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Up Front: Learning the value of a dollar
Emily Plihal
for Smoky River Express
Yesterday was my 27th birthday, and the aging process has definitely allowed me to see the importance of investment and keeping a tight grip on each additional dollar flowing through the bank account.
Unfortunately, as each adult learns quickly, there is always a minor emergency that requires extra money. If you own a vehicle, you’ll need a new set of tires, or a transmission, or a windshield. If you own a home, your water tank blows, or your furnace decides to quit, or a flood emerges from spring thaw.
How is it possible to “get ahead” when a balancing act is always required to maintain current lifestyle?
I will confidently say that I am in fact a bit greedy when it comes to advancing my current lifestyle. I have goals and aspirations, and I am willing to work as hard as I have to to achieve those goals.
I find it incredibly sad when I see people continually spending their money foolishly on materialistic items. Although I do have a great deal of materialistic items in my possession, my concern lies firmly in where I’ll be in 40 years from now. I obviously cannot dictate how others blow their fortune, and have no desire to do so, however; I am thankful for the budgeting knowledge I received from my parents at a young age.
My dad was always the guy that worked two or three jobs to ensure my sisters and I had everything we needed. This included college education funds, music lessons, swim lessons and all the other things parents want to provide for their family.
There are pictures of me sitting at the kitchen table with my dad at just five-years-old. He was crunching his budget numbers and I was sitting across from him mocking his patterns.
Although I cannot say I’ve adopted all of his penny-pinching habits, I am thankful for the basic budgeting knowledge I’ve received.
I understand the necessity of holding long-term jobs. I am thankful for the opportunities I’ve received in the past 10 years since graduating from High School. I have had the opportunity to manage a couple of businesses, earning a greater respect for the value of a dollar. When ordering freight, searching for clientele, or simply ensuring stock is accounted for, you gain a greater knowledge of how money should be managed.
As I’ve said many times previous to this, I am concerned about how our youth will learn these valuable lessons. When their every desire is met by asking their parents for some money, are they really learning the true value of a loonie.
I’ve been searching properties in the region to see what homes are going for in this area. I’ve noticed a common trend in all the communities, with homes selling for $180,000 or more. If our youth want to stay in this region and comfortably live in these homes, their wage must be sufficient to support their desires. Do they understand the mortgage cost, utility rates, and the price of owning a residence?
In this era, if your single family is not pulling in at least $4,000 per month, you’ll likely be tight to meet monthly budgets. In fact, if you add children into the mix, your monthly salary should be substantially more.
Although I’m not an investor, and obviously would never claim to be an expert, I do understand the necessity of having investments firmly in place prior to retirement. If you are not comfortable with investing in RRSPs or GICs, there is always the option of purchasing parcels of land or homes. Speak to a financial advisor to determine your best options for investment.
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