Ignite DC 7- Overly Educated, Overly Broke

I learned GREAT moneymanagement skills by watching myparents manage the heck out oftheir paychecks. (Never mind all ofthe other implicit issues that weregoing on).I made it a point to learn and studymoney & was (still kinda am) THEGO TO Diva for money advice….JOB= Good Money ManagementSkills = I would be richI thought I was good……

A JOB MEANS = JUST. OVER. BROKE.Learned that after my first post gradpaycheck but didn’t pay attention.Note: JOBS ARE NOT BAD!!!Steady Paycheck: A most certain necessityEnough to keep you in check to do thebidding of the man: YepEnables you to engage in a lot of financialBS if you are not disciplined: Double HeadNod.Ok.Ok…..But what if it’s a well paying job?

Not a damn!Leave or Lose that jobHow long can you sustain yourselfat your current level of spending?Why does it take us at least 3years to save between $5 and$10,000?Because we are too busy eatingout….

Take out some Education Debt(crappy choice #1) CounterPunch3 degrees and $110,000 lateryou would have thought I hadlearned a better way. Student loans = Easy Money = Perpetual Indentured Servitude.

Eat out a lot….But I’m a YOUNGPROFESSONAL. I have to Network. BeSocial.BS! o_O for being lazyEating out costs a lot of money (andhelps you gain weight). Heartsisters.org$10 for iceberg, a teaspoon of tuna and3 shreds of cheese is the norm.Meanwhile- your stove is dusty and yourbank account is empty.That steady paycheck had me fooled….I was a decent saver- but think abouthow much MORE I could have saved if Ibought my own dang lettuce ?

Get out of Debt and Go Back Into It (about 3x to beexact) WHO DOES THAT?Me…For Good (Ahem…entrepreneurship) and not so goodreasons.Except that its Still Mind Blowing when I think about it. Butthat steady paycheck meant I had the CASH to do this. Note- credit is not bad……except when you use it to eat out…all of the time…

Budget PerpetratorI had a budget.But if I didn’t like it, I changed it tomeet my needs.I had a JOB so it was all good.The money came every otherTuesday at 6am. Like Clockwork.Word!Budget? Spending plan?Whatever. Wall Street Journal 2006

Allowed me to buy this pretty- yetoverpriced house in a wonderful“up and comingneighborhood”…AKA drug den.Bank: You make X- we’ll qualifyyou for a $500,000 mortgage.Me: o_O. Didn’t spend that butstill ended up with a healthymortgage.It was ok because I (had) greatCredit and a JOB!!Happily…my neighborhood is nolonger a major drug den. SCORE!

I decided to pursue my passion,(preserve my sanity), quit my Job andstart my business ( I also went back toschool).The movement had been percolatingfor a while.Nothing like a new nut-job of a boss tomake you move post haste.When those steady paychecksstopped coming- I got one of thelongest (3 years, 4 months 2 days and18 hours to be exact) wake up callsand lessons of my entire financial life.At some point I realized that…

Was my enabler.I was financially DISCIPLINED to take care ofexpenses, SAVE, MAINTAIN great credit, PAYOFFdebt and CREATE those retirement account.The cold hard truth?... I never learned how toMANAGE MONEY without actually having aSTEADY PAYCHECK. Entrepreneurship changed the game

Are fleeting in the beginning. (You know that 3-5 year rule? ItsTrue).Even as your business makes money- you still drain your ownresources. You put everything you have into your biz.Learning how to manage bills when there is no direct deposit isquite interesting.Then you have to get (really) creative. (All legal of course)Sometimes you can’t pay all of those bills and things get uberfrustrating. (FEAST OR FAMINE)But in the hard moments- I’ve learned some of my best lessons.

Has been quite random but let’s talkabout what I have discovered:The names of my bill collectors and thevarious types of payment arrangementsthat exist. Eye opening! Note: Relationships are everything.

How valuable those abandonedmetro fare cards really are(Almost like Christmas).But then you get stuck on theRed Line so everything free doescome with a cost. How much I LOVE walking I learned how to walk my way around DC. Walking = the natural cellulite blaster and ass lifter that Mother Nature intended.

My “crafty bastard” has goneup triple fold.In addition to making my ownjewelry, I have figured out howto make a convertible dress andI fixed a really ( I mean really)pair of expensive sunglasses.

RECEIVEI was never good at itbecause I was always soused to giving.There is an art to asking forhelp and receiving withgrace. Artofgrace.comI am still working on it.

“Bread Butts”They gross me out.But they make a greatmeal when you have 1egg, a pat of butterand a can of Salmon.I’m still a Foodie…butBread Butts and I havemade peace.

For the first time in my life- I was able toconsume all the food in my pantry,fridge and freezer. I am the Queen of Pantry Cuisine

I’ve learned how toentertain myself.Enjoyment of Lifedoesn’t Author, Todd Kashdancome from spendingmoney,but by learning howto be CURIOUS andFULFILLED in themoment.

That WORKS!A business model thatembraces simplicity andintegrity.A revenue model thatremoves the middle manand focuses on what I dobest.And it better work or else Iam going to go back andget a JOB.

For those of us who are not independently wealthy:Be realistic about where you are financially.Mange your money as if you don’t have a steady paycheck.If Entrepreneurship is in your future- prepare yourself financiallyNOW.Cut down on the eating out. Your stove misses you. Your ass willthank you.Spend your money (and your time for that matter) on theexperiences that are important to you Note: Several Credit Cards were harmed in the making of this presentation.

Ignite DC 7- Overly Educated, Overly Broke

by eabcreative on Jun 07, 2011

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Ignite DC 7- Overly Educated, Overly Broke — Presentation Transcript

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