"All the Things to Fund Before You Even