So let’s just get started here let’s talk about the first one which is don’t accept the initial salary that’s offered to you when you’re applying for a job now there’s a couple of reasons for this and look if you already have a job you also can consider asking for a raise we’ll talk about both of those in the next 30 seconds here but when it comes to getting jobs especially in America the unemployment rate at the moment it’s 3.7 percent that’s the lowest has been in about 50 years so what this means is that there’s a lot of employers looking for employees but not enough people to fill those jobs because it’s such a low unemployment rate which means that people like you and me we have the upper edge when applying for jobs at the moment in a very good economy so what this means is that we can ask for a higher salary than what they might offer us and I think a lot of people just kind of get off and say that you get offered $42,000 per year for a job and they just automatically take it now unless it’s this case where there’s no other jobs in a 100 mile radius you absolutely need this job or you want this job because you love what they’re doing here then maybe just consider accepting the job but in other cases you can kind of pick companies against each other and say you know what you’re offering 40 mm I need 44 I need 45 thousand maybe I need more vacation days so you start to negotiate a little bit more when applying for jobs and if you already have a job which chances are you probably do then consider asking for a raise it’s incredible how many people I meet when I ask them I say once the last time you got a raise from your job and sometimes.
it’s been five years ten years even 15 years people don’t get raises because they just don’t ask for them and there’s that comment saying that if you don’t ask for it you don’t get it or something I don’t know what the words are behind it but it’s very true look so consider going into work tomorrow or sometime this week and just saying hey I’d like a raise I think I’ve been working pretty hard around here I think I’ve been producing a lot of stuff for the company so can I have a race maybe a dollar now or two dollars now or more per hour and you’ll see just how many times people actually get raises simply from just asking for a raise now chances are you’re probably not gonna get fired you have very little to lose when asking for it if you do get fired I’m sorry this is an advice this is just an opinion here this is just some ideas but that’s something that you might want to consider doing actually before you get paid is asking for a raise and negotiating your salary in terms of your salary and your employment with your employer let’s talk about the next one here it’s one that’s fairly predatory I really don’t like this and people should try to avoid this at all costs and that is by taking advantage of predatory loans which would be something like payday loans okay so payday loans the problem with this and look I see these ads everywhere maybe you see these two where maybe there’s an ad of somebody at a gas station and they’re they’re saying hey I’m buying gas now.
I don’t get paid till Thursday today’s Monday but I’m buying gas with my paycheck that I got a payday loan from this fancy little app we’re not going to name brands here but essentially this is a very very poor financial decision you’re essentially getting someone to front you money for money that you should be making on that specific day so if you get paint on Thursday but you’re buying something on Monday because you had to get a loan for it it’s just not a good decision all around the board you’re probably getting some money shaved off the top of that and look if you can’t afford to buy something now because you have no money in your bank account then a payday loan it’s just such a short-term solution it’s not going to help you in the long term it’s going to make you even poorer than you what you may be at the moment so if you want to go to a football game this weekend but you have no money in your bank account so you get this payday loan app like I said we’re not going to name companies here and you can get your paycheck upfront that you’re supposed to get in a week or in two weeks and they’re gonna shave some money off the top of that you want to go to the football game $150 for a ticket maybe you just shouldn’t go to the game maybe you should find a way to start saving money so that you can go to the next game instead of using this simple quick solution of payday loan so just try to avoid those at all costs I really don’t like them I feel like they’re fairly predatory and they’re just not a good thing to be a part of so the next one here that I want to share with you is just spontaneous purchases all around so what I like to do here in most cases is let’s say that you get paid $2,000 every other week so you make it fifty two thousand dollars per year you get $1,000 per week.
but it’s paid every two weeks on a Thursday let’s say I don’t know why they’re always on Thursdays but a lot of people get paid on those days so let’s say that you get your money two thousand dollars lump sum in your bank account a lot of people will go out and they’ll start buying these big things maybe they buy a season pass to a ski resort or they go out and buy a snowboard try not to make these spontaneous purchases when you get this money but rather spread it out over the next couple of weeks that you’re using this money until you get your next paycheck a lot of people run into those problems where they just make these spontaneous purchases the best way to combat this is to use something that we call the 24-hour rule it’s so simple but it really does save so much money I use it all the time where let’s say that you want to maybe buy a season pass to a ski resort I know winter’s coming up here and it’s a it’s a very large amount of money I say it’s a thousand dollars for the season pass it’s a really nice resort thousand dollars you want to buy it think about it for at least 24 hours maybe 48 hours and then you might change your mind on it I know for myself I found myself once I stopped myself from making spontaneous purchases especially online it’s it’s so easy to make purchases online you can buy a new laptop in the next 30 seconds right now after this post if you wanted to by just putting in your credit card information go on Amazon and you’re done right so just try to think about this for a little bit longer at least 24 hours and then you might start to change your mind say wow what was I thinking yesterday about trying to buy this thousand dollar item I can’t afford that probably not a good financial decision for the long term so just make sure that you’re doing that all right so another thing that you should not do when you get paid is signing on the dotted line too quickly and now when I say this maybe you think about car loans maybe you think about some type of home mortgage just signing away on a legal document but I’m also referring to things like say.
