following three questions. Do I really need this item? Can I afford it? How many days will I have to work to pay for this item. Do not buy just to buy, be intentional and logical with your purchases. After all, it is your hard earned money. 

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Pay yourself first

It’s Best To Pay Yourself First

Money Maroon

If you are working and cannot afford to save, it may be time to take a step back and pay yourself first. From any pay check, no matter the value, it is incumbent upon you to ensure that a first portion of your pay check goes into your personal account. If you cannot trust yourself to perform this task consistently, automate. The simple fact is, if you are not paying yourself,  you are working to pay others. You are essentially building another person’s empire while neglecting your own.

Why Pay Yourself First

You should pay yourself first because if you do not, you run the risk of not paying yourself at all. Have you ever received a paycheck and after paying all your bills, you have a zero or a negative balance? Have you had money in your account after paying your bills, and that money quickly disappears due to frivolous spending? 

These situations occur when you do not pay yourself first. If you do not pay yourself first, it is likely that you will end up not budgeting and over spending, or you will simply spend what you have because you have not assign a task to that money.

By paying yourself first, it forces you to budget. For example, if your monthly salary is  $5000, and you automatically pay yourself by saving $1000, you really have $4000 to spend for that month. That $1000 makes a huge difference. You will no doubt adjust to having $4000 and will stop thinking about making $5000 per month. By having this mindset shift, you will live on $4000 and not $5000. By paying yourself first, you will force yourself to live below your means and budget accordingly.

Pay yourself first
If you are not paying yourself first,  you are working to pay others. Stop building another person’s empire while neglecting your own.

Force Budgeting

For many of us, budgeting can be difficult. It is difficult not because it is a mentally difficult task. It is typically difficult because if forces us to track our spending over a long period of time. Budgeting forces us to itemize what we are doing and forces us to be conscious of every purchasing decision. 

By paying yourself first, we are pushed to budget without actually making a budget. In the example above, if you are paying yourself $1000 per month on a $5000 monthly salary, you must now live on $4000 per month. You are in a force budget situation. You are forced to curb your lifestyle from one that spends $5000 per month to one that spends $4000 per month. This is not an easy feat for many, but it can be done. By cutting out a few items, you will be surprise by how much you can save.

If you do not budget and live beyond your means, paying yourself first becomes a moot point. The interest on your debts will easily out pace your savings. To get ahead on your financial journey, it is important to live below your means. Paying yourself first helps facilitate this mindset change.

Pay Yourself First And Build Your Empire

Let us not forget, if you pay yourself first, you are building your financial legacy and not someone else’s. Think about shopping at Walmart, buying a car, or any other consumer goods, by making that purchase your are making someone else’s family rich. If it is not the Waltons, it’s the Porsche’s or the Cargill’s, by spending you may be enriching the Dell’s or the Knight’s. You may get a fleeting enjoyment from your purchase, but someone else’s family just got your money. Your temporary satisfaction is building another family’s permanent wealth.

However, if you pay yourself first, your are building your own empire and not someone else’s. Pay yourself first and you are growing wealth. Money that you typically spend on consumer goods go to your investment/savings account. You are growing, you are opening up opportunities and will be afforded all the advantages that comes with being financially secure. Pay yourself first and lay the foundation for a financially secure future.

Conclusion

If you are working and cannot afford to save, it may be time to take a step back and pay yourself first. From any pay check, no matter the value, it is incumbent upon you to ensure that a first portion of your pay check goes into your personal account. If you cannot trust yourself to perform this task consistently, automate. The simple fact is, if you are not paying yourself,  you are working to pay others. You are essentially building another person’s empire while neglecting your own.

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How to negotiate a salary

How To Negotiate A Salary

Money Maroon

At one time or another, you will have to negotiate your salary. It is not that the task is difficult, but it can be nerve racking. No matter your level, your initial negotiated salary is very important. It will be the basis from which you will gain raises over time. A miscalculation here can be very costly. Therefore, here is our how to negotiate a salary guide. If you are asking how to negotiate a salary, remember: (1) know your worth; (2) do not directly answer a question about the salary that you would accept; (3) never accept the first offer; and (4) know that your salary is only a part of your total compensation package.

How to negotiate a salary?

Know Your Worth

How to negotiate a salary 101, you must know your worth. Before you begin the job search, before you get the job offer, know your worth. Do your research. You must know the average salary for the position based on your skill level, the average range of the salary for someone of your abilities and experience for the size of the company that you will be working for. 

