Do you celebrate money milestones? What I learned at $10K

A few months ago someone was nice enough to recommend I make some videos about different money milestones: $10K, $50K, $100K, etc.

I finally got around to it and shared the first $10K video today (https://www.youtube.com/watch?v=1Yx-enh2RFM&t=701s).

For the newsletter, I thought I'd highlight a few points from the video.

$10K is an incredible milestone because hitting 5 figures in your account can begin to shift your mindset around money, one that may say 'I'm not able to do this,' to one that starts to prove that with enough consistent action that you can make real change. Here are a few tactics that are important to appreciate at this $10K mark:

1. Making sure to learn how to invest: For the longest time I focused just on moving money from a checking to savings account, and I wasn't focused on the compounding effect of money. Looking back, I missed out on a lot of growth (through time) if I would have started more aggressively. By the time you hit this milestone, hopefully you have begun to invest, and that hitting 10K may have even come, in part, from your investment earnings.
2. Cash Flow: Hitting $10K is a testament that you CAN manage monthly expenses smartly and that you are getting better with the flow of money in and out of your accounts. There is a deeper mindset this builds, and it's that you are learning to tell yourself that you are good with money. Most people don't get these moments to congratulate themselves or to prove that they are making progress.
3. Smart Purchases: When you hit this milestone, you can avoid buying things with debt and paying interest. You can avoid paying fees to banks for minimum balance requirements (although hopefully you aren't with a bank that has one!), but more importantly you can avoid the invisible tax on purchasing low-quality goods. They wear out faster and cost you more in the long-run. When you hit $10K you can start to buy strategically: things that will last longer and cost less over time.
4. Emergencies and Paycheck to Paycheck Living: The amazing thing about hitting five figures, is that you have enabled two things. The first, is that now you can handle pretty much any daily emergency that you could run into. Car repair? Check. Health issue? Check. Sick pet? Check. The stress-relief that comes with hitting this milestone because you are "covered" is something that you really start to appreciate as your account grows.

But deeper than tactics are the mindsets that enable our actions and behaviors with money:

1. At this milestone, make sure to celebrate yourself! There is a temptation in our culture to feel small when you are surrounded by people showing off "stuff". What you can't see is that most people are in debt, or buying things they really can't afford. It can be easy to feel like you aren't making progress if you just compare yourself to what you see around you. Ignore that noise and keep going!
2. Appreciate the rate of change: When you are early in your savings journey, make sure to celebrate the MASSIVE rate of change in your savings. If you move from $1 to $2, you have doubled your savings! In this early stage, you can see big changes with smaller contributions and you should celebrate those wins.
3. Changing self-talk and identity: What this milestone starts to prove, if you take the time to notice, is that you are proving that you ARE good with money. You do have the ability to save, you do have the ability to be consistent. Proving to yourself that you can make real change is the encouragement you should harness to get you to the next level.
4. Creating your big vision: Finally, the progress you make as you cross the 5 figure mark is that it can encourage you to start to dream bigger. Looking "up and out" means you are fixing your eyes on more than just what is down and directly ahead of you. Here, you can start to see money becoming more of a tool in your life that is enabling this vision, with enough time and focus.

If you have already hit this milestone, congratulations! If you are still working towards it, I am rooting for you on the journey.