I am so happy to introduce you to a fellow blogger who inspires me every day when it comes to style, living a life of your dreams and being financially independent. Tiffani is a personal stylish living in New York City and is the entrepreneur behind Living Chic personal stylish services as well as the author of the blog Accidental Chic. The list of financial advice she has generously shared with The Simply Luxurious Life readers is something I myself will be printing and posting on my inspiration board. Have a look.
I am excited to be able to contribute to The Simply Luxurious Life’s 'Financial Food For Thought'. A passionate lover of fashion and design living in NYC I knew I had to educate myself on personal finances once I graduated from Grad School back in 2007. I was determined to be smart with my money and start off on the right foot. I find personal finance fascinating because you can tell a lot about a person by their relationship with money.
Last month I celebrated my 30th birthday in Paris, France. This has been a goal of mine since I was 27 years old. Yes, I'm a planner. However, I can't express how liberating it felt to have this amazing life experience and not worry about putting it on a credit card since I had been saving for years. Therefore, I would like to share the wisdom I have learned since taking hold of my finances in my twenties.
30 Things I Learned About Financial Chic Before I Turned 30
- Passion is everything; the money will follow.
- Savings = FREEDOM
- It's never too early to start saving for retirement.
- Pay off your credit card balance each month.
- Cash is KING!
- Aim for a 720-800 credit score.
- Never defer you student loans, especially private loans.
- Sleep on big ticket purchases.
- NEVER co-sign a loan for anyone. We're all responsible for our own finances.
- Make a financial date once a week with your finances. Wine, tea - anyone?
- Buying expensive designer clothes, bags, jewelry on credit is NOT chic.
- Time is money.
- Aim for an 8 months emergency fund, the future is not predictable or promised.
- There's nothing more attractive than a woman/man with their finances in order.
- Whenever shopping, make a list!
- Check your credit score & credit report once a year.
- Set up a savings account with a high interest online bank, you'll be less tempted to take out the money since it is not accessible to an ATM.
- KNOW YOUR WORTH!!!
- Surround yourself with like-minded money people.
- Start a money group.
- Suze Orman and Carmen Wong Ulrich are great financial gurus.
- Never, ever marry for money. You'll get exactly what you deserve...
- Be open to talking about personal finances and educate those around.
- Don't be afraid to say 'no thanks' to social obligations that will put you in debt.
- Did I mention cash is king?
- Continue to educate yourself on personal finance. Unfortunately, we have a lot to learn since we were never taught this in school.
- Life is meant to be enjoyed, don't let poor financial decisions put a damper. It's never too late to turn it all around.
- Buying a home does not mean financial freedom or the American dream for everyone. Stop trying to keep up with the Joneses, everyone's situation is different.
- There's no way to balance work and play, your work should be play!
- True wealth is not the consumption of material possessions but the ability to fully experience life.