How to Thrive Financially in a World of Rising Expenses

Good morning!

I hope this finds you well.

Welcome to another edition of The Matt Viera Newsletter.

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What are the chances you run into someone you know in a city of ~10,000,000 people?

It doesn't happen often, but it happens more often than expected.

Last week, I ran into a friend I hadn't seen or spoken with in about 10 years.

During my commute to work, the train I was on was halted for a police investigation.

The interruption lasted only a short time.

As the police officers exited the train, one of the police officers looked familiar to me.

I called out his name (let's call him Peter). He stopped, looked over, and immediately recognized me. I exited the subway car for a quick catch-up conversation.

Peter and I worked together for a year or two until he applied for and was accepted into the New York City Police Department.

We had a great conversation, which was relatively deep for the amount of time we spoke.

We discussed careers, future plans, and the somewhat relative chaos (and insanity) that is New York City.

One point that really resonated with me was made by both of us.

No matter how much we earn or how often our salary increases, everything seems to be more expensive.

It's as if our salaries do not (and will not) outpace the cost of inflation.

In 2018, when I took my first mini-retirement, round-trip airfare to Europe was ~$600. Last summer, it was ~$1,000. Next summer it'll be more.

Planning a trip to Mexico or the Dominican Republic a few years ago (which Peter and I also discussed) would've cost ~$700 (including airfare) for a week in a top-tier all-inclusive resort.

It’s (almost) prohibitively expensive today.

It's frustrating.

I earn a decent salary. My expenses are relatively low. However, like most people, it’s challenging to get ahead financially.

Don’t get me wrong, I’m grateful for what I have and the strides I made financially (mainly reflecting back to 2017 when I was ~$250,000 in debt).

But what can you do when you're running a race you know the finish line will keep moving further along the field?

The simple answer is:

Start investing time.

The truth is that it's not how much you earn (generally speaking); it's the amount of time you invest into managing your finances effectively.

If you invest the time it takes to manage your finances effectively while the finish line moves further afield, how effectively you manage your finances will help you run a little faster.

It’ll help you approach and cross that finish line a little quicker.

Invest the time it takes to:

• Set a budget

• Plan financial goals

• Track your spending

• Invest for your future

• Build an emergency fund

While your income may rise, clearly understanding where your money goes allows you to make informed and better financial decisions.

Ultimately, it's not just about earning more; it's about being intentional with how you use your time to manage your money effectively.

By investing the time to manage your money effectively, you can weather the storm of rising costs and progress towards achieving your financial goals.

If you do nothing else when it comes to your finances, at a minimum, invest the time to track your daily spending.

The day I started to invest the time to track my daily spending (1/1/21) is the day everything started to change financially for me.

Everything.

This small investment in time focused on what may appear to be a trivial activity had a profound financial impact for me.

It may have the same profound financial impact for you.

You’ll never know unless you start to invest the time.

Interesting reads:

This was a great read: 38-year-old pays $792 per month to live in an RV in Austin.

And while it’s not mentioned by name, the subject of the article definitely took a Mini-Retirement.

You can find the collection of my favorite financial tools & resources by clicking here.

Thanks for reading!

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If you have a question about personal finance, travel, or mini-retirements, email me and ask and I’ll discuss the answer in a future article.

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