I should say a bit more about me, and where I come from before we continue along the path of wise financial decisions.
The first 20 years or so:
Nothing out of the ordinary in my early years. My dad had a management job at a large corporation and my mom was pretty much a stay at home mom, with the odd part-time retail job here and there, so my dad definitely brought in a very large percentage of the income. We had a typical house, nothing too fancy. We only ever had one car, and my dad never bought new. I would classify my bringing up as middle class.
My first semi real job was working as a referee when I was about 17 in the mid 1990s. I clearly recall that I was paid $5 per game, and I would work 5-7 games a week during the season. What I earned met my meager spending needs, which consisted mostly of going to McDonald’s. I never had an allowance, and my parents would pretty much give me money whenever I asked for it, but calm down, it was mostly $5 here and there. They certainly weren’t buying me a Sega or a disc-man every time I asked for one.
After I graduated high school, I headed off to university, financed via student loan, AND a student line of credit, which I maxed out! OUCH. To summarize, this year of university was not a success. I moved back home after one year, and tried to find a job, any job really, but it took me over a year to find one. I was 20, before I had my first real job.
Estimated net worth at 20: -7,000.
No savings, and a student loan and a student line of credit to pay off. Not a great start, but I, like so many others starting out, was unaware this is not how you should be starting financially. What will the next decade bring? Stay tuned for the future (or is it the past?) of The Fake Cheap.