You must do this research. This is the only way that you can know if a proposed offer is too high or too low. In doing your research, ask your friends, look online, ask someone at the company in such a manner that they can provide you with the information needed. 

Do Not Give A Direct Answer To The Salary Question

In any interview, you will be told a range of the salary for the position. If one is not given to you, ask for the range. This gives you the bounds of the position, but do not take this as a definite range. If you are good enough, if you are attractive enough professionally, they will offer you more than that range. This is why it is so important to not give a number when asked what salary you are looking for. If answered directly, you may unintentionally lock yourself into a low salary, or turn off the employer by going too high. 

If you are asked a direct question about salary, inform the recruiter that you can negotiate on salary. This in effect continues the conversation. If the interviewers like you, they will pay you. The trick, have the recruiter give you a range. If the range is lower than what you will accept, you can negotiate up to your number if the interviewers like you. 

Never Accept The First Offer

How to negotiate a salary? One of the most important point is to never accept the first offer if the position is not a lock step position. Do not do it. Once an offer is extended, it is typically an invitation to negotiate. Never accept the first offer. If the offer is low, know what your low point is and counter above it. You will know that an offer is low based on your research.

If the offer is in your sweet spot, ask for more. If the offer is above what you think the range is, ask for more. Note that it is unlikely that any employer will match what you come back with in a counteroffer, but they are likely to meet you somewhere in the middle. As such, if your aim is $150,000 and you were offered $140,000, it is advisable to ask for above $150,000. Consider counter offering at $160,000 or above and have the potential employer meet you somewhere in the middle. Do not sell yourself short.

Remember, your first salary at a company will be the basis from which you will gain raises. So the higher your starting point, the faster your salary will grow. Also, typically, 401K packages and other benefits are based on a percentage of that salary. Do not sell yourself short.

Salary Is Not Everything

While your salary is important, it is not everything. When negotiating a salary, it is important to remember that the salary is only one part of your compensation package. If you cannot get the number that you want with regard to a salary, do not forget that you have other options as far as employers but also other areas of your compensation package to negotiate. Think about vacation days, retirement, stock, bonus, transportation and medical coverage to name a few. In some cases, a salary may be lower, however, total compensation may be higher in comparison to another job. The reason for this may be the employer’s health care plan, bonus structure, stock option and retirement plan.

While you may have a salary that is $5,000 lower than a comparably position at another company, you may have a higher 401K match percentage, higher bonus, or receive more stock. As such, while the salary may be lower, your total compensation package may be significantly higher. Therefore, before you accept a compensation package, do a full evaluation.

Conclusion

At one time or another, you will have to negotiate your salary. It is not that the task is difficult, but it can be nerve racking. No matter your level, your initial negotiated salary is very important. It will be the basis from which you will gain raises over time. A miscalculation here can be very costly. Therefore, here is our how to negotiate a salary guide. If you are asking how to negotiate a salary, remember: (1) know your worth; (2) do not directly answer a question about the salary that you would accept; (3) never accept the first offer; and (4) know that your salary is only a part of your total compensation package.

While every situation is different, we sincerely hope that this how to negotiate a salary guide helps you as you look for your next position. Journey to financial independence.

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Video Summary

Happy Mother's Day

Have The Mother’s Day Money Talk

Money Maroon

For Mother’s Day, instead of falling into the commercialization trend, let’s make our mothers proud. Have a Mother’s Day money talk with mom. This talk will not only impact your mother and show her that you are thinking about her future, but will also help you organize yourself to better care for her.  Buying flowers, cards, or taking your mom out for brunch is a nice gesture. But having a financial chat with mom is impactful. Be impactful on this Mother’s Day and show mom how much you truly care.

Sacrifice

On this Mother’s Day, remember the financial sacrifices that your mother has made. Think back to how much your mother worked or complained about her job. Yet, she continued on. While you are at it, it should become very clear why some people stay at jobs that they hate. At times, some people will stay at jobs that they hate in the name of love and responsibility. She did it for you.

Financial Education

Many have the luck of having a mom that inspires. For some, this is manifested in financial success or the search for financial success based on lessons learned. For example, save, invest, live below your means. It may be in the form of literal education or an education based on observation. Was it her struggle or was it her drive and position as an authoritative figure who did what was best for the family that motivates you to become financially independent? For some, it was the unfortunate mismanagement of finances that provided the teaching lessons that motivates today. Whatever your reason, I am confident that your mother contributed and continues to contribute to your reasons for reading a financial independence blog and this article.

