Money Management Tips From a Pro Skateboard Manager | Don’t fall for the “Starbucks effect”
Skateboarders aren’t known for being the best with saving and investing their money. Part of the reason is probably because most are dirtbags with no money to save. But there is always a lot to learn. Enter skateboard alum Ryan Clements and his Excel Management that is helping pro skateboarders not go broke and make some big moves during their short time in the spotlight. So read up and go buy a fannypack to hold your lunch in!
There are phone apps to help people keep track of every dollar going in and out of their accounts, but that’s not always a sustainable way to stick to a budget. What’s your simplest budgeting advice?
The main trick is that as you increase your income, don’t increase your lifestyle [spending] equally with it.
When you’re young and in a studio apartment eating ramen noodles, of course as soon as you start making more money you’re going to get yourself a nicer place and start to eat out. But it gets to the point where you don’t need to live up to where you could live. That’s when you really start saving money and acquiring wealth.
What are the most common things you see skateboarders throwing away money at?
The big expense is the automobile. Instead of buying the Toyota, they buy the BMW, or the Audi, or the Jaguar. That’s easy to fix. But what’s hard to fix is that we’re sold this lifestyle our whole lives and then we get money and it’s like, “I gotta have this too.”
The other one that’s harder to grasp is the Starbucks effect. Getting Starbucks every single day costs say, $8, so that’s $240 a month you’re spending on Starbucks when you could’ve gotten a couple of bags of coffee and made coffee at home. You’re talking about $24 vs. $240. That’s ten times more. Eating out for every meal is the same thing. If you plan your day where you eat a big breakfast before you leave your house or you bring a little hip sack everywhere anyways, bring a fucking sandwich.
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The last time I stood on these stairs I was working with @globebrand on “Slaughter at the Opera,” and announcing with #JakePhelps. @meronek shot that photo of Jake and I circa 2008. Here I am back at the same spot 11 years later while in Sydney for #VansParkSeries and #VansBMXProCup. When I was a kid, the idea of visiting Australia wasn’t even a remote reality. I’m constantly appreciative that I get to see the world first hand with a tight crew of friends/colleagues. 📷 @justdylanperry