Building Wealth in Unconventional Ways

If I had not listened to my mother and her immigrant mentality, I'd be richer than I am right now. This is going to be the most practical LinkedIn newsletter you're going to read this week because I'm going to summarize almost everything you need to know about money in one post. You're welcome. Please tip me and show your appreciation by purchasing a GrasshoppHer membership right here.

I was 19 or 20 when I was walking around Venice beach hyperventilating about the $5.50 I had ordered on the Blue Bottle app for my oat milk latte (I've since switched back to almond milk) when I realized I was in a lot of debt. Now, "a lot" of debt is going to vary for each person. I didn't go to college, so my debt is not like your debt if you did. I didn't go to college because I didn't have any money, and I didn't want to get into debt! Funny how I'm in debt and didn't go to college.

If only I had read a newsletter by Alexa Curtis when I was 19 or 20!

When I moved out at 17, I was hosting TV segments left and right to be able to pursue my blog. I'd pitch Walmart or Target and get paid $2,500 (sounds like a lot, but it's not) to $4,000 per TV segment. I wouldn't get paid for 30-90 days because the entertainment industry is twisted, and in those 30-90 days I'd have to facilitate travel to the city of the segment, hire models, eat something, get a hotel room, a car to the segment and the hotel, an outfit, etc. I got half of this for free, but each segment cost me close to what I'd get paid after the segment. The only segment I ever did that I didn't have to pay out of pocket for was the TODAY show.

At the time, I figured credit cards were a reliable way to live on my own and pursue my wildest dreams. After I'd get paid, I'd have an outstanding balance on every card I'd forget about because I was so busy trying to live that I figured the credit cards weren't out to get me.

I took out Paypal Credit, Delta, and American Airlines credit cards, Chase Sapphire, and an Amex that I think looked pretty and exciting like free money is, and put everything besides my rent on these cards.

One of my girlfriends once told me if I'm on a date with a guy who has the silver American Express card that sounds like a wrestling fight when he places his card on the table, he's rich! Now I know he may be rich or he may be in debt. I'm not willing to find out unless he discloses he's getting WeWork free with the card upfront on a first date. My boyfriend told me he likes the American Express card that has a lower fee because he doesn't need a free Equinox membership, and I think I realized I loved him right then and there.

My friend who has a fetish for platinum American Express cards is still single.

I'm slowly paying off my debt in the ways I'll describe below. I have not taken out any credit cards since I realized credit cards hate everyone.

Credit cards are not free money.

If you take out a credit card, you should take out a card with low to no interest, and a card that gives you any intro points or money should be used properly. 60,000 points can get you a ticket to somewhere in the world or money back into your account. Put a minimum on there for a month until you get your points, and pay it off immediately.

If you're a business owner, opt for a Roth IRA (mine is with Betterment) or an HSA. Ideally, you should have both.

You are not lucky if you run your own business because you will not be able to match your IRA account like companies offer employees. It's up to you to max out your IRA for a year and then invest and pay off debt. Max out your IRA as early in the year as you can, and rely on another savings account or even Acorns to have rainy-day savings.

Credit unions suck.

Like a true idiot, I kept the same credit union up until 3 weeks ago. This is the first and only bank I ever had, housed in the smallest town in Willimantic, Connecticut. The demise of this credit union and me was that I kept getting into minor arguments with the tellers on the phone because they did not do what I wanted them to do. I didn't have the patience to put up with high school emotional discussions surrounding my money. Now I use Chime. Don't be an idiot like me.

Stop using your friends as an excuse to not save.

My gut reaction when I know I'm doing something wrong is to always say to myself "Well, Morgan and Dillon don't save money. If I'm saving $2 a year, I'm doing better than them!"

This is my mind trying to make me feel better about the fact I'm not saving my money because I like $1.50 almond milk surcharges. This is not my mind reminding me I give a crap about Morgan and Dillon's money after all because I don't.

If your friends don't save their money or invest their money, that is every reason you should prevail and do so on your own.

Stay fearless or die trying OR die in debt!

Alexa