Myleik Teele, the Chief Experience Officer of Curlbox, teamed up with the good folks at The Finance Bar in order to bring us the wrap up for the Summertime Financially Fine Challenge. The ladies live streamed a conversation where the talk hovered around making sound financial decisions. This is a wrap-up of the conversation between Myleik and Melissa Chanel.
Finance Bar: What are the reasons to save?
Myleik:”The more money you save the more options you have.” Options give you the ability to move on from situations that you may want to leave or even venture out on.
Options give you the ability to move on from situations that you may want to leave or even move into situations you may want to venture out on.
Finance Bar: Discipline. What does it look like?
Myleik: “You’ve got to get tired of being broke.” It’s simple. The broke life is a joke life. The amount of money that you make does not determine how much you will save. The reality is that you must educate yourself on how to save and how to respect money. Create a zero balance that tells you when to stop spending. Do not get to “zero” on your account balance. Pay yourself first when you get a check. Be diligent about moving money from checking to savings and get some satisfaction from watching your balance grow.
Become educated about money from reading books, talking to your accountant, wealth manager, broker and invest your money wisely.
Finance Bar: Investing? Where do you start?
Myleik: “Try to save $5,000 or $10,000 in order to start investing.” You can get to a million dollars if you invest wisely after starting small. The managers at the bank can educate you on the investment products that fit your investing style. If one bank turns you down then go to another.
Finance Bar: Does buying expensive things boost the ego or make you feel different?
Myleik: People who really have a lot of money don’t really want you to know. “I used to think that I was an unhappy person because I didn’t have the things that make people happy.” I was initially trying to obtain the things that made people happy. Things will not make you happy. I had to work on my own personal happiness. I am most happy about being financially happy. The privilege is being able to pay your bills. My thought process on buying things now is, “If I lose this, will I care?” If I am going to care then I won’t buy it.
The Finance Bar: How has saving money allowed you to get some of your time back?
Myleik: “In order for me to get a home loan, the bank wanted me to pay an extra $200,000.” I had it saved but it hurt. It was in my home, I still had it but it hurt to hand over $200,000 because I had poor credit. After buying the home my credit soared. My savings opened up the door to buy a home and if I wanted a business loan I am able to get one.
The Finance Bar: Why is financial stability important?
Myleik: “More than anything we have to change our mindset about spending.” Do not be afraid of being called “cheap” or “stingy”. Have money in the bank and have money conversations with friends and family. Financial stability changes many things in your life. It changes the way you live, date, the foods that you eat. Financial stability gives you leverage. You do not have to save for special occasions or a trip. Save for the sake of saving. On the other hand, treat yourself at the end of the year after successful saving and sacrificing. Stay at a great hotel or take yourself on a great trip.
In Truth–Wealthy, hard working, people are hard working. They wake up early. They are up at the very top of the day getting business started. Overall, they are good to people, kind and humble. Most people who have money also have a team. They pay for help. The work has to be distributed in order for you to buy your time back. When you employ people you give others the opportunity to earn.
Tonight–Get a journal and set a ridiculous financial goal for yourself that you will achieve. Have conversations with your friends about money because it is here that you will get/share resources that may be beneficial for you. Destigmatize the idea of talking about money. Have a relationship with your bank manager in order find out how to make your money grow further.
Tips: Cut Housing Costs, Eat Out Less, Cook More, Make Meals That “Stretch”, Build a Strong Financial Team.