Living Like a College Student
It has been about five years since I joined the working world and it is a good time to reflect on the one mantra I have been trying to live by the last 5yrs. It came from one of my professors in a passing conversation during graduate school that really stuck to me.
The net of what this professor said is if he could do it all over, he would have just lived like he did as a college student for 5 more years after he started working and saved his money (or something like that – I am not sure if he said 5 yrs - that might have been my twist).
This came about while I was finishing up college, looking for a job, broke as ever, and absorbing the book - The Millionaire Mind. It stuck to me like glue and I took the meaning to heart. For the past 5 years I have really focused on building a base and avoiding any extravagant consumption. Each year, I have spent a little more, raising my annual consumption closer and closer to my peers.
When I graduated school - I didn't go out and buy a bunch of new stuff like many of my peers, such as new cars, new furniture, flat screen tvs, cell phones, etc. As time has gone on, I have slowly splurged and periodically purchased things like a computer, a cell phone, a house, etc - doing my best to pace myself.
For instance, to this day I still don't own a tv or haven't purchased any new furniture since I finished school. It’s not as crazy at it may seem at first - in truth all I did was get roommates that had these things so I didn't need to focus on purchasing them.
Each year, I have slowly indulged in purchasing items to raise my standard of living up to now. Now a days I am pretty in line with my peers, although I still need to buy a tv (I am looking to purchase one at the end of the year).
To net it down - What I believe I did right was disassociate my spending and living standards from my job salary. Instead every year as my net worth builds, my "expected" annual consumption and living standards grows with my worth.
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