What’s de Word with Nicki

Nicki Philbert
Nicki Philbert

How to manage your money if you are a young adult working in Dominica.

‘Money and Dominica.’ Some read this and scoff at the thought, having experienced how difficult it is to obtain cash on this island. Others, read it and smile, knowing how easy it is to roll in sizeable amounts, if you’re capable and in the right industry. In which one of those groups do you fall?

For most young adults, the thought of money is related to a salary. A wage earned for the effort and time you’ve invested in the growth of the institution for which you ‘work.’ For some, this salary is reasonable, allowing them to meet their basic financial needs and have some on the side to live one step above the others. Unfortunately for most, this salary is quite little and its management requires skilful talent so as to avoid a disappearing act. This art of money management is not one learned by night and can take years or even lifetimes to master.

As a young adult, investing wisely and strategically is the most useful life hack to be used. The way you spend and invest your money can determine whether you make it and achieve life-long success, or remain stuck where you started- living at home with the old folks.

Some people are fortunate enough to be born in an environment with money, or at least enough to provide a stable blanket. Good for them. Others, like me grew up having to understand the strains and stresses of dollar stretching, at a young age. Why? Because parents stress that fact at any occurrence deemed worthy. This is not out of bad heart though, because they’ve been there and done that and they just want us to know. (Every, single, living day)

The thing is, the quicker we master money management, the better for us. How do we do this though? How do we use this man-made resource, to end up at the greater end of the stick, which is to make and save enough of it so that we can live the life we want while here on this earth and leave it all behind to worthy heirs when we die? This discipline, I am still trying to grasp, but with my few years of experience, I believe that I can offer some advice to the reading public. So here goes- 5 tips on money management if you are a young adult living in Dominica.

 

1. Stop wasting money on unimportant things.

Most of the things we believe are important are really not. Try spending less money on items that you don’t need and more on things that you actually need. Men, this example is for you. Taking a loan of $100 000 to buy an expensive car to flash, but living at home with Mommy is not cool. So after picking me up in your posh car, we’re sneaking home to Mommy and Daddy’s house, tip-toeing to your room? Last time I checked, you were 30 and not 17. Get your priorities right.

Women, this one is for you. Most of the ‘beauty essentials’ that you think you need, you really don’t. (Fake nails, weave, tons of make-up, an outfit for every occasion etc.) The thing to be understood is that our currency is the EC dollar. Therefore, many things that we see on the TV, which are advertised as essentials to the American public, is multiplied in price by 2.7 to make the EC equivalent. Taxes and profit allowances are also added. So that same $10 product at Walmart, becomes a $30 – $40 product at Whitchurch. Three products add up to $100 +, which is already 10% + of your salary. Anyway, Math aside, most of these items are a waste of money. So stop wasting your money on them just because society has conditioned you into believing that you need them. Spend on what is necessary for your life and be disciplined in the things that you buy. If you don’t agree, just get a book and log the amount of money spent in a given year on getting your nails, hair or fashion fix or even on buying car parts. This will be an eye-opener.

 

2. Establish a specific life style suitable to your income.

Lifestyle habits are very much determined by the environment within which you were raised and/or live. Dominica permits for a very simple life which can also be quite luxurious. You just have to see it. Too many times, we as generation Y are influenced by the crap that we watch on TV and the internet. Why would you look at Basketball Wives and expect to live that sort of life here in Dominica? Be practical. We have no NBA players on island and so you cannot sit at home all day, arguing with friends, whom you also fight with from time to time, while living in a mansion paid for solely by your husband’s athletic conquests. That shouldn’t be your life dream anyway. And you shouldn’t be watching Basketball Wives either.

However, you can live like royalty, in bliss, on an estate of land, dotted with food and lubricated with fresh water. Eco-living is not for everyone, I understand that. But the sooner you realise that no matter what, some element of eco-life has to be incorporated in your routine, simply because you live on The Nature Isle, the less necessary you may find it to spend on items needed to satisfy an inexistent metropolitan life on an Eco island. #Myopinion. Establish a lifestyle that fits you. You may see others living a ‘faster life’ than yours and that’s ok. We all come from different families. Mind not what they have, but what you have and spend accordingly. Remember, not all that glitters is gold. You never know what some people do to get the things they have. Trust me.

 

3. Spend money on necessities as opposed to useless material things.

This is similar to number one but goes a bit in another direction. There is a great difference between a need and a want. Rent, food and clothes are some examples of needs. Getting your nails done or having a supped up car are wants. Why might you ask? Spending money on these things add up and over a period of years the amount spent on something as insignificant as acrylic nails would leave you shocked. For most, a salary in Dominica has a tight limit. If you are making a constant investment in something, make sure it is a necessity or has potential to be worthwhile to you in the future. A car may be a necessity and if you can afford one then go ahead. That doesn’t mean that it has to look like Jay Z’s. Last time I checked, he was a multi-millionaire. I’d assume that you’re not. Cut your coat according to your cloth and understand that there are more spiritually rewarding things to obtain in life than material.

 

4. Invest money into your future.

The past is gone and we will never get it back. The present is here and we must embrace it. None of us can see the future; Fair argument. But it’s coming anyway. While you are young and don’t have as many  responsibilities as you will when life gets more intense,  it’s wise to put your eggs into a basket so that you can eat omelettes tomorrow. Take time to figure out where you see yourself in the future. That could be five years from now or even fifty. Whatever your plan for the future is on a macro level, start investing in it on a micro level.  Whether it’s paying for school, starting a business, building a house or simply saving your money, investing in things that will benefit the future you is one of the smartest financial decisions you will ever make. So start investing in your future now! Overlooking this can be very detrimental to you in the upcoming years.  Just think about it this way; the time is going to pass anyway. Inevitably, 5 years will be here in 5 years’ time. Inevitably, money will also be spent in 5 years’ time and I’m sure that after that period is up you wouldn’t have the slightest clue as to where you spent your money. So start investing in tomorrow, today.

