Being a Baller is more than driving luxury cars and wearing VVS diamonds. Anyone can literally appear Baller. A true Baller has financial longevity. They have a prime credit score, the debt-income ratio is relatively low, their savings are legit and they have multiple assets among other things. There are plenty of Ballers that didn’t hit the lottery or scam their lives. You can have Baller status without having a six figure gig or sports contract.
I’m a firm believer in enjoying the fruits of your hard labor, but if that comes at the expense of a delinquent bill or over drawn account, then you should reconsider your enjoyment. Understanding your income and expenses can help you lay the foundation to ball in the future. It isn’t rocket science, but merely priorities. Dedicate a day to setting you a financial plan. You can invite friends over, whip up a nice lunch and plan together.
The first thing I suggest doing is realistically analyzing your debt and income. What do you owe, will owe and how much cash flow do you have to cover it? This includes outside debt, the reoccurring monthly bills and those little hiccups that happen when life smacks you in the face. Ask yourself will you break even , have a shortage or an overage? How much of an overage or shortage will you have? These are the types of questions you need to be able to answer at all times. If you are a) breaking even, b) have a shortage or c) have an overage of less than 1/3 of your income, you need to create a second revenue of cash. Pick up another shift at work or get a part-time job. Be creative. Say for instance that you like dogs. You can supplement your income with a dog walking service. The possibilities are endless.
Once you have a clear understanding of your finances and the additional monies that are possibly needed, create a budget and stick to it. Analyze what you need to survive on. It’s nice to spend a grip a week on indulgences and going out, but how much of that do you really need to survive? Eradicate the erroneous spending. Eating out and going out are both big income killers. Opt to cook more and remix and match an outfit instead of buying a new one for every event. In fact, you don’t have to party every weekend. Explore other avenues of fun. Take in an exhibit. Donate time to the less fortunate. Sit in on a round table. Exercise. You will learn things about yourself as you create financial longevity.
If you don’t do anything else, ALWAYS PAY YOURSELF. Save at least 20% or more if possible. If that is too much to start with; start at 10% and work your way up. At all times, put money away for yourself. Before the mall gets a coin, your savings account should get some. This is independent of any retirement or savings your job offers. The more you save, the better your future will be. Take advantage of all 401 K matching efforts from your employer. Most jobs offer matching to a certain point. If your job offers it, enroll in it. It’s like getting free money. Who doesn’t like free money?
A really big thing that I’ve learned as I’ve navigated through this thing called life, is that just because you have it, doesn’t mean you have to spend it. You might have 15K in savings. That doesn’t mean you take 12 of it and spend it on a watch. You can get something nice, but it shouldn’t wipe out your accounts. Stay in your financial lane.
The goal isn’t to give the appearance of a Baller, but instead have the financial security and longevity to make moves like a Baller.
-Niko Rose
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
