Education

SUPERMONey Skills Even Kryptonite Can’t Weaken

Tools are great and skills are great, but to really get super results you need both.

Mar 23, 2016

Faster than a vacuum tube in a bank’s drive-thru lane, movie audiences are flocking to see “Batman v Superman: Dawn of Justice.” While Batman uses gadgets to his advantage, Superman competes with powerful skills. Consumers can be inspired by Clark Kent’s alter ego by demonstrating their own action-packed fiscal prowess. A  Here are five SUPERMONey skills you don’t need a cape to deploy:

  1. Unity. Supercouples don’t disagree about money. Set up common goals and meet regularly to discuss spending needs and wants. The Justice League gets better results when Superman and Wonder Woman work as a team. You will too.
  2. Not having savings makes life rough. Financial surprises are going to happen and Superman won’t be there to save the day for you. You need to make savings the first priority — it needs to go before eating out or buying more clothing. Try to build this up to at least $1,000 so when life’s emergencies happen you have the resources to deal with it. Be a Super Saver!
  3. Over 20 years someone making $50,000 a year will handle a million dollars. A stack
    of one million dollar bills would be as high as that 30-story building you see Superman leaping in a single bound. That’s serious money that deserves serious attention. Each month figure how much you will make and come up with a plan on how you will spend money that month. Without a plan, it is far too easy to overspend.
  4. Use Credit Wisely. Getting credit is relatively easy to get, as long as you are good at paying it back. If you get a reputation for managing your debts poorly, you’ll find only low-lifes like Lux Luther will lend you money. Having a car could mean you can get to a higher paying job, but make sure you don’t get too big a car loan that could eat your budget like Superman’s nemesis Parasite. A student loan can be a great help if it gets you a big bump in earnings, but if you use it to get a degree that does not pay well, or worse, don’t get that degree, your loans will weigh you down. Student loans never go away, even if you declare bankruptcy they are still there —kind of like Kryptonite.
  5. Understand the Power of Compound Interest. The longer the time, the more impact there is with compound interest. That is why if you increase the monthly payment on your 30 year mortgage by just a few dollars early on, you can pay back the loan months sooner, maybe years sooner. It also works on the investment side of things. The earlier you start saving for retirement, the less you need to save because compounding will do most of the work for you. Superman is just a comic book hero, but compound interest is the real deal when it comes to super powers.

Tools are great and skills are great, but to really get super results you need both. Instead of BATMONey v SUPERMONey, make it BATMONey tools and SUPERMONey skills. You’ll get blockbuster results.
 

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