How confident are you that you will be able to retire at 65? Wouldn’t it be great to find ways to fund your retirement account by living sustainably? I love finding 2-for-1 ways to positively impact the planet and increase my savings so that I can reinvest for my future.
Here are a few recommendations that will help you save more so that you can invest more!
Quit Fast Fashion:
Ever wonder why short skirts are “in” one summer, but out of fashion the next summer? The reason for the constant switch in style is so that you feel the need to continuously update your wardrobe.
Fast fashion focuses on speed and low costs in order to deliver new collections each season.
It’s terrible for the environment and your budget.
Fast fashion negatively impacts the environment in many ways, including water pollution, use of cotton resources, and transportation fuel. Many garments are made across the far reaches of the world, then get shipped by boat and through countries by train.
What’s more concerning is that many garments are made with synthetic materials. Thus, each shirt or pair of pants can release up to 1,900 microfibers into our wastewater system. Unfortunately, these microfibers end up in our food chain through the process of bioaccumulation.
Not to mention, the use of toxic chemicals in textile waste leaches out into our earth’s water resources.
Instead, choose styles of clothing that can be mixed matched with other pieces in your closet. By having a versatile yet minimalistic closet, you can reduce the amount you spend on Fast Fashion. An added benefit is that a simplified wardrobe means fewer minutes spent getting ready in the morning.
The Nest Thermostat
Google’s 3rd generation Nest Thermostat learns your habits and can provide you with an average savings of $131 to $145 a year by automatically adjusting the temperature inside of your home.
On average, it saves its users 10%- 12% on heating and 15% on cooling. This means the Nest Thermostat pays for itself in under two years!
Another cool feature is that the Nest devices communicate with each other and with the other smart devices around your home. It can use electricity data to decide when to run the next load of laundry when energy demand is low.
Not sure how to install a Nest Thermostat on your own? Schedule an electrician through Amazon.com to have a professional in your area drop by your home.
You can find the Nest Thermostat at Eco Economic’s Sustainability Shop.
Switch to LED Light Bulbs
According to EnergyStar.gov, the average home has approximately 40 lightbulbs.
These LED light bulbs only use 14 watts of energy, saving up to $141.90 over the life of the bulb (when compared to an incandescent equivalent).
That’s 40 lights x $141= $5,640 saved!
They have a lifespan of 15,000 hours, and the bulb can last over 13 years (based on 3 hours of use each day)!
Fossil fuels and coal make up nearly 62% of how we generate electricity in the U.S. The fewer fossil fuels we burn, the fewer harmful particles we breath in.
This is one of the easiest switches you can make that has health, budget, and environmental benefits!!!
By reducing your electricity consumption you will reduce the amount of coal and oil burned by power plants (which produces acid rain). Solar power is clean, abundant, and renewable. By installing solar lights you can reduce your energy dependence on fossil fuels and help us move toward a more sustainable future.
Moreover, it is critically important that we support companies that put the planet and its people first.
Check out these easy solar swaps:
- Solar charger (never run out of battery, this charger can charge my iPhone8 seven times before it is out of juice).
- Solar backpack –(stay charged where ever you go)
- Outdoor solar lights (Save money on your next utility bill while increasing the security around your home with these motion detection spotlights)
Did you know that the average person throws away 4.4lbs of trash every day!
Organic food waste has a difficult time decomposing in landfills because they aren’t properly aerated.
In fact, 20% of all methane emissions come from landfills. One of the best things you can do for the environment is to compost your food scraps.
Maximize your eco-friendly cleaning routine with these reusable Swiffer Mop Heads. These extra thick 100% cotton mop wipes pick up everything from hair to dust to dirt.
A pack of 36 disposable wet mop refills costs 30% more than this eco-friendly version.
You can wash your reusable mop pad up to 150 times, meaning that each mop pad can replace 4 boxes of 36 disposable wet disposable wipes.
You can find all of these money saving, easy, and green swaps at Eco Economic’s Sustainability Shop!
By purchasing sustainable products, you help support green companies create more green product lines. You can help signal to the economy that we, as consumers, want more sustainable options!
Why Don’t Schools Teach Personal Finance?:
So why did I create Eco Economics? Because For some strange reason, high schools don’t teach the tools to prepare you to face the world of finance.
I got my B.S. in International Business and a Master’s of Business Administration… And even after all of that schooling, none of the accredited curriculums taught about how to master your personal finances.
What did they teach instead?
How to manage finances for a company i.e. balance sheet, income statement, calculate the time value of money, etc.
Everything was geared toward helping a company, yet none of it was focused on how I could create a stable financial foundation for myself.
Luckily, I have been passionate about wealth management since I was 19. This passion led me to read and listen to books written about investments, personal finance, retirement funds, estate planning, and taxes.
While I know that I am still young and have much to learn, in 30 years I have:
- Created and sold a company
- Flipped a home
- My 2nd company owns a building that is in escrow to sell. The proceeds of which will be 1031 exchanged into another investment property
- Have been in the real estate business for 9 years
- Am an Opportunity Zone Fund Manager
- Working on my 3rd company during my spare time (Eco Economics-the website you are currently on)
When you get to a certain point, you want to make sure that you have the right legal entities to protect your assets. This is why all of my companies are set up as LLCs and I have the majority of all my assets in a trust.
I have given all of my assets to other legal entities. Protecting what you have through the proper structure is immensely important, and it can be done by setting up entities, trusts, and having the proper insurance.
Throughout my life, I have had so many friends ask me to help them understand the world of personal finance.
I have spent hours explaining parts of the knowledge that I have gained over the years. After a while, I got tired of explaining the same information over and over again to each person.
This is why I created the Increase Your Financial IQ Course.
The Increase Your Financial IQ Course:
I teach the course as if I were talking to a friend. You, most likely, are busy with a million things… So I give it to you straight and try to get to the important points as quickly as possible.
Does this course contain EVERYTHING I know about finance? Heck no!
It goes over the critical things you need to know to build a stable platform that will give you confidence in your future.
I talk about personal finance from a holistic point of view. Many authors only talk about one or two subjects, but I cover the topics that I would go over if I were trying to teach a friend how to set themselves up for a secure future.
What the Course Covers:
The first course that I will be releasing (soon) is called the “Increase Your Financial IQ Course”. It will cover the following topics:
- Starting small by having $1,000 in savings
- Budgeting (The 50%, 30%, 20% rule)
- 5 methods of debt payment
- Managing your credit
- Roth/Regular IRA’s and 401k’s
- How to create a diversified stock portfolio (ETFs)
- A macro view of the economy (the Federal Reserve)
- Purchasing your first home (the process, down payment assistance plans, PMI, etc.)
- How to save for your children’s college fund (529 plan, Education IRA, UTMA/UGMA)
- Long term care insurance
Like what you see? Stay a while!
- Tax-Free Income: A Guide to Reducing Your Taxes Legally (Part 1)
- How to Invest in Socially Responsible Companies while Timing the Market
- Financial Freedom: Investing in Sustainable Companies
- Financial Planning: Tax-Free Benefits from a Life Insurance Policy
If you have learned anything new, please remember to share so that I can continue to provide you with more free content!
Feedback is always welcome, so feel free to comment below!