Throughout the course of our lives we experience numerous milestones. Significant events that we will likely remember, cherish, or regret for the rest of our lives. Maybe you have already experienced several of these events. If so, then you will agree with me that these events play a huge roll in our lives financially, socially and even mentally.
Considering the impact that these events can have on our lives doesn’t it make sense to consider them carefully? Lets look at these 6 milestones and how they affect your life in the current Bahamian economy
You Purchase a vehicle
Talk to any high school student and they will tell you two things; I can’t wait to get out of school and I can’t wait to get my own car. In fact, you probably remember having the same thoughts just a few years ago or decades ago 🙂 yourself.
The important thing is get a car you can afford. I see too many young Bahamian men spending tens of thousands of dollars on vehicles when they have nothing else to their name.
Who are they trying to impress, other guys? why? Do you like man? Women? That will only attract the wrong type of woman. One who will only like you until your money runs out or a guy with a better ride and more money comes along.
Purchase a nice affordable ride and get on with Life’s more important goals.
You get your first JOB
So you’re finally finish with school, you’re making your own money now! I remember the feeling, its a beautiful thing! Go out, enjoy yourself, buy the nice stuff you always wanted. But don’t spend it all. Now is the best time to start planning for your future. Here’s some Do’s and Don’ts;
- Don’t waste a lot of money on a car! Worst thing you can do is get a loan for a new car from a bank. Its a dead investment and will lock you down for the next ten years.
- Do continue your education. You likely got some low paying job or entered a big corporation at the entry level. In order to make the big bucks and advance you have to continue to improve. Go to seminars and workshops, get certified in your area, join professional groups, network.
- Don’t be afraid to change jobs. If you find you don’t like what you’re doing, continue to pursue your dream job, especially at a young age before you have more responsibilities. If you can’t find another job don’t be afraid to start something on the side.
- Don’t let work become your life. Do continue to develop as an individual. Some people let their jobs define who they are. Get out and pursue other interest outside of work. Join a sports team, a charity club, pursue your hobbies.
- Do develop a savings plan. Most conventional advice says you should save no less than 10% of your salary. If you’re living on your own and paying your own bills, this is a good figure to aim for. If you’re still living with family your should aim for at least 30%. Trust me, you will be way ahead of the game when you get older if you have a good savings plan at a younger age.
You Become a Parent
Most woman I’ve meet over the last few years between the ages of 21 and 30 are single mothers. As for men, it is almost expected that if you’re over 25 years old you should have at least one child. That’s just the reality of our society. I’m not knocking it. It is what it is.
However, based on this observation i feel you have two options choose not to become pregnant or get a woman pregnant before marriage and commit to raising and caring for a child. There is nothing more cowardly than a man refusing to take care of his child. There is no reason that makes that an option in my eyes.
With that said, females & males; judge the character of the person you’re dating. There’s nothing more aggravating than a deadbeat dad or a crazy ass baby mama. The signs are there, watch for them before its too late.
Having a baby is expensive. I asked a friend who recently had a baby with his wife and he said he paid over $3000.00. Thats just to have the baby. Then there’s pampers, food, follow up doctor visits, clothing, etc etc
So if you’re not prepared for everything that’s involved with having a baby, wrap it up or make sure you’re on birth control. Oh and take a HIV test and stick with one partner!
You Get Married
I’ll go out on a limb here and say every woman wants to get married. Most men feel like they should be free forever and dating as many different girls as possible. But what we really want is the one. The girl that’s wifee material.
Most woman spend a lot of time dreaming about their perfect wedding day. And with the encouragement of several wedding shows on TV, that day can be pretty extravagant and expensive.
There is nothing worst than starting out a marriage in debt. In fact, money problems is one of the leading causes of discontent and eventual break up of many marriages. So have a beautiful wedding but don’t put yourself in debt to have it. Some Do’s and Don’ts;
- Don’t go into debt trying to impress people
- Do ensure that both you and your partner are on the same page
- Do learn how to communicate and resolve fights in a positive way
- Don’t think marriage will solve your relationship problems
- Don’t let family or friends interfere in your marriage.
You Build Your First Home
Its a dream of every man to own his own piece of the rock. Unfortunately that is becoming more and more expensive. Property that was going for 35K ten years ago is now going for 75K. And its next to impossible for the average person to get qualified for a mortgage on his/her own.
Most people going for their first home nowadays opt for building duplex apartments. Paying rent is like flushing money down the drain, its much better to pay for something that you can say is your own at the end of the day. The average duplex apartments are selling for over 200K or you can build one for probably 140K -170K if you know the right people.
You will need to come up with 5% down payment on the value of your mortgage and an additional 3K – 5K to cover lawyer cost and other fees. You will need to have between 10,000 and 15,000 before you can even consider your own place. And this is in today’s money, in future everything will cost more!
Early retirement age in The Bahamas is 55. So you retire, now what? Unfortunately many Bahamians don’t have a retirement plan. I know 55 seems a long ways away, but you have to plan for it now.
Next time you see elderly persons with nothing, or having to work into their old age. Ask yourself, do i want to end up like that? National insurance is nothing to live off of and besides, the way its being mismanaged by our governments it may not even be there when you retire.
So lets say you are 25 years old and contribute $100.00 per month to a retirement account for the next 30 years. You will have $63,800.00 when you retire. You would make 27K from compound interest. Most of us blow $100.00 so easily. Why not do something useful with it?
“If you fail to plan, you Plan to fail” – Unknown
— Straight Talk–