Millennials are constantly being scolded and lectured by baby boomers who think that we don't know anything about finances. According to them, all our economic troubles are our own fault. They say that we don't believe in saving money for the future and that if we would just stick to a budget—cut out coffee shops and bars and stop wasting our paychecks on trendy, over-priced fixed-gear bikes—we could all own our own homes and begin planting some metaphorical seeds for a stable and secure retirement.
What these know-it-alls don't seem to realize is that, while we do believe in the concept of saving, our belief in anything like a "stable and secure" future has been strangled out of us by decades of inaction on climate change and the looming apocalypse it has brought on. None of their advice is even relevant to the meager subsistence that the lucky among us will manage once the world is reduced to a charred husk of human progress. That's not to say that "saving" isn't still important. If you do intend to be one of the survivors, here are some tips that might help you prepare your finances!
Don't Skimp on the Coffee and Alcohol
When society collapses, money won't really mean anything. The same way that bitcoin prices could collapse tomorrow and a throw a lot of "millionaires" into poverty, those "dollars" in your bank account don't really mean anything if the government collapses. Your "savings" will have to be in commodities rather than currency.
A lot of people will tell you to put your money in gold and bury your fortune in your backyard, but we both know that you don't have a backyard, or a house, or a shovel. Besides, the value of gold is still pretty arbitrary. It has some very useful functions, but without a society in place to carry out those functions—to turn it into electronics and dental implants—it's mostly just a nice, shiny metal. Keeping some handy is probably a good idea, but the stuff that's going to be really valuable, after the flimsy structure of our civilization finally gives out, is the stuff that people truly need. Namely, drugs.
There will be demand for all kinds of drugs, but caffeine, alcohol, and nicotine will be your best bets. And since high-proof liquor and freeze-dried coffee are both compact and can be kept around more or less indefinitely, you should invest in a good stock to have on hand for the end times. Alcohol can also be used as a disinfectant, and coffee and cigarettes provide the added benefit of suppressing your appetite and keeping you alert when you've eaten the last slice of avocado toast and the wolves are circling.
Rent, Don't Own
When world governments dissolve and the marauding hordes begin to roam the countryside, do you want to be tied down to one location—a house that you poured your savings into and probably doesn't even have an effective moat? Of course not. You want to be able to leave town in a campervan packed full of coffee and liquor at a moment's notice. Owning is for chumps who believe that a real estate market that collapsed because banks were too greedy will somehow survive as climate collapse brings on our collective doom. Along with decreased stress, maintenance, and upfront costs, renting also allows you to hit the fury road and never look back.
Get a Fixed-Gear Bike
Speaking of that campervan, you'd better find a good, sheltered spot to park it, because once global infrastructure gives out under the tremendous weight of man's folly, it's not going to be good for much more than a place to sleep. Gasoline will start going bad pretty soon after the oil refineries shut down. If your engine runs on diesel—and you happen to have a way to store large amounts in a cool, sealed environment with fuel a stabilizer and some sort of biocide—you may be able to keep your vehicle functional for several years, but even then you'll probably want a backup for navigating the decaying roads. Something fast, functional, and easy to repair—like a fixed-gear bicycle!
Plant Some Actual Seeds
We are constantly being told that we need to develop new skills in order to compete in the modern world, but in the hellscape of tomorrow, the skills that matter most won't be coding or graphic design, but sowing, weeding, and pruning. However much you're able to store in freeze-dried rations and canned goods, eventually the food you can grow yourself is going to be among your most valuable assets.
Seed packets are cheap, small, and can last a number of years, but if you don't figure out how to take care of plants now, there won't be much point in opening those packets after society has been razed to ashes. Find a community garden where you can develop your green thumb, or at least have a go at raising some herbs on a windowsill, or a tomato plant on your fire escape. Once you've got the basics down, you can start learning how to convert your waste into safe and efficient humanure—so you won't have to compete for precious fertilizer.
With these simple rules in mind, you can start saving up today for a secure and stable future in the wastelands of our fallen empire.
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While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.