Have you often looked at someone who got a really great deal on something and thought, “if only I had those connections”? Well, chances are, you probably do and aren’t even aware of them. All of us have unfair advantages in our lives. The people we choose to include in our lives and where we work can make a huge impact on how to reach financial freedom, faster.
1. Take advantage of 401(k) matching by your employer. Two employers I worked with did this – but I do say this with one caveat. If you’re pretty sure that you would leave before the matching vests, then you won’t get that money. Nevertheless, this is what I tell everyone who has this perk. If you do not contribute the minimum required to get the match, you are quite literally leaving money on the table.
2. A global network of friends who allow me to crash on their couch. I do this less now that my friends have kids, but in my 20s, I saved a lot of hotel expenses by crashing on friends’ couches. I do think looking back I shouldn’t have always intruded on their privacy but I tried to stay out of people’s hairs and treat them to a meal. In return I have always made couches and bedrooms available in my home.
3. Use free or low rent to turbo charge your debt repayment and savings. A few of the Save My Cents Club members that I coach have free or below market rent situations. And if you are one of these people, this is a blessing. You may never have this again, so you SHOULD be using this time to save save save and not spend that extra savings. For 2 years, my husband and I had a rent-stabilized apartment in NYC. We saved about $1,700 a month compared to people who paid for a median one-bedroom in NYC, which amounted to $40,800 savings in 2 years alone, which contributed to the down payment on our co-op.
My “office corner” in my rent stabilized apartment in New York before I bought this folding card table from Target – this table is still my office table today! No need to upgrade what isn’t broken
4. I used work to travel hack. I regularly travel for free and part of it comes from credit card points I earn. But how do you earn more points (other than sign ups) if you’re trying not to spend your own money? Spend company money! We sometimes purchase research that costs hundreds or thousands of dollars that I can charge then get reimbursed. I also in a pinch use my credit card to book flights when our travel agency doesn’t have availability. And every week work pays for cabs. I charge all of these to my Chase Sapphire Reserve to get triple points on miles.
5. I ate as much at work as possible. Every day there always seemed to be an event that provided free food. When I work late I got food. So I tried to stretch the food so I wouldn’t have to pack lunch as much. Many of you might work for a place that feeds you, or you might be near a meeting that has leftover food. Store zip loc bags and plastic boxes in your desk so you can take food home.
6. Use your industry discounts! If you’re in entertainment you go to shows for free. If you’re in fashion you get access to deeply discounted sample sales. If you’re in food service you get leftovers. If you work for a hotel you can book rooms at a discount. If you love the industry you are in, chances are, you can get discounts on things you love .I made lot of friends as a wedding photographer and got some discounts on wedding services when I got married, to the tune of a few thousand dollars.
7. Live close to family. This is something I wish I could do but isn’t my reality right now. Several of my Save My Cents club members save hundreds if not thousands each year on childcare by living close to family. I have known of siblings who move into the same neighborhood or even house together to save. In China this is how traditionally my family lived – in a multi family compound home. The US and western cultures are more unique in that we have more isolated family units. My personal opinion? Get personal! You don’t get to choose your family, but by living close and intentionally building healthy relationships only does your family and your children good.
8. Get involved in a community that focuses on giving. I am Christian and one of the most amazing parts of the Christian community is that we treat each other like family. My church has many ways that people can connect and get help, from free food to mental health to job searching panels. In places with little government support, communities like these could just be your lifeline. Humans are made to be (mostly) social. Reach out and find a tribe
9. Side hustle where you are gifted. A lot of people ask me about selling on Poshmark or Ebay as their first side hustle and (I’ll have a blog on this) honestly I don’t recommend reselling to most people who don’t have a merchandiser bone in their body. The whole point of side hustling is having a highly profitable use of your extra time. So start where you’re strong! If you’re creative, make and sell things. If you’re technical, fix or build things. If you are business oriented, sell things or consult. My father side hustled as a consultant on all things related to his PhD. I side hustled as a portrait and wedding photographer because I picked up the artistic side very easily and also knew how to sell.
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