Hayden’s Financial Background

Everything Is Not As It Seems

Hehe notice my “Wizards of Waverly Place” reference.

But seriously, everything is not as it seems. On paper, I grew up in one of the most expensive states in the country (California) and attended one of the most expensive public schools in the country as an out-of-state student (Go Blue, though!) I had a friend in college make a joke when I said I couldn’t afford something, saying, “Just call Daddy Weber up”. In that moment, I had a conversation with my friend that I actually pay for my lifestyle and can not just call my dad up for money. This friend obviously felt bad and said that it was an assumption based on where I grew up and coming to Michigan out of state.

This has happened a lot to me, people making assumptions based on where I grew up, the school I went to, or even the places I post about traveling to on Insta (most of which were self-financed).

 But let me give you some background about me. We moved out of California for a plethora of reasons, but the cost of living there was too high (and the taxes). While in college, after my Freshman year, we weren’t sure how we were going to finance my next three years. (I took out over 100k in student loans). In college, I qualified for the Pell Grant. I say this not to gain pity; in fact, I understand that I still live a very financially privileged life. I still grew up in a stereotypical middle-class family, and I had lots of opportunities because of that. However, I am sharing this in order to explain that I am not some generationally rich girl who is preaching about finances. Everything that I share is all about my own trials and tribulations with personal finance. I am no expert; I, just like everyone else, am figuring out this ever-changing economic landscape of the present.

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Hayden’s Takes

Financial Opinions

Student Loans

While I wish student loans didn’t exist, they are a harsh reality for many Americans, including myself. I understand why some people want to avoid student loan debt at all costs, but I think that everyone should have equal opportunity when it comes to education. For many people these opportunities are made possible by student loans.

Roth IRA

A Roth IRA is a post-tax retirement account. Therefore, the account can grow tax-free, so there are no taxes on any of the money earned from investments. I opened a Roth IRA two years ago, and wish I had done it right when I turned 18. I do not currently contribute the maximum every year, I hope to in the future.

Credit Cards

Credit cards are a very polarizing subject in the financial world. Some people believe that credit cards lead people to be financially responsible and accrue a bunch of debt. Which is somewhat true, but if used correctly, credit cards can be super beneficial for increasing credit scores, perks, and preventing theft.

High Yield Savings Account

I love HYSA, they are pretty straightforward, a savings account with a higher annual percentage yield than a traditional savings account. My HYSA is where I store the majority of my money, and then leave a minimal amount of money in my actual bank account.

Budgeting

No one likes to hear the words “budget”, so I recently have been calling it “tracking my finances”. Tracking where your money is going is beyond helpful to understand a more holistic view of your spending and saving habits which no matter how little or much you make, is always a good thing.

Multiple Income Streams

The average millionaire has seven income streams. Being able to not depend on just one income stream alone is essential for any economic crash or economic uncertainty. Also multiple income streams can decrease economic stress.