Everyone wants to be rich, but not everyone is good at it.
You, on the other hand, have had your whole life to practice being rich, without the distraction of developing any skills or working for a living. You make coasting through life look easy! Still, there are some pitfalls to being born with everything you'll ever need, especially when interacting with those less fortunate. So from failson to failson, here are some tips and tricks to living your best life in the shade of your parents' money-tree.
Befriend Some Poors
She doesn't know she wants to be your friend yet
It's important to stay grounded. If you only ever hang out with Trey and Ashlynn at the polo club, you'll lose touch with the commoners. That's not you. You're the kind of Richie Rich that lives your truth and stays humble, so it's important that you look at poor people as a tool for learning. You can find some poors studying at a public university, or even behind the counter of your favorite coffee shop. Some barista's actually make what's known as "tipped wage," which, in New York, means they make $10/hour plus tips. Here's a tip, that means they're poor! They might resist your advances at first, but you let them know that they're just as good as you, in their own way. Tell them some stories about Milan, or the crew team—oh my god, crew team stories are the best!
Ask About Your Poor Friends’ Finances
You never had to learn about money... you just always knew
How are you going to learn if you don't ask questions? If they talk about their job, ask them how much they make. If they invite you to their apartment, look around for a few seconds, then take a guess at how much they pay in rent. Make sure it's a super low-ball guess, so you don't offend them. If they mention how much something cost—anything—be sure to ask if that's a lot of money for them. You might be surprised! You can even use these questions to help them improve their finances. If they're stressing about scraping together enough for their bills this month, say "Don't you have savings?" In order to retire by 65—30 years too late if you ask me—millennials should be putting about half their paychecks into savings, but chances are that your poor friends aren't doing that. This will nudge them in the right direction.
Split the Bill Evenly
Going out to dinner with your working class friends? Suggest the kind of place they probably haven't been before. Per Se? Say no more. They'll probably be a little uncomfortable and try to order something cheap, but you can set expectations by giving their "braised chicken breast" a little raised eyebrow, then ordering whatever comes with the most shaved truffle. When the bill comes, show your friends you see them as your equal by splitting it down the middle.
Treat Your Luxury Goods Like Shit
Oh, that old hunk of junk?
A lot of poor people think that the natively wealthy are all obsessed with status symbols and designer goods. Show them how superficial you think that stuff is by throwing your Louis bag on the floor like a sack of potatoes the moment you walk inside. If you take your poor friends to a rooftop bar with a pool, jump in with your Gucci loafers still on. Suggest a game of "streetball" at a public park, where they don't even charge you to play, and show up in your Balenciaga t-shirt to get your sweat on.
Talk About How Stressful Your Vacations Are
This shot seriously took like 20 takes, you guys
At this point, you pretty much get their whole deal. Their full-time job is stressing them out when they're at their part-time job, and their health insurance won't cover the yoga retreat in Iceland that you keep suggesting—blah blah blah. Show them that the grass isn't always greener just because it's treated with mink-scat fertilizer. You have your own sources of stress, and they'll feel better about their problems if you explain to them how much you had to work to "find yourself" on your trip to Peru—the llamas kept trying to eat your hair when you were posing for pictures, and that porter who carried your bags up the mountain could barely even speak proper Castellano (also, those guys only make like $30/day, so what are your poor friends even complaining about). See? Your life is hard too! Honestly, if your new friends don't get that, maybe they don't deserve you.
In fact, f*ck this whole thing. You don't need poor friends.
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The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.