Negative Net Worth

Negative Net Worth

At a time when everyone is showcasing “the good life” on FB, IG, and Snapchat, let’s talk about reality. What happens when you take the filter away? What happens when you have hurry to put that rent money back in the bank after you flossed with it on IG? What happens when you live life with a negative net worth?

Please don’t think I’m trying to make anyone feel bad about doing those things because I’m honestly talking about myself. I’ve put up a front like my life is all sunshine and roses, when in fact I was going on 90 days late on my car note, taking trips to the local plasma center, and eating a diet of grits, ramen noodles, and canned tuna (the cheapest food I could find). Cheese was a literal luxury, and having cheese grits with jalapeno tuna was a gourmet meal. That shit wasn’t fun, but knowing that life could’ve been worse than that keeps me humble. Thankfully, I’m not in that situation anymore, but I’m still not out of the woods. Thanks to a few irresponsible decisions I made almost a decade ago, my net worth is negative, like, I’m talking six-figure negative.

Negative Net Worth

Growing up my family didn’t really have to worry about money, the 90’s were good to us. My parents had enough to take care of our needs, take us on a few trips every year, and spoil us on Christmas, but around 2004, we got hit hard. As it turned out, my parents were financially illiterate and didn’t have a clue what to do. We never talked about money, I never heard them talk about loans, investments, savings, etc. Unfortunately, I inherited that financial illiteracy, so when my financially illiterate ass went off to college, bad things were bound to happen.

Me when that student refund hit.

Negative Net Worth

There are studies that show the average millennial will die with a negative net worth, I am determined to not be one of those millennials. Although I had to learn the hard way, I’m glad I made those mistakes in my early twenties, I have time to rebound. I’ve decided to make financial education my top priority. I’m exploring the world of side hustles, I have a serious detailed budget laid out in google sheets, and I have the google sheets app so I can access my budget at any time. I’m getting serious about saving and investing. I watch my credit score and report like a hawk and I’m working my way out smaller debts, like my credit cards and car note. Oh yeah, and I’m tackling my massive student loan debt while figuring out the game of money. It’s a major challenge to try to retrain your brain to think about money differently. I know it’s going to be a long hard road, but I refuse to die with a negative net worth.

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Just a girl living life.

35 thoughts on “Negative Net Worth

  1. Appreciate your honestly, girl. Trust you’re not the only one! Many of us have not been taught how to manage our money and are suffering the consequences. That’s the type if stuff they SHOULD have been teaching us in school!

    Liked by 3 people

    1. Yes exactly!!! I shouldn’t have had to go to college to learn how to purchase a car, and I still didn’t fully understand the process. It is ridiculous how much they didn’t teach us. That’s exactly why credit card debt and student loan debt have just hit a new high. SMH…

      Liked by 1 person

      1. I agree. It definitely starts at home first and should be re-interated in school. And don’t get me started on my student loan debt! Lol 😕

        Liked by 1 person

  2. Definitely can relate. “so when my financially illiterate ass went off to college, bad things were bound to happen.” SOOOOO TRUE. I have apps, upon apps on my phone for my credit score, budgeting, bank account EVERYTHING. I refuse to build up my family only to leave them with nothing when my time’s up. great post. When you figure out this money thing let me know lol I need all the help I can get

    Liked by 1 person

    1. I will lol if you figure it before I do please drop some knowledge on me lol! I agree with you 100%! Generational wealth is so important. My parents won’t be able to leave me anything (unless they hit the lotto), but I have the opportunity to leave my family something. I’ve just gotta prepare for it. I’m glad we’re realizing this before it’s too late.

      Liked by 1 person

  3. I have been there with eating the cheapest meals possible and having to let some debts slide while taking care of others. I use Mint right now to keep track of student loans and other debts as well as small investments I’ve been able to make. I did something akin to financial planning when I was in hs but it was still tough, tuition costs skyrocketed right after I got into college (plus a lot of it was bullshit like ‘don’t ever have sex!!! just marry a rich dude lololol). I’ve been chipping away at my student loans and made sure to get rid of the high interest ones as soon as I could. For low interest ones, keep paying the minimum and I definitely recommend asking for the lowest monthly rate if you can. It’s better to have that money now to pay for essentials and investments than to just pay it off all at once. Negotiate with your car insurance, see if they have incentives for age or good driving as well as combined plans for rental or mortgage insurance. I use the same company for my car and rental and it makes the price go way down, and gentle reminders that I’ve been with them for a while help haha. See if the city you live in has incentives for energy saving or even discounted plans dependent on income. Also, do you have a donate button? A patreon? It coulndn’t hurt to have those things available even if it’s just a few bucks a month (for now). Good luck with everything and just know there are too many who know what you’re going through! Hopefully we can change things around.

    Liked by 1 person

  4. Thank you, thank you, thank you so much for your advice!!! Luckily, I live with my parents right now, but I hope to move out soon and I will be taking your advice with me. I will definitely be working on knocking out my interest loans first, they’re really a pain in the ass. I’ve thought about doing a patreon, but I know that there are so many people in my situation or worse, so I don’t really know how to feel about it.

    Like

    1. You should absolutely go for a Patreon or donate button! You have a lot of talent and it will be good to have it when your hustle gets you more and more attention. You’re providing good content free and I’m sure there’s a few people who would love to give you money for it. I wouldn’t think of it as something only people in dire straights can do, it’s more of a job, and why not get paid for what you’re already doing? Do you have a Twitter account? I know it’s kind of a garbage site but it’s one good way to get your name out.

      Liked by 1 person

      1. Thank you!!! I didn’t even see it that way. I do have twitter @CastleAndBerry but I don’t really utilize it like I should. Thank you for all of your advice, you have certainly given me a lot to think about. I value your perspective! 😀

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  5. Wow, what a frightening fact. I, too, was fortunate with the upbringing I had but I’m at the start of the journey when it comes to ‘financial literacy”. Thanks for sharing 😉

    Liked by 1 person

    1. Thank you for reading it!!! I wish I would’ve started the journey a lot sooner before I ran myself into the ground financially, but I guess it’s better late than never. The recovery process has been valuable 🙂

      Liked by 1 person

  6. I had the reverse effect. I was taught how to budget and not spend what I don’t have, but when I got my credit card about a year a half ago, I went out if control. I basically have to relearn those lessons about money and think about my future.

    Liked by 1 person

    1. I think it’s a lesson the majority of us have to learn at some point in life. As crazy as this may sound, I’m kinda grateful for it. Knowing that I hit rock-bottom keeps me humble, but it also keeps me pushing too.

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  7. No lies here, my bestfriend and I literally stop ourselves every other day to have that very serious financial heart to heart about ‘where does our money go’…I also shared an experience on my blog http://itanndy.com/2018/03/14/keeping-up-with-the-joneses-💸💸 about a friend who was jolted back into the reality that average young black folks don’t know jack about what and how and why they need fin edu. and feel if you can’t keep up with the Joneses, you are loosing out. Great post

    Liked by 1 person

    1. Thank you so much for reading my post!!! You hit the nail right on the head when you said young black folks don’t know just how financially illiterate they are. It’s sad… so many people equate wealth with material things, if only they knew how broke they really are. I’ve decided to stop preaching about it to my family members and just lead by example. 🙂

      Liked by 1 person

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