you’re renting a home somewhere and your landlord presents you with a 40 page lease that you have to sign most people we’ll just breeze through it sign the line because they just don’t feel like reading through all the technicals of this entire packet of this legal document but this is a legal binding document that you need to be very aware of what’s inside of there I’ve seen landlords slip in some very very clever tricky clauses within there that can end up really screwing you over you’re shooting yourself in the foot by not reading it over so make sure that whether you are gonna rent something you’re gonna buy something any type of legal document maybe should maybe just make sure that you are not just breezing through it very quickly but make sure that you’re actually reading what’s inside of there and if you’re getting a car loan I’m not a big fan of car loans but they’re generally pretty low three four five percent sometimes even lower but if you’re gonna get a car loan make sure that you’re understanding everything behind that the interest rates behind that instead of just the payment a lot of car dealerships will just present you with the monthly payment instead of actually talking about the interest rate so make sure that you’re just reading all of that over very very carefully and it’s gonna end up saving you a lot of headache in the future trust me I’ve signed leases in the past where I was just too lazy or I was in a rush I said you know what I don’t have time to read over this but I trust you the landlord to make sure that it’s fine so I just signed away and I ended up really hurting myself and losing a lot of money I mean a couple hundred dollars but it was still a lot of money to me when I was in college so that’s something you want to be very aware of and the next one here is actually just eating out at restaurants so once you get your paycheck if you go out to restaurants and I actually write a post just the other day.
I think it’s from two cents from PBS a very good website but they talked about how eating out keeps you poor and you know there’s actually a lot of foof to this post there really is that if you go out to a restaurant so you go out once a week you spend seventy dollars per week eating out at a pretty nice restaurant maybe with your family with your friends there is certainly something nice about that it’s nice to have the atmosphere to get very nice food made for you but if you’re doing that too often especially if you find yourself in a financial pinch or in a position where you’re not able to save as much money you’re kind of wondering where you can start cutting back on think about cutting back on food that you’re going out to eat because this is really a depreciating asset once you eat your food it’s totally gone and you’re not going to have any value after that so that that’s just something that you do want to be very careful of how often you’re actually eating out versus how much food you’re making at home I can end up spending 30 or 40 dollars per week on groceries for the entire week because I’m buying the right things that I’m able to really stretch pretty far without sacrificing health without sacrificing the amount of food that I’m eating just by simply going to the right stores buying the right foods and getting them for relatively inexpensive amounts of monies so number two is paying for overpriced information now we could refer to a variety of different things within this point here one of them being online courses that are multiple thousands of dollars you’re paying two thousand dollars for an online course or a digital program that shows you how to save money when you could just go to your free local library and learn as much as possible from that for totally free you could posts like this you can read blog post there’s so much free information out there I just don’t like spending money on education now college is obviously something that’s very expensive in the United States that I paid quite a bit of money for but there’s still cheaper options for college as well.
what did is I tested it out on a lot of subjects and got credits for that using it’s called the club CL EP for testing out of college classes and getting credits for it and there’s a lot of different things you could do to save money on education I just really don’t like paying for information there’s so much out there for absolutely free but you’ll never be able to get to all of it I mean there are thousands of book books in the library and you’ll never be able to get to all of them so that’s why I just don’t pay for anything that’s why we don’t sell anything on this website. we don’t sell online courses programs anything because I just don’t believe in them I don’t think that they are in most cases I don’t think that they’re worth it now there are some that maybe if they’re showing you how to do something that’s really difficult to find exactly how to do it say some people like Graham Stephan some really good courses meet Kevin some really good courses on real estate then maybe that’s something that you could consider spending a little bit of money on a couple hundred dollars on but I think the ones that are thousands of dollars I’m just not a big fan of them this is somewhat opinionated maybe you’ve bought them in the past and you’ve done really well with them but I think one of the best ways to learn is just through your own experience and through free information because there is so much of it out there and the final one here maybe you have heard of this one before and we tend to end a lot posts like this but it’s just so important it’s just thinking about every item that you’re purchasing what’s the value of that item in the a couple of years and how much value does it hold so looking at depreciating assets anything that rust rot sword appreciates I try to avoid buying those now obviously you have to buy food and you know.
if you spend $100 this week on food next week that foods gonna be worth nothing because you ate it or it went bad or it rotted so it’s not going to be good anymore right you have to make those purchases but there are other things in life where maybe you’re thinking about should I buy this car should I buy this snowboard should I buy this jet ski right what’s the value of it this is what I do every time I make a purchase especially a purchase that’s over say a couple hundred dollars all kind of track the value of these items and say well you know if I buy this car today what’s it gonna be worth in five years and chances ought to be worth about sixty-five percent less than what it’s worth today so if I pay twenty thousand dollars for a car today it might be worth about thirteen thousand dollars if I did that math right thirteen thousand dollars in the next five years so just kind of make sure that you’re able to find which items are depreciating and which ones are not depreciating if you’re buying say you’re buying something that’s a gold bracelet that’s a 24 karat gold bracelet that you might pay $1,500 for today.