Last Updated on April 17, 2023
You might be thinking, “Now that is something.” The truth is we live in a world of “Cash Rules Everything Around Me,” and that is because money does have a lot of power. After all, it influences everything we do. What we have and what we don’t have (because we don’t have it) This is why it is so common for people to not know how to navigate their relationship with money.
The rules of personal finances and how to spend or not spend money are so complicated, and this is because our educational system did a crappy job with that. How crazy is it that in a large survey that was carried out amongst men, so many admitted to things like “not knowing how to spend their money on themselves” or “who pays for a birthday dinner?” The truth is that society expects so much of men when it comes to money that it can be overwhelming.
These are seven things we believe every man needs to know about money:
1. Always Research Your Salary Range
I think it is safe to say that, going into interviews, we can easily make the mistake of not doing proper salary range research for the position you are applying for. This can easily be catastrophic; if you do not have an idea as to how much you should be earning, how would you even negotiate your salary?
Your employer gets no query for offering you what may be less than your salary range. You, on the other hand, can get an incentive for negotiating your salary, and that will only happen when you have researched your salary range. Invariably, this puts you on a path to getting paid more. Always have the sense to ask for better, especially if your skills and experience allow you to.
2. If You Do The Asking, You Do The Paying
It’s funny how this is a question a lot of men ask. But the truth is, it is just polite that if you ask someone out on a date, you should pay for the date. Time is valuable, and whoever it is you are bringing out of their comfort zone or just intruding on their schedule for whatever reason, It is nice that they feel you are not just bringing them out so you have company at your dinner table. Paying for the date means you value their time and are thankful that they shared it when you asked. So don’t tell your boys, or that lady you finally asked out from the cafe, to go Dutch after you asked to take them out. That is just rude, and nobody likes hanging out with rude people.
3. Create a Budget and a Monthly Expenditure
Creating a budget helps you convert dreams and plans into achievable goals. A budget helps you identify your long-term goals and work toward them. How can you save enough money to buy a car or pay a down payment on a house if you’re drifting aimlessly through life and throwing money at every beautiful, shiny thing that catches your eye?
A budget forces you to set goals, save money, track your progress, and pursue your dreams. It hurts when you realize that a new Xbox game or a club blowout is out of your price range. But if you remember that you are saving for your new home, it will be much easier to turn around and walk out empty-handed.
Also, creating a monthly expenditure list for the things you know you’ll have to spend money on puts you ahead. This way, when money is leaving your account, you don’t stop to think about where all your money went because you already know. Sure, unforeseen events may come up, but that is where budgeting and keeping a personal finance journal could come in. And yes, you don’t have to buy a journal; just use your spreadsheet.
4. Speak Up About The Gender Pay Gap
Yes, I assure you, you read that. Did you know, according to the National Bureau of Statistics, the gender pay gap for all workers stood at 15.5% in 2020, up from 17.4% in 2019? At this rate, it will take a lifetime to close the gender pay gap. Gentlemen, you have all the bass in your voice, but why not use it to the benefit of women if certain there is a pay gap in your organization?
Now more than ever, more allies are needed to take the mic for women. It is no longer enough to simply nod or say “I agree” at diversity and inclusion events. If you have a job and you see a colleague doing the same job as you but your earnings don’t match, kindly ask about it; it’s a matter of principle.
Imagine that instead of always complimenting your female friend, who complains about how underappreciated she is at her job, you compliment her hair all the time. You can try offering to help her with tips or some advice on how to ask for more money or even a promotion if, with her skills and experience, she is certainly due for one. That is one way to leave a lasting impression; give her tips and tell her you are rooting for her. The “nice hair” and “nice clothes” comments are great, but nothing makes a person happier than to see they have support when it comes to their career and financial growth.
This is not “her problem,” this is a people’s problem. Consider this: the sooner you speak up and even take action, the better. The sooner you stop hearing about it, the better.
5. Make Yourself a Priority!
That exclamation mark is there for those who are experts at neglecting themselves after working their lives away for some corporate entity. Do you know that TikTok sound that says “I’ve got to put myself first” like three times? Yes, that should be you.
The generation of unhealthy men who have worked so hard for so long to provide for their loved ones and not taken care of their health or indulged in some self-gratification from time to time is gone. You are not and should not be aiming for that life. Money is very important, but so are health and wellness.
At fifty, you are retired and now going through a mid-life crisis because you spent all your good years putting yourself last. That is so cliche, and you deserve to be more than a cliche. We get that the societal standard for men and their finances is extremely excruciating, but thankfully, the world is changing, and this new generation is beginning to see that trying to overachieve with the societal standards gets you a speed ticket to the grave of unhappiness and loneliness. Working hard is great, but find time for yourself, and please, before anyone else, pay yourself first, at least for a job well done.
6. It Is Never Too Early To Start Saving and Investing
Who doesn’t want the option of early retirement? Yes, exactly. We do not live in a world that accepts every day as it is. A financial crisis can strike at any time. It goes without saying that having a savings and investment portfolio is important. Money can be exchanged, but it can also be saved. Money is essential for survival. You do only live once but I hope it is a long and fulfilling life. Don’t think that an untimely death will relieve you of the responsibility of saving for the future. that’s ridiculous. So take advantage of the greatest investment advantage that is currently on your side: time.
And begin to understand what compound interest can do for you, as well as how to strike a balance between enjoying life now and saving to enjoy life later. Thanks to the power of compound interest, men who start saving slowly in their 30s have a big lead over men who start saving heavily in their 40s. Maximizing your savings shouldn’t force you to live frugally, but to be honest, throwing something away sooner or later pays off.
7. They Should Share Similar Financial Values as You
By “they,” I mean whomever you choose to live out your life with. This story has been circulating the internet since last week, where a married man was complaining about his sad situation with his wife of barely three years. So for context, he and his wife agreed on holding off on having children since they had just gotten married. They came to this decision because the husband felt they needed more financial security before that big step. sad, but his wife got influenced by outside advice and manipulated him so she could get pregnant, and now they are struggling financially.
Nobody deserves to go through something as sad as this. I believe that if his wife had the same financial values as him, knowing that they needed financial security before having children, he wouldn’t be falling out of love with her and be so sad with his current life just because the person he chose to live the rest of his life with had different values and priorities from his.
There are enough problems that life gives couples; a lot is out of their control. However, what is within your control are your financial goals and values. If you have that, the constant arguing about money should almost be non-existent. Choose wisely.
Final Thoughts
We hope you consider some of these things, and if you are already practicing them or have some knowledge that has worked for you and you’d like others to know about it, feel free to share it in the comments.
Before you go…
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