Love you mom - Happy Mother's Day

Having The Mother’s Day Talk

With all that your mother has done to influence your financial life, it is time to have a Mother’s Day money talk. Check on her current financial situation and her future plans. Although it may be difficult to talk to family about money, it is important to start.

Previous generations had the now acclaimed three legs to their retirement stool: (1) personal savings, (2) social security and (3) a company pension. Over the years, the three legs have been significantly weakened.

First, many have very little to no personal savings; second, as it currently stands, the social security program is teetering on the edge of insolvency; and  third, for the most part, company pensions are a thing of the past. Taken together, the baby boomer generation have little saved for retirement, no pension plan and are dependent on social security. This is the reason for the talk.

The Talk

To have the money talk with mom, there is no reason to be aggressive. Do not forget that it is Mother’s Day. If you approach your mother’s finances aggressively, your mother is likely to get defensive. The point here is to begin a conversation or continue the conversation such that you know where your mom is financially. More importantly, these conversations will aid your financial planing.

We cannot control what another person does, especially our parents. However, if we can make them aware of potential issues that may be on the horizon, maybe they can and will take action to change course. 

The fact is, you as the child may be responsible for your parents during retirement. It is important that you begin taking steps to mitigate the impact on your financial future by talking to your mom this Mother’s Day. 

The Best Mother’s Day Gift

For most of us, as adults, it becomes a struggle to get the perfect gift for mom. Guess what, you have most likely provided a lot of her material wants over the years. There are only so may cruises, trips, massages, flowers or foods that you can gift mom. At this point, the best Mother’s Day gift may be just showing that you care by having an important conversation. Instead of gifting something that will be used for only a day, have an impactful financial conversation.

Conclusion

For Mother’s Day, instead of falling into the commercialization trend, let’s make our mothers proud. Have a Mother’s Day money talk with mom. This talk will not only impact your mother and show her that you are thinking about her future, but will also help you organize yourself to better care for her.  Buying flowers, cards, or taking your mom out for brunch is a nice gesture. But having a financial chat with mom is impactful. Be impactful on this Mother’s Day and show mom how much you truly care.

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Pay off mortgage early

Is It Worth It To Pay Off Mortgage Early

Money Maroon

If you have a mortgage, you have asked if it is worth it to pay off mortgage early? This thought is normal. No one likes to be in debt for a day much less for 30 years.  We all would like to have the freedom to do as we like with our money, and paying a mortgage is not one of those things. But should you pay off your mortgage early? The answer, it is a personal decision.

The Financial Perspective

When you ask if you should pay off mortgage early, you will hear a number of important things to consider. These considerations include the stock market, the mortgage interest deduction, and the potential safety net of having money on hand. 

The stock market argument goes something like this: if you have a mortgage, by paying it off early you will essentially be getting the interest rate of the mortgage that you paid off as a return. As a simplistic example, if you pay off your mortgage that has a 3% interest rate 10 years early, you will have earned 3% per year for that 10 year period. Essentially, the 3% that you did not have to pay. You will then be told that if you had place the same amount of money that you used to pay off your mortgage in the stock market, you would have earned 8-10%. This 8-10% is in reference to the average stock market return over the past decades.

As such, the upshot of the stock market argument is that by paying off your mortgage early, you would be losing out on the difference between the average stock market return and your mortgage interest rate.

Further, you will be informed that your mortgage interest payments are tax deductible. But you would have already known this as your taxes are due yearly and you would have taken advantage of this deduction based on qualifications.

Next, if you pay off your mortgage early, if you ran into hard times, your money would be locked up in your home. The fact is, houses or the money held in your home is not as easily transferable as money in the bank. As such, if you lose your job, or run into financial difficulties, it would be a bit more difficult to unlock the money in your home than going to the bank and withdrawing what is needed. 

These are all considerations that must be contemplated. As such, from a purely financial perspective, the answer to the question of whether or not  to pay off mortgage early looks to be a no.

Pay off mortgage early? It's personal
It’s a personal decision

The Counter To Pay Off Mortgage Early

Why would you ever answer yes to whether or not it is worth it to pay off mortgage early? The answer, life is not as simple as a mathematical calculation. Further, the only thing certain in life is uncertainty.

