Saving Parween Mander is the founder of the Wealthy Wolfe. Courtesy Parween Mander Growing up, I wasn’t taught how to grow my wealth, or that it was even possible for someone like me, a first-generation woman of color.
At age 16, I vowed that a lack of money would never limit my choices or opportunities.
After I graduated from university and got my first job, I saved my first $100,000 in 4 years by the age of 26. It only took another year to save the next $50,000.
Growing up in an immigrant household, money was treated as a tool for survival. My parents worked long hours to provide for me and my siblings, and each dollar was used for necessities like bills and food. There wasn’t much room for wants or going on family vacations.
I wasn’t taught how to grow my wealth or that it was even possible for someone like me, a first-generation woman of color.
We almost lost our childhood home when I was 16 years old. At the time, I was responsible for translating what the bank representatives were saying to my parents. It was a deeply traumatic experience, but it taught me a lot.
I vowed then that a lack of money would never limit my choices or opportunities. I made a goal to become financially independent and would do everything I could to not allow outside circumstances to affect how safe, or in control or powerful I felt again.
After I graduated from university and got my first job, I saved my first $100,000 in 4 years by the age of 26. It only took another year to save the next $50,000.
Here is how I did it without feeling like I was depriving myself, and my best advice. I advocated for salary increases at my 9-to-5
Out of university, I got a job working in the financial technology sector. I was at my company for over four and a half years. During my time there, my salary increased by 50%. From the start, I knew that as a young woman of color I had to advocate for myself at work, even if it felt uncomfortable.
Luckily, I had a manager who was very supportive. I made sure to keep track of any additional tasks that were outside of my designated role and monitor my progress on my quarterly goals. I would bring that information with me and share how I went above and beyond in my role when the time came to negotiate in my employee reviews.
I kept my managers informed of any new skills or certifications. For example, when I became an Accredited Financial Counselor and took on a financial coaching role at my company in addition to my regular tasks, I made sure to advocate for a raise again. I created tangible saving goals
Three and a half years ago, I started working towards my first major saving goal: an emergency fund . It took me four months to save up enough to cover three months worth of necessities.
I did this by taking a look at my monthly income, fixed expenses and figured out an average of how much I was spending on discretionary spending per month for things like take out and shopping. Through this process, I found a realistic amount to set aside each month towards my savings, automatically. If I overspent that month on my discretionary spending, I would adjust my following month’s budget to make up for the shortage.
Video by Courtney Stith
Once I completed my emergency fund, I started to prioritize saving for a down payment on a house and a wedding as my next larger goals. I set the goal to save $100,000 in four years, which roughly meant saving $2,000 a month.
Through increasing my income, I was able to achieve this goal without feeling deprived of spending in other areas of my life. I changed my money mindset
Growing up in an environment where money was scarce, my mindset was that more money meant more safety and certainty. So even as I was consistently earning and saving more, I always felt like I was waiting for the other shoe to drop.
For a long time, I felt anxious about parting with money, especially spending on myself, even fun purchases like brunch out with friends, or better quality makeup. Depriving myself would eventually lead to a binge spending on random stuff I didn’t even like, followed by guilt that I wasn’t being responsible. Then the […]
source I saved $150,000 in 5 years: Here are my top tips for growing wealth without feeling deprived
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