How to Make Your Money Work Harder | Why People are BROKE | Becoming a Millennial Adult | Episode 5
Channel: Alex Tsang
Date: 2020-03-04

In this episode of Becoming a Millennial Adult, I venture into explaining my personal thoughts on why I think most people are broke. In terms of defining "broke", I take a fairly general stance and understanding on what that exactly means. To me, "broke" is defined as out of money or having less than $100 in one's personal checking account. This is not to be insensitive towards people who are currently struggling with their finances, but I think MOST (not all) people are in that struggling situation based on their own actions.

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I am not the richest or wealthiest person I know, but I am confident on how I manage my finances. When I first started getting a substantial paycheck, I deposited a good percentage of my earnings towards an investment and retirement account. I did not know exactly how much to deposit, but I knew I had to make my money work harder rather than it sitting in a checking account that earns 0% interest. After reading several different finance books, I started to be more automated with my salary.

One of my top reasons on why I think people are broke is due to the lack of automating their earnings into a separate account from their checking account. I personally automatically deposit 10% of my paycheck towards a Roth 401K that my company matches with an additional 5%. This brings a total of 15% of my monthly paycheck directly deposited into a retirement savings account. Although retirement is in the far distance, it has been proven, through the principal of compound interest, that starting saving early will compound towards millions of dollars with little amounts of effort.

I have found that I am in the minority when it comes to making my money earn more money. Most of my friends and acquaintances have the habit of spending money whenever they have some in their bank account. It is rare that I have ran into another person that budgets their monthly spending. Regardless if you are in the lower, middle, or higher class, budgeting is essential on personal fiance management. Creating a budget allows many to see what kind of spending is happening in one's life. Following a budget promotes the habit of being more conscious of spending. By allotting yourself certain spending parameters, your actions of spending money on unnecessary items, food, and experiences will reduce.

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