While there is a historical increase in the stock market on average, we do not know what the future holds. Will the next 30 years see the growth of the last 30 years? It is uncertain. The stock market is risky and your mortgage payment is always due. This is to say that if you lose money in the market, your mortgage is still due. No matter what happens with the stock market, by paying off your mortgage early you have a guaranteed return. I am sure you have heard the saying “a bird in hand is worth two in the bush.”

In view of the mortgage interest deduction, will this deduction continue? Will you continue to qualify for this deduction? This also is unknown. Change is a constant, we just do not known.

Peace Of Mind Is A Reason To Pay Off Mortgage Early

When assessing if it is worth it to pay off mortgage early, consider your peace of mind. Paying off your mortgage early may not make financial sense if you pay off your mortgage early and miss out on a significant stock market return. However, nothing beats being able to sit back in your home and know that it is paid for.  Peace of mind. 

By paying off your home early, you will not have a mortgage payment, therefore you can use that money to spend as you see fit and you will no longer need to worry much about foreclosures or repossessions. Pay your taxes and related utilities and keep on living. This is peace of mind.

What is your peace of mind worth? When assessing if it is worth it to pay off mortgage early, this is the real question. How much better would you sleep knowing that you have no mortgage payment.

In the end, it is your decision and it is about what you are comfortable with. In some ways, you can pay more on your monthly mortgage payment to pay off your mortgage earlier. You may find a middle ground and pay more on your monthly mortgage payment but also invest a portion. It is also your decision to not pay any extra at all toward your monthly mortgage payment. It is about your comfort level and what is good for you and your family.

Conclusion

If you have a mortgage, you have asked if it is worth it to pay off mortgage early? This thought is normal. No one likes to be in debt for a day much less for 30 years.  We all would like to have the freedom to do as we like with our money, and paying a mortgage is not one of those things. But should you pay off your mortgage early? The answer, it is a personal decision. On the journey to financial independence, sometimes, peace of mind is more important than financial returns.

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Never Give UP

Never Give Up

Money Maroon

As I get older, what I have learned time and time again is that it is not about how smart you are. It is really about persistence. Yes, the never give up mentality is one of the most rewarding attribute a person can have. Getting knocked down but getting up and continuing on is a hard lesson to learn. But once you master it, the world is yours.

Never Give Up

Learning To Never Give Up

There are certain things that we are each innately good at, and far more things that we are absolutely terrible at. Throughout our lives, we will discover these things on an almost daily basis. How we deal with these discoveries will have a profound impact on our lives.

Do you recall the first time you tried to ride a bike, or for that matter, attacked a difficult math problem? Our success in learning how to ride a bike or solving a math problem is somewhat based on our mentality, but also those around us who shaped that mentality. For example, if the first time you fell trying to ride a bike your parents rushed to you and gave in to your cries to never get on a bike again, it is highly likely that you will never learn to ride a bike. I know a few individuals where this is a reality. The issue here is much larger than learning to ride a bike, you may potentially develop the mentality of trying, failing and quitting. 

If on the other hand, you fell, and you decided to get up, or your parents or others around you encouraged you to get up and try again, it is highly likely that you eventually learned how to ride a bike. 

Again, this translates to other life events. Now let’s talk about the math problem. The same principle applies. If you are discouraged and give up once you notice that the math problem was difficult, you may never learn how to solve the problem. If you eventually do solve the math problem, you may develop a hatred of math and avoid math at all cost. I am sure you know many individuals who fall into this category.

On the other hand, if you are able to power through the math problem and never give up, not only will you solve the math problem but also appreciate the concept of effort and persistence. These seemingly basic events do have an impactful effect on our lives.

Practice Makes Perfect

Have you ever heard the saying, “Practice makes perfect.” This is only another way of saying never give up. Don’t forget, while Michael Jordan was good, he became great by practicing. For that matter, Usain Bolt lost a number of races before he came into his own and dominate his sport. 

Some call it being stubborn. For others, they are classified as having a short memory. It really does not matter what you call it, it is typically a manifestation of pride, self belief, and the never give up mindset.

To bring this close to home, I am certain that you know individuals who may not have been the best at an activity that came naturally to you. Unbeknownst to you, this individual wanted to get better. As it turns out, while you rested knowing that you were good, they practiced, put in the required work and became better than you. This occurs all the time.

Persistence Pays

I have known individuals who are amazingly smart. They are able to grasp new material ridiculously fast and never had to really study. Many of these individuals never achieved their full potential. They took their gift for granted. They thought everything would come easily. However, when they hit an obstacle, they were unprepared to deal with failure. They did not have the tools, mental strength or sadly, they did not have a support system around them.

