Vice Column

Dear Vice Column,  I'm 30 and haven't started saving for retirement. What should I do? I work as a home health aide and have been living paycheck to paycheck for years. I never thought about saving for retirement until recently, and now I'm worried I'm way behind. I fantasize about winning the lottery and spend my extra cash on lotto tickets and scratchers. I'm devastated when I don't win, and then start spiraling about my finances. - Lotto Loser Dear Lotto Loser,  You're not alone in your worries about retirement savings. It's a common concern, and the fact that you're thinking about it now shows that you're already ahead of the game, with 35 years before the common retirement age of 65. While it may not be feasible for everyone, it's worth looking into opportunities for higher paying jobs within the healthcare industry. This could include working at a hospital or in a specialized field such as occupational or physical therapy. Pursuing addi...

Dear Vice Column,  I'm a 24-year-old software developer who has just started my career and have $100,000 in student loan debt. I want to pay off my debt quickly but also want to save for a down payment on a house and a wedding. I'm not sure how to balance my competing financial goals and I don't even have a romantic partner, mostly because I live at home with my conservative parents.  - Love-Struck Developer Dear Love-Struck Developer, It seems like you're feeling a bit stuck in terms of your finances. Don't worry, you're not alone! Many recent graduates face similar challenges, especially when it comes to balancing debt repayment and saving for the future. First things first: you should be proud of yourself for even considering how to prioritize your financial goals at such a young age. You're already ahead of the game! When it comes to balancing competing goals, it's important to remember that it's a marathon, not a sprint. You don't need to ac...

Dear Vice Column,  I recently inherited $500,000 from my grandmother's estate, and I'm not sure what to do with it. I work as a teacher and make a modest income, so the money could really change my life. However, I've never been good with money and am worried about making the wrong investment choices. Plus, I have an invasive thought about splurging and cloning my dog to help stave off the inevitable pain of losing him — he's two-years-old and in good health. - Lost-and-Found Teacher with a Clone Dream Dear Lost-and-Found Teacher with a Clone Dream,  Take a deep breath and appreciate this unexpected windfall. It's important to approach this with a clear head and a plan. The first step is to consider your current financial situation. Do you have any debts or outstanding loans that need to be paid off? If so, use a portion of the inheritance to pay them off, as this will save you money in interest payments in the long run. Next, consider setting aside some of the mone...

Dear Vice Column,  I'm a 29-year-old graphic designer who wants to advance in my career and increase my earning potential. But I find myself wasting time binge-watching TV shows and scrolling through social media instead of working on my goals. I also have a sweet tooth and can't resist buying gourmet chocolates and pastries.  - Dessert-Loving Designer Dear Dessert-Loving Designer, When faced with the daunting task of trying to increase your earning potential, it's not uncommon to procrastinate and lose focus, especially with the plethora of distractions we have at our fingertips. However, there are steps you can take to upskill yourself and stay motivated. As a graphic designer, it's essential to continually develop new skills to stay competitive and advance in your career. One way to do this is to take advantage of online learning platforms such as Coursera, Udemy or edX. These platforms offer a wide range of courses and certifications in graphic design, UX design and...

Dear Vice Column,  I recently started my own business selling handmade crafts online, but I'm struggling to stay focused and motivated. I have a tendency to procrastinate and get distracted by social media, and I need help staying on track. I'm also a self-proclaimed neat freak, and I spend hours cleaning my workspace instead of working.  - Procrastinating Crafter with OCD Dear Procrastinating Crafter with OCD, Starting your own business is a big accomplishment, so congratulations for getting past a the big hurdle of getting started. It can be difficult to stay focused and motivated especially when you have a tendency to procrastinate and get distracted. The good news is that there are several steps you can take to help you stay on track. First, try setting smaller, more manageable goals for yourself. Daily, weekly, and monthly goals are a good way to start. This will help you prioritize your tasks and stay organized. That way, you won't feel overwhelmed and will be able to...

Dear Vice Column,  I'm 31 years old and want to turn my love for travel into a profitable business by starting a travel blog. But I don't know how to monetize it and need some advice on how to get started. I also have a fear of flying and have never been on a plane.  - Travel Blogger with a Fear of Flying Dear Travel Blogger with a Fear of Flying, When it comes to monetizing your travel blog, there are several options available. One of the most popular is through affiliate marketing, where you partner with companies that sell travel-related products or services and earn a commission for every sale made through your unique referral link. You can also sell your own products, such as travel guides or ebooks, or offer sponsored content opportunities to brands that align with your niche. In terms of getting started, it's essential to create high-quality content that resonates with your target audience. This means sharing engaging stories, beautiful photos and videos, and useful ...

Dear Vice Column,  I work a high-paying job in finance, but I'm feeling unfulfilled and want to pursue my dream of becoming a musician. I'm worried about the financial implications of quitting my job, and I need advice on how to make a smooth transition. My guilty pleasure is buying vintage clowns, and I have a collection worth over $10,000. Am I weird? - Clown-Collecting Finance Worker Dear Clown-Collecting Finance Worker, Everyone has their own unique interests and hobbies, and it's important to embrace them. However, I understand that your main concern is how to pursue your dream of becoming a musician while still being financially responsible. So do you really need to be spending more on clowns right now?   It takes a lot of courage to break away from a secure, high-paying job to pursue something that might not have as clear of a financial path. But life is too short to not pursue what makes us happy. Before you take any drastic measures, consider starting your music ...

