5 Songs That Are Good For Your Money

April 06, 2016

I love a good playlist. I have one for driving, one for doing cardio, one for cooking dinner, and even one for blogging. So to celebrate National Financial Capability Month, I’ve curated a short playlist of money songs that have a positive financial message for your listening pleasure.

Thrift Shop – Macklemore: Obviously you can save money by thrifting as long as it’s not an excuse to shop and spend money but instead to buy things you need for less than full-price retail. Otherwise, it’s no different than loading up the cart at TJ’s on things just because they’re bargains even if you don’t need them. This song tops the list because it’s also a good reminder that if you’re donating to thrift shops, make sure you’re making the most of the tax deduction.

No Scrubs – TLC: This is in line with Chapter 6 of our CEO’s new book What Your Financial Advisor Isn’t Telling You. How a person handles money is a key indicator of how they do life, so good money management is a sign of personal responsibility and accountability. Want someone who makes excuses and complains but never buckles down and does what it takes to improve? Then go for a scrub.

Billionaire – Travie McCoy featuring Bruno Mars: Don’t we all wanna be billionaires pretty frickin bad? But seriously, you don’t have to be a rock star who packs stadiums in order to have a comfortable lifestyle. First, make sure you’re not pre-spending like you already are a billionaire. Then run the numbers.

One recent calculation says that Millennials are going to need $1.8 million to retire comfortably. At Financial Finesse, we prefer to base the amount needed on replacing a percentage of your income, as our Retirement Estimator calculator does, so don’t let that $1.8 million paralyze you. If you’re 30, you’d need to save about $800 per month at an 8% average annualized return to get to $1.8 million at age 65. That’s doable, and hey, you’ll at least be a millionaire! That’s not so frickin bad.

B*tch Better Have My Money – Rihanna: The lesson here? Don’t lend money to family and friends. And if you need to borrow, people you actually like or are related to should be a last resort. But if you must go there, make sure you protect yourself and your important relationships by making it a formal agreement.

Nothin’ On You – B.o.B. featuring Bruno Mars: I just can’t resist the line about “plus you pay your taxes.” I’ll be honest. I hate paying taxes just as much as the next guy and I take full advantage of any tax rules that minimize what we have to pay. But taxes are part of our responsibility as citizens of this great country and we all have to pay them, so no excuses. Pay your taxes.

How about you? What are your favorite money songs that send the right kind of message? Shoot me an email at [email protected] or send me a tweet at @kclmoneycoach. And stay tuned for next week, when I’ll share the top 5 money songs that are bad for your finances. Any guesses what they’ll be?