On the other hand, I know a number of individuals who were not the best. You know these individuals as well. They were likely middle of the pack with regard to academics, but they worked hard, took the long route, persevered and ended up at the top. These were the individuals who did not make the team on the first try, they did not get accepted to their top choice for college, they were rejected from professional school, but instead of giving up, they went back to the drawing board, reapplied themselves and were able to move forward. 

The fact is, in life, you will hear a lot more no’s than yes. Get use to it. “No” is an opportunity. Rejection builds character. Never give up!

You Will Hear No Far More Times Than Yes

We have all come across individuals who have not heard “no” very often. These individuals cannot handle rejection and if anything, avoid the possibility of getting a rejection or simply flips out if they are rejected. We all know individuals like this. They are typically not fun to be around. An outburst for the simplest thing is typically just around the corner.

Rejection is apart of life, and if viewed in the right context, rejection can be a huge motivational factor in life. Rarely do we make it through life without being rejected. For many overachievers, rejection is their fuel. That person who other’s may say act as if they have a chip on their shoulder did not become driven by always winning. It is rejection that fuels their fire. The agony of defeat built them mentally to never give up.

For others, if the door was close on one path, they never give up, they simply found another way in. The never give up attitude is exemplified in the winners of life. The earlier we can see failure as an opportunity, the more likely it is for us to succeed. This is true in our financial life and otherwise.

Conclusion

As I get older, what I have learned time and time again is that it is not about how smart you are. It  is really about persistence. Yes, the never give up mentality is one of the most rewarding attribute a person can have. Getting knocked down but getting up and continuing on is a hard lesson to learn. But once you master it, the world is yours.

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Growth mindset

Adapt A Growth Mindset Today

Money Maroon

Every once in a while, you will come across something that is so impactful that it will stop you in your tracks. Recently, it was a quote from Nelson Mandela “I never lose, I either win or learn.” The quote is simple yet profound. In reality, it represents a different way of approaching life. This quote is the foundation of a growth mindset. 

Growth mindset and fixed mindset
Growth Mindset

Growth Mindset

The growth mindset is not necessarily natural. We all have fears and are prone to acting for short term gratification. We are also prone to feeling sorry for ourselves and blaming others. The growth mindset on the other hand relates to believing that your success depends on time and effort. Believing that you control your destiny. Believing that you can improve with effort and persistence. This mindset thus leads to embracing challenges, persisting through obstacles, learning from criticism and seeking inspiration in others’ success. Those having this mindset therefore believes that with time and practice, they can achieve. 

Change Your Mindset

We typically have a mix of a growth mindset and a fixed mindset (believing that certain qualities are inborn, fixed, and unchangeable). But it is up to us to take control of our lives and realize that we are in control of our actions and the resulting consequences.

It is up to us to learn from new things/experiences and to view errors as learning opportunities and only a stop on the path to achieving our full potential.

Nelson Mandela

We all know Nelson Mandela’s story. It is amazing and down right inspiring on it’s own. However, the words spoken by Nelson Mandela are truly profound. Nelson Mandela, an amazing optimist, a truly amazing man.

To view life in the context of “I never lose, I either win or learn” is the basis for continual growth.  This is the growth mindset. Viewing failure as an opportunity to learn internally pushes you to seek new experiences and challenges you to better yourself. When you believe that you can get better by challenging yourself and learning, it is easy to understand the correlation between hard work and success. Therefore, you will put in extra time and effort to gain higher achievement.

Growth Mindset In Life

Having a growth mindset in your life, generally, is a good thing. It is never a bad idea to seek knowledge and continue to learn and grow over time.  As this is a financial independence related blog, the following must be addressed. It is important to note that having a growth mindset, more specifically, in your financial life is a great attribute. 

The path to a financially secure life takes patience and the requisite need to learn from your experiences as well as others. Like anything else in life, the more you learn, the better you become. The more you learn about your financial situation, an emergency fund, saving, investing and other financial tools, the better you will become at creating a more financially secure life.

Conclusion

Every once in a while, you will come across something that is so impactful that it will stop you in your tracks. Recently, it was a quote from Nelson Mandela “I never lose, I either win or learn.” The quote is simple yet profound. In reality, it represents a different way of approaching life. This quote is the foundation of a growth mindset. Adapt a growth mindset and journey to financial independence.

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