A new story from PM Tampa Bay with Ryan Gorman

Automatic TRANSCRIPT

So I really try to be like you want to see this seven thirty movie at the mall so it's going to be fifteen dollars well if we could just go like five o'clock and only spent eleven dollars that would really help me a lot which probably isn't even true but in my mind I'm like Hey saving four dollars here two dollars there I hope that one day it's all gonna add up and then I'll be like look at all this money I have like most twenty five year old Sears also frequently invited to weddings and to be in the wedding party being an weddings is worse than being invited because you need to buy the dress you need to buy again if you need to help with the bachelorette parties are bachelor parties and you have to help with the rehearsal dinner is you have to help with all that which is fine I totally love these people I really want you to get married I'm super happy for you so thankful that you asked me to be in the wedding it's just like a cruel joke where it's probably the poorest I'm gonna be in my life looking at social media where everyone else seems to have money to spare it's discouraging for Sierra like how are all these people my age doing really cool things they must have more money than me right not necessarily almost twenty five percent of millennials live with their parents about the same percentile credit card debt and more than forty percent of paying back student loans it doesn't have credit card debt but much of a story standard issue for her generation our next guest older is on a very different financial class my name is Roger von Linden I am thirty six years old and I actually own a construction company unlike many in her generation dress who lives in Florida I've graduated from college debt free her parents paid for her tuition which money they had set aside when she was born she didn't have credit card debt either she used her credit card just for small purchases as you paid off in full every month but older was ahead of her peers financially long before the US my dad was a wealth manager of from the time that I was twelve although he was always very savvy with money his entire life and mine too for that matter so he started teaching me lessons about how money works and how to make money work for you when I was pretty small and I want to say I was probably five or so the first time that my dad started borrowing money from my piggy bank and if he didn't have cash on and he borrow money from means to take my mom out for dinner or whatever and came back the next day or a couple days later with interest so I remember clearly one time and borrowing for a hundred dollar bill from me and giving me back a hundred and five dollars and that really when a fire for me and after that it was figuring out that I could make money just by having my money so as long as I didn't spend it on other things so is available for those little loans I would end up with more and more than when I had my first job when I was fifteen years old you know he started talking to me then about how to set aside however much I wanted to for my retirement which seems crazy at fifteen to be thinking about retirement but he's sort of those conversations early that the sooner that you start working on this and as soon as you start saving the easier it'll be for you later so I had my first Roth IRA when I was fifteen years old and I've been working on expanding that literally ever sense older worked as a purchasing manager for a home builder after graduating with a degree in construction management through her twenties as her salary crew she kept her lifestyle consistence and her spending minimal was steadily increasing the amount she was saving by age twenty eight she had one hundred thousand dollars in investment savings her salary at the time was around sixty five thousand dollars why she knew she was lucky not to have student loan debt she didn't realize how far ahead of her peers she was I thought that I knew that everybody saved at least a little even though I probably do a little more and I've learned since and that that's really not the case and that that was really when things started to change I guess in in terms of a difference between me and the people I was close to even though I really wasn't aware of it at the time when older lost her job in two thousand and eight she decided to start her own home renovation business with help from investors in two thousand and sixteen she we lost the business with no outside money this year older expects that business to make three million dollars in gross revenue but despite her company's rapid growth older has continued to keep her living expenses modest I think it would surprise a lot of my friends that up until literally last year I was living on seventy KA year pretty easily and still even within that being able to save quite a bit of money and everything that I earned in excess of that I put directly into my brokerage accounts I had to work toward my goals of expanding my business as well as building my dream home but also very comfortable financially she knows that's not the case for all of her friends I tried to be generous where it's appropriate and when I go out for dinner go out for drinks with friends who I know are struggling I try to be generous and pick up tabs and do so in a light hearted manner that you know now is I got this tonight it's my pleasure I wanted to take you out but our generosity and her growing business haven't gone unnoticed by people around her and okay usually her generosity what one friend has close friction with another I have had a couple of times where certain girlfriends have questioned kind of like well I see you pick up the tab for someone else or being generous with other people and it doesn't always seem like it that way with me I have on occasion had people come to me to borrow money or wanting me to help them out of a jam in some way and I've always handled that the way that my dad taught me which is never loan money to friends that you intend to get back though she's managed to maintain most of her friendships order isn't exactly sure how to talk to her friends when the topic of money comes up it is asking for a loan or advice on their own finances I had to struggle through a lot of these things so a lot of times when even when you're trying to offer something helpful or you know that you can help someone it's hard to find the right words ARE learn how to communicate in a way where I can actually be received in a useful way we'll be back with more of the she makes money moves podcasts from glamour and I hurt right coming.

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