Are you living paycheck to paycheck?

Thanks for joining me on my journey towards financial freedom and Welcome to GoMoney by me, Tej Gomanie.

Over the years, I have developed a good understanding of personal finance and I want to share the concepts, strategies, and systems that I found interesting and have helped me along the way.


Like most, I am paying off thousands in student loans debt; however, I have established financial systems in my day to day that are allowing me to pay for our wedding, purchase a new car, and most importantly plan for the future.


It’s important to note that after graduating from university, I landed a high paying job a year after graduating. I just moved away from home in Pennsylvania to live in Chicago with my then girlfriend, now fiancé, Kelsie.


This was the first time we both had “adult money” to spend. We both were committed to saving and paying off our student loans as fast as possible. Due to Covid, our priorities have since changed.



"Always pay yourself first, then worry about everyone else.” - Mama G.

My parents have shaped my view of life and money deliberately, as immigrant parents do. My mom would say to "always pay yourself first, then worry about everyone else.” My dad’s more general life advice was “piss poor preparation leads to piss poor performance.” I try to lead my life with these quotes in mind - pay myself first and intentionally plan for the future.


With this in mind, I have been self aware of the "Golden Handcuffs" concept and I was committed to not being trapped with growing expenses. This is where individuals with high paying jobs allow their lifestyle expenses to increase as they earn more and more. Companies will offer more of a financial incentive to retain employees. Business Insider did a study on millennials earning 6 figures and concluded that 60% are living paycheck to paycheck. There are so many reasons for this - student loans, credit card debt, saving for a house, or the general rising cost of living.


"Living paycheck to paycheck sometimes carries connotations of barely scraping by and of poverty. The reality of a paycheck-to-paycheck lifestyle in the United States today is much more complex, and the current economic environment has made it even more complicated." - Business Insider


More Money Will Not Solve your Money Problems

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I believe most people overlook the very first step when working on their personal finances and start with creating a complex budget. The first step should be Setting your Goals and Establishing your Vision.


Some people believe that taking time to set goals is pointless as your goals will inevitably change over time and instead you should focus on your system. This is only a partial solution. In reality your goals and systems must work together.

Getting educated on personal finance is the next best step. It's simple to say, "Spend less than you earn, Invest the difference, and Earn more" but what does this really mean? Where should you start? There is so much clashing and complex information about personal finance.


So much so, that I am using this blog to explain the basics that will help you develop a strong foundation to begin investing, earn more, and finally take control of your money. In the meantime, let me know what topics you'd like me to cover!


Until next time

- Tej




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