Dear Vice Column, I'm a 30-year-old artist who loves to splurge on fancy art supplies and equipment. But now I'm struggling to make ends meet and need to start budgeting better. I also have a weakness for gourmet coffee, and I spend over $100 a month on artisanal brews.  - Coffee-Addicted Artist Hey there Coffee-Addicted Artist, As an artist, it's easy to get carried away with purchasing the latest and greatest art supplies, but it's important to remember that these expenses can add up quickly. The first step to better budgeting is to track your spending. Write down all of your expenses, including those fancy art supplies and gourmet coffee runs. Seeing where your money is going can help you identify areas where you can cut back. When it comes to your art supplies, try to make do with what you have. Get creative with your materials and find ways to repurpose items you already own. You might even discover some new techniques and styles along the way. If you do need to pu...

Dear Vice Column,  I just graduated from college and started my first job, but I have over $100,000 in student loan debt. I also have a shopping addiction that is making it hard to save money. I love buying designer handbags and have over 20 in my collection.  - Handbag-Obsessed Graduate Dear  Handbag-Obsessed Graduate, Congratulations on starting your first job! I understand how stressful it can be to have a mountain of student loan debt and a love for great looking bags. It's important to tackle your shopping addiction head-on so that you can start paying off your student loans and saving for your future. One suggestion is to create a budget and stick to it. You can use a budgeting app like Mint or Personal Capital to help you track your spending and stay on top of your finances. It's also a good idea to set a goal for paying off your student loans and create a repayment plan. If you have credit card debt, look to put any extra money toward that first since the interest...

Dear Vice Column,  I'm a 32-year-old freelance writer who struggles to stay motivated and productive while working from home. I have a tendency to procrastinate and miss deadlines, and I need to find a way to stay focused. I also have a cat that loves to sit on my keyboard and distract me from work. - Cat-Distracted Writer Dear Cat-Distracted Writer, As a fellow freelance writer who also works from home, I can relate to your struggles with staying motivated and productive. It can be tempting to procrastinate and let distractions like your cat get in the way of your work. One thing I've found helpful is to create a designated workspace that's free from distractions. This can be a separate room or a corner of your home that's solely dedicated to work. If possible, try to keep your cat out of this area so they don't distract you. Another tip is to create a schedule or routine for your workday. Set specific hours for work and stick to them as closely as possible. Du...

Dear Vice Column,  I'm a 28-year-old software developer who can't stop overspending on clothes and beauty products. I have a walk-in closet filled with designer clothing and makeup, but I'm feeling overwhelmed by my finances and need help getting my life back on track. My guilty pleasure is buying limited edition sneakers, and I have over 50 pairs that I've never even worn. - Sneakerhead Developer Dear Sneakerhead Developer, First of all, let me say you're not alone in your struggles with overspending. Many people, especially in their 20s and 30s, find themselves in a similar situation. It's easy to get caught up in the world of material goods, but it's important to remember that those things aren't the key to happiness or success. So, what can you do to get your finances back on track? The first step is to create a budget. Take a hard look at your income and expenses, and figure out where you can cut back. This may mean scaling back on your spending o...

Dear Vice Column,  Despite recession fears looming for most of 2022, I've managed to keep my office job, which covers my basic expenses with enough leftover to spend on life. Due to anxiety about layoffs, I've been living below my means and have squirreled a decent amount into savings. I don't know much about investing, and have been scared to start due to doom and gloom headlines about the stock market — but I know I'm losing spending power by keeping too much cash. What are a few things I can do to build smarter money habits in 2023? – Scared into saving Dear Scared into saving, Congratulations for keeping your job, and managing to save some money during a period of high inflation. You're right that having too much cash on hand will put you at a disadvantage as it won't keep up with inflation. Hopefully at a bare minimum you're keeping your money in a high yield savings account , which offer much higher interest rates than a checking or standard savings ac...

Dear Vice Column, For various reasons I've sat on the sidelines of the cryptocurrency craze and have largely ignored it as a fad. While it doesn't seem to be going away anytime soon, are the days of getting rich off crypto over? I'm finally at a place financially where I'm looking into ways to diversify my investments — but I don't exactly have much to spare and the volatility of crypto markets makes me nervous. How should someone who wants to dabble in crypto get started, if at all?  - Crypto noob Dear Crypto noob,  Bitcoin, at 14 years old, is one of the most well known cryptocurrencies. It's recently gone through exponential growth and hovers around $40,000 per BTC. Roughly two years ago, it was valued at Ethereum's cost today, ~$3000 USD. A couple of months ago, ETH was trading about 20% lower, which means it's doubled what stock index funds might return in a year. But, it could just as easily be 20% lower — or more. All this is to say, crypto is vol...

Photo by  Anna Tis  from  Pexels Dear Vice Column,  I've been spiraling since Kim Kardashian told the world, “I have the best advice for women in business. Get your f—ing ass up and work. It seems like nobody wants to work these days.”  For years I've admired the Kardashians for being so rich yet effortlessly obnoxious. I've daydreamed about having even a fraction of their wealth, but their constant hustle and shameless need for publicity goes against my core.  While I'd love to slide down piles of gold coins like Scrooge McDuck, I don't have a self-promoting bone in my body. Because of this, I've been feeling stuck in my job and haven't advanced as much as I probably should have by this point to get said gold. I'm tired of the endless grind and just want to be independently wealthy without trying. Why can't Kim indulge my desire to get rich without working?  Why? - Feeling called out Dear Feeling Called Out,  Kim Kardashian has no idea who you ar...