Tag: starting a new job

multicolored wrap bracelets on a women's wrist

Using Hobbies to Soothe Your Soul During COVID

Self-Isolation

COVID has changed our lives in so many ways.  My parents still live in their own home and have approached this time in a very different manner.  Initially, both of my parents heeded the recommendations from health officials to stay in their homes.  They had the support of several family members who lived nearby who could assist in running errands for them. Since March, she celebrated her 60th wedding anniversary, her 80th birthday and missed the graduation events of two of their grandchildren.

My dad, a very active healthy 85 year old slowly began resuming running some basic errands while being cautious.  For my mom, things were a bit different.  She had a heart attack last fall so she was still being mindful about her activities.  Due to her health issues, she decided to stay indoors without fail.  She did well at the beginning but as the confinement began to drag on, it was apparent that we had to find activities to keep her occupied.  My mom taught school for over 40 years and has always been a crafter.  She incorporated arts and crafts into her school work and then used this skill during her retirement phase to keep her entertained.  She is the type of person that can replicate anything after just studying it.  Being isolated was challenging but she turned to her love of crafts to help pass the time.  

Using hobbies to Soothe Your Soul During COVID

My dad resumed his outdoor activities but took precautions.  He was certified as a master gardener and used his love of all things green to while away his time in the great outdoors.  Piddling in his garden or work shed, cutting the grass at his lake lot or helping his sons on their projects, he took the stance that he wanted to find a healthy, cautious balance to life.  He just entered his 51st year of selling life and health insurance and has modified his work practice to meet clients in a safe manner.  

My mom decided to turn to her love of crafts.  She had been selling custom made rosary wrap bracelets to her friends and at local craft shows.  This fun pasttime came to a halt with the isolation orders.  We had a long talk about what she wanted to do.  I had time on my hands and had watched too many YouTube videos so we decided to open an Etsy store.

Bevasbracelets was born

She surveyed her craft room and realized that she had over 200 bracelets.  She loves to make rosary wrap bracelets so off we went.  We made some listings and learned all about SEO.  We made an IG account.  She has a strong following which delights her.  She now has something to look forward to.
She is now making all types of styles based on what her customers request. She has autism awareness bracelets, prayer bracelets, some NFL team bracelets and her breast cancer awareness bracelets.  She sells them through many venues including direct sales to friends, on Facebook and through Etsy.  This has been so exciting to watch as her bracelets are now all over the country.   She just made her 100th sale since going live mid-April.

 

If you get a chance, visit her Etsy store and see what she has. You can sort by category. Here is a picture of all of the breast cancer survivor awareness bracelets. There are 16 different styles and they are all on Etsy under Bevasbracelets if you want to look at the close up pictures.

 

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Compound Interest Is Your Friend

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It’s Money Monday!

So I had someone ask why their daughter should start contributing to her retirement plan at age 21.

The answer? Compound interest!

There are all kinds of charts that will show you how investing small amounts consistently over time will give you the returns you need to retire comfortably.   Compound interest is your friend.

I wasn’t able to begin investing for my retirement until 15 years after I graduated from high school in 1980.  I didn’t pass the poverty threshold of $12,490 until I was 10 years beyond my high school graduation. It was another 5 years before I was employed in a group practice and actually began contributing to something other than social security.  A 401K?  What is that?

When we first sat down to begin educating ourselves, it was pretty daunting. They gave us the advise of projecting how much we would need if we wanted to live off 80% of our salary. The advice has drastically changed over the last 20 years but most of the financial gurus that I follow now say you are financially independent if you have 20-25X of your projected annual expenses in your savings/retirement accounts.

So I started late, but now, at age 58, I can quit working if I choose to. We choose to live way below our means so we could pay off over $150K in student loans, save for our three kids college expenses and save money for ourselves. We invested in stocks. We used a budget until we didn’t need to.

So my point? It is never too late to begin this process. By starting in your early 20s, you will have time on your side and you can rely on compound interest to help you reach your goals. Compound interest is your friend. 

Celebrating a New Start After Graduating From College

Congratulations to all of our new college grads on beginning their new jobs. I feel like a proud mama watching my daughter and her friends achieve this milestone. They are moving to new cities and establishing new homes. What advice can we share with them? What advice can we share with any of our friends who are returning to the workforce?  Let us share their excitement as we begin celebrating a new start after graduating from college.

Here are 12 things that I would tell you if you were my child. Following some or all of these recommendations will ensure that you become financially independent. The goal at the beginning is to keep as much money in your pocket as you can.

• Continue to live like a poor college student for as long as you can.

• Learn how to cook.

• Do not buy a new car or lease a car. If your car needs to be replaced, buy a used car.

• Continue to rent.

• Become financially literate.

• Plan a budget and live below your means.

• Sign up for any employer match retirement programs.

• If allowed, stay on your parent’s health and dental insurance (until you are 26 years old.) Sit down and review what your parent’s premium cost is with and without you. Most plans have a flat ‘family rate’. Figure out what your portion of this is and pay this premium to your parents instead of your company’s plan.

• If your employer’s health insurance cost is zero to you, you may want to take the benefit and use your parent’s plan as your secondary insurance.

• If this is not an option, sign up for an employer HSA if it is offered especially if the employer makes a contribution to help fund it.

• Do not sign up for the ‘extra’ employer benefits during your first year. You do not need long-term care, cancer insurance, whole life insurance, or whatever other ‘benefit’ they are offering. Contain your costs and hoard your money. As you educate yourself, you can decide what other benefits you truly need. Remember that the company representatives are there to sell you something.

• Pick up a side hustle and pay down your college debt as fast as you can.

What advice would you give your 22 year old self? Share your advice in the comments below.