 

5. Waste some money, so you can learn from your mistakes.

I don’t know about you. But I learn from experiences as opposed to formulas. So I spend money on experiences. As a young adult, with little responsibilities you can afford to waste some money on those, don’t you think? While I recommend being wise, where your money is involved, life is still all about balance. In the wise words of modern day musicians, YOLO! (You Only Live Once) So don’t be so strict on investment that you drive yourself crazy and can’t even enjoy the benefits when you age. (Seeing as you’ll be in a mental asylum or whatnot). Waste some money on things that allow you to see life from all angles. Meet new people and form practical theories on life and humanity. Travel and entertainment are perfect examples. Things like these will make memories that you can lean on when you get older and guide your decision making process as a wiser more mature adult in the future. Bear in mind that you work to make money to fund your life. And to live that life, you must remain sane. So spend some money on going out and having a good time, or whatever it is that allows you to forget about the strains of the world and enjoy the moment. There is no better time to make these mistakes than in your twenties. So go ahead, budget a specific and workable amount and blow it all away on life experiences. This phase should be gone soon when you realise that there are better ways to spend your money and when you’ve experienced what you needed to, to mould a more rounded you.

Hakunamata!

Nicki

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23 Comments

  1. September 2, 2014

    Save on wigs go natural.

  2. September 2, 2014

    yes nicki
    Tell drink l’eau coco instead of bottled water lol L’eau coco is good in more ways than one.

  3. Party Party
    September 1, 2014

    Great article continue Nikki

  4. love
    September 1, 2014

    lacy paris stop hating.

  5. ridge
    September 1, 2014

    :) :lol: nice nicki keep it up

  6. Elixir
    September 1, 2014

    Baby Girl,
    I love your commentaries. You need to do one on Dominican Football. :wink: ……you know what i mean. lols. keep it up toots. you will go FAR!!

  7. WEL
    August 31, 2014

    Good job nikki. Keep it up. You Only Live Once.

  8. Roger Burnett
    August 31, 2014

    Nicki,

    I enjoy reading your commentaries. From your background in teaching – and from your visits to my studio – you might want to consider one on the theme of the importance of art in education.

    Regards, Roger

  9. Stamos
    August 31, 2014

    This is a good article for the very young. However number five ‘waste money….’ should never be in an article about money management. I am sure that there is another way you could have termed it. Also, what she mentioned that it was ok to waste money on is exactly the problem we have with our youth now. Sewo… They spend all their money going out and drinking. This is the entertainment that you refer to.

    • September 2, 2014

      Nikki is young and bubblijng with ideas, will need some mentoring and then the world can become her oyster.

  10. Anonymous
    August 31, 2014

    They key thing to remember about money management is to strike the right balance between spending and saving.

    I have able to do both quite well because I was fortunate to have received good advice early on in life about that subject and never being unemployed also helped.

    But I cannot postpone living my life until I retire. Who knows how long I will live after retirement?

  11. money
    August 31, 2014

    You need money to manage money.

  12. claude henderson
    August 31, 2014

    My parents always told me that.And some where along the road some one told me .God give what you need and not what you want.And from then I kept that as my golden rule i buy what i need not what i want

  13. Chino XL
    August 31, 2014

    that’s a very Good article a lot of young adults don’t get that point which we try to get across but as for me I understood every bit buy what you NEED not what you WANT. ALSO SAVE FOR A BETTER FUTURE

  14. Mindless
    August 30, 2014

    Nicki, your article is very good. I hope that we young people read and digest what you have said there. Im sure that if ppl were to examine the things around them and decide what are their needs and their wants they would discover that most of the stuff that they have they can do without.

  15. # Dominican.#
    August 30, 2014

    Deep! Deep! been there done that. Great advise.

  16. Emile Zapatos
    August 30, 2014

    Hello again Miss Nicki. I enjoyed that piece, but it was so long. I wonder if you could revise your future articles and make them shorter.
    I would like to add one thing. You are never too young to save for your retirement. Do not depend only on fix social security benefits for your senior years, remember inflation.
    Even though your house or home is paid for maintenance will be expensive. And you cannot depend on your children.

    • Emile Zapatos
      August 31, 2014

      I hope you have plans to write an article on how the markets target and exploit the young.
      Your article on fashion, and this one on money are mental food not only for the young but for the not so young, who listened to their parents but did not hear. If you continue your good work youthful attitude will improve because youths then to pay more attention to their peers.

    • Lacey Paris
      September 1, 2014

      The article was too long?? 8-O 8-O

      You probably don’t have even one novel in your house boi….smh.

      • Emile Zapatos
        September 1, 2014

        @ Lacey Paris, I am trying to be constructive as I can be. I will only say I have learnt a lot by reading, “On Writing Well” by William Zinsser, available on Amazon. This is about creative writing.
        There is no need to attack me or the books in my house.

  17. love
    August 30, 2014

    she is sooooooo beautiful.great advice

  18. Lapo Layza
    August 30, 2014

    Thanks nicki for a beautiful piece. I wish many more young people would read your articles. I would like to encourage those who do to learn and practice what they learn. I see too much of that wasteful spending going around. Remember, ‘Waste not , want not “.

  19. Peeping Tom
    August 30, 2014

    Kudos to Nicki. Big up!

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