“How mama gonna teach you how to save your money when she barely on the boat got stay afloat money blacks always broke cause we don’t know money spend it before we get it and could never hold money”
There is so much truth behind J Cole’s “Mo Money” lyrics. I wasn’t born into a rich family. No funds, investments, or family businesses left in any wills. Just born from parents who instilled in me that I could do anything I put my mind to because I’m can-do Candice. I knew there had to be more to strive for. My parents didn’t go to college. My mom had to sacrifice her education so that she could raise me and my sisters. I had to be the one to break the cycle and go to college; maybe you’re the one that has to change the cycle in your family as well. Our parents had to make sacrifices for us so that we could be where we are today. Maybe they had to work 2-3 jobs to make ends meet; just because your parents had to struggle doesn’t mean that you have to follow. You’re capable of doing and earning so much more.
Before I go further, let me define the word sacrifice: “an act of giving up something valued for the sake of something else regarded as more important or worthy.” People want to change their lifestyle as fast as possible, the problem with most is they try to change it before they learn the art of sacrificing. Some people don’t understand how to save over the long-term. If you spend all you have today, then you won’t have anything to show for it tomorrow. You shouldn’t need Suze Orman, or any other financial adviser, to tell you that you can’t afford a 2013 Mercedes Benz when you still have a ton of student loans to pay back, no house, no Roth IRA, no money for investments and no emergency fund. You have to be able to see the bigger picture.
When I read the book A millionaire by 30, the author, Allan Cory, touched on this topic several times. Once Cory graduated college, he didn’t know what to do with his life. At first, Cory was living in his mother’s basement. He then managed to find a job in NYC fixing computers. Cory ended up finding a really cheap apartment, that wasn’t in the best part of town, but he didn’t care because he was saving money. Each month he paid himself first. Putting aside a certain amount in savings, investments and his Roth IRA. While all his friends were buying expensive cars, apartments in the nicer parts of town and spending tons of money on fancy furniture, Cory did the opposite. He sold his car and decided to take public transportation. Cory even preferred to find his furniture on the side of the road or at thrift shops. Cory’s friends often laughed at him, but he didn’t care. When his friends wanted to party or go to the bar, Cory stayed home. He thought it was more important to save his money and wait until he became a millionaire by 30, that way when he would go out he wouldn’t have to work the next morning like all the rest of his friends. Throughout the book, you witness all the sacrifices this man had to make to reach his goal. Including shopping at nice places, buying clothes, going out to eat, hanging out with friends, and he even got rid of his girlfriend because she always wanted to go to the movies and out to eat which was getting too expensive. In the end, Cory reached his goal of becoming a millionaire by 30; all his hard work and sacrifices paid off. Those same people that were laughing at him and telling him he was crazy, were the same people congratulating him and asking him how he did it. Although Cory wasn’t always surrounded by people that shared his same vision, he didn’t let it stop him from achieving his dream.
It’s important to surround yourself with people that share your vision and know what you’re trying to accomplish. There are tons of personal trainers and people that lose weight together, but how about the people that want to accomplish goals together? Have a group of friends that you can check on each week to make sure you are all staying on track to accomplish your goal. You’re more likely to get things done when you have other people holding you accountable.
I’m going to leave you with a quote from my friend Kendall who suggested I write a post on sacrifice: “Some people look at rocks and see worms, and bugs while others see profits and go on to selling rocks for a living. We just have to open our mind to something we love and stick with it. Eventually it’ll pay off if we do it long enough” -Kendall Sanford.
As always be wise, stay humble & build.
Mo Money lyrics by J. Cole
A millionaire by 30 by: Allan Corey