Let’s back this party up. What exactly is a unicorn?
A unicorn is a legendary horse with a single spiraling horn from its forehead. Unicorns are rare, unique, and uncatchable.
Unicorns are even mentioned multiple times in the bible as a metaphor to represent strength. For example, in the book of Numbers, “God brought him forth out of Egypt; he hath, as it were, the strength of a unicorn.”
In the venture capital world, a unicorn is a tech startup company that reaches a $1 billion dollar market value and performs outside of reality.
Famous Youtuber, Lilly Singh, says unicorn island is a place where awesome exists, “there’s just no room for anything crummy.”
Here’s how to be a unicorn with your money.
1. Realize Compound Interest is a Magical Unicorn
When you have money, that makes more money, it’s quite fascinating, it’s like a magical unicorn. Seriously. I started invested as a teenager and throughout my early twenties never invested more than a few hundred dollars a month.
Even through the Great Recession, when the stock market plunged and dropped around 30%, I stayed the course and continued to invest. Now what I’ve invested has almost doubled. Crazy-town.
- Have you Started Investing Yet?
- Debate! Should You Stop Investing for Retirement Until You’re Debt-Free?
- How Much Should You Save for Retirement?
2. Awesomeness isn’t Having the Latest Gadgets
Be happy with what you’ve got. I don’t have all the answers on happiness, but when it comes to money, one thing I know for sure is that stuff will not make you happier.
Be a unicorn and countercultural when it comes to consumerism. When the latest version of the iPhone comes out, keeping use the one you’ve got. No matter how awesome a new technology is, new gadgets can always break. When I finally did upgrade my phone, I accidentally destroyed the screen. Here what to do if your phone breaks before the contract is up.
3. Find Unicorn-Like Deals and Social Opportunities
When spending money, look for the rare unicorn-like deals. Buy clothes for 75% off. It takes patience, and a willingness to walk away.
Treat yo self, without spending a ton of money. Look for free events to attend with friends, check out books from the library for free, have quality time with a friend over coffee, or have a game night. Here’s how to be social without spending a ton of money and five epic ways to be social when paying off debt.
Doing this will mean your relationships and friendships are less about impressing one another and more authentic.
Getting out of debt and spending less than you earn is a rare, unicorn-like quality, but it’s worth the freedom you gain.