Moneywise24 Personal Finance

Many people choose to live in a suburban area of a large city for the sake of saving some money. Other feel that this would actually cut them off from many social events and activities, and are prepared to pay more to live in the city center, with all benefits it offers. Among young and unmarried people, the financial aspect is a key driver.

Still, living in a suburban area does not necessarily have to be less expensive. The base price for housing might be lower than in the city center, but the distances to where you want to go is also greater. This means, that the cost for petrol is higher, the depreciation of your car might be greater due to increased mileage, and the cost for public transportation is higher, if at all available.

Additionally, living in a suburban area may take away your option to go somewhere by foot, or by bicycle, and not to spend any money on a motorized vehicle or public transportation. Also, taking a taxi home after a night out is less expensive.

In addition to the monetary aspects, living in a city means having everything around, getting everywhere quickly (or at least relatively quickly compared to those living outside the city). It means spending less time on travel and being able to do things more efficiently, getting to friends more easily, and friends being able to visit you more easily.

Whatever your motivation to wanting to live in our outside a city might be, if you are making a choice based on the financial aspects only, it might be a wise idea to look a little bit further than housing prices only, and to make a thorough calculation suiting your own and personal living situation and the total impact on it.

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I know I shouldn’t be saying this, because it sounds a bit cheesy. Still, outer appearance makes up a large part of how we are perceived by others. Depending on the situation, you might dress informally, or more formally. However, I find that the right outfit will get me faster to where I want to go, either during business or in my spare time.

Okay, so I don’t believe I will need to tell my readers how to take care of regular grooming and personal hygiene. But I do believe a certain sensitivity is required in determining what you want to achieve in any particular situation. In business, I find a business attire gives a more professional touch to a person, any person, and personally I would take someone more seriously if I encounter him in a business suit. It does not necessarily include a tie, jacket, and black polished shoes; at least business schoes, suit trousers, and a long-sleeved shirt. I tend to take someone much more seriously when he is dressed for business, than if he would appear in jeans and a t-shirt. And I am amazed how many people come to the office in jeans and t-shirt.

But, getting away from business culture, I find that I am being helped much faster when I appear in business attire when I want to buy a car, or when I dress professionally when I want to rent an appartment, even if I am meeting them on a saturday. People tend to talk to me differently, they offer me a coffee while we talk, and I tend to feel much more like a customer.

During my spear time, I usually do not dress up in a suit… that’s a bit too formal. Still, when I wear a jeans, or a shirt of any kind, or a jacket, I make sure that it’s clean, it’s tidy, and that it’s both cool as well as stylish. It helps me getting some friendlyness at the supermaket, I tend to get into conversation with strangers more easily.

Last, I find that good quality clothing definitely beats cheap clothing on the long-term when it comes to personal finance. It does not mean that expensive clothing is always of good quality; many high-end brands make you pay for their brand while offering mediocre quality products. However, a bit of research and conversation with friends and family will reveal the good deal. Buying a suit might cost me a bit, but I know that I’ll be wearing it for next two or three years, not having to throw it away after having worn it a few times. Same goes for jeans, or shirts. Especially shoes of good quality can be very beneficial.

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I had quite an interesting flashback lately; as I was sitting on my couch and letting some things pass through my mind, I was struck by the fact that there are so many things I could have done much sooner, and thereby enhance the quality of my life and my personal financial situation. Then, why hadn’t I? Quite simple really: I just didn’t know… or at least I didn’t know they were that important.

In order to help some of the younger readers, I have compiled my personal top 10 list of things I wish I knew when I was a teen. I sincerely hope that for some of you it would mean a positive change of where you are at, and where you are going.

#1 – I wish I had learnt earlier to set my goals in life. It may seem a bit stupid, but during my teens my top priority seemed to have a lot of fun, while at the same time I didn’t really know where I was heading. I had no real goal in life, which at a later age resulted in me trying out many things which were not going anywhere. Now, at the age of 32, I realize that what I do isn’t really what I want to be doing, and it is much harder to change the entire structure of my life.

#2 – I wish I had studied more. I focussed on the ‘fun factor’ of life so much, that I really didn’t realize the importance of a good education. At present, I have a bachelor’s degree, and I realize that many jobs that I really want require a Master’s. Also, graduates or even post-graduates earn much more than bachelors.

#3 – I wish I had worked more. I know that parents are supposed to support their children up to a specific age legally, in The Netherlands it was up to 27. However, this also means being dependent one one’s parents. There were so many things I wanted, which I never got. In The Netherlands, everyone is allowed to work when they reach the age of 15, and I wish I had grasped that opportunity, to build on my own financial freedom. Additionally, when I went to college, I took a huge loan which was absolutely not necessary; I could have financed everything by working on the side… in stead I am now stuck with monthly payments which cut a big hole in my budget.

#4 – I wish I had aimed for independence sooner. I lived at my parental house until I was 21, then I moved out because I was going to college in another city. However, I could have moved out much sooner, enjoying all the freedom of living by myself. I am sure it would have done me good, and it would have relieved me of all the pressure at home; it would have made me more mature, and given me more energy.

#5 – I wish I had started tracking my finances earlier. I don’t even remember all the money I spent on drinks, clubs, going out, and other unnecessary items. Sure, a good social life is crucial, but if I would have tracked my finances carefully, I would have discovered that there was so much savings potential; I could have gotten most out of my money.

#6 – I wish I had started investing sooner. In stead, I used to park some of my money on my savings account, completely ignoring the benefit of higher return rates from investments. Investing some of my money would have allowed me to build wealth, and my future.

#7 – I wish I had done more sports. Actually, I had hardly done any sports in my late teens and twenties, simply because I had other priorities and I was lazy. However, doing sports regularly would have given me more energy, it would have kept me fit, and it would have built a routing, making it easier to do sports at a later age as well.

#8 – I wish I had discovered the importance of networking. I always tended to see networking as some form of superficial ‘blabla’, which I could do without; I wanted to take responsibility for my own successes. Now, I realize that networking is an integral part of life, making things easier, finding the good jobs, or even getting some tips and hints on things… and it is a great way to build a large social circle.

#9 - I wish I had become entrepreneurial sooner. It is much easier to ‘crash and burn’ when you are younger: your living expenses are much lower, and since you are not accustomed to a higher living standard, it is not difficult to give things up, or to re-build a life if things go wrong. The older you get, the more difficult it becomes. Actually, I started becoming familiar with website development back in 1998, when I developed my first website Dutchtrav.com. Too bad I had never really taken the time to develop it back then, it could have generated some nice revenues.

#10 – I wish I realized the value of time. I remember myself saying ‘I can do that later’, or ‘there is still so much time’. And before you know it, you’re 30, and you realize that you could have gotten so much out of your life. The years are literally passing by, and time is lost, it will never come back again. Therefore, I wish I had learned to enjoy every single moment in my life, and living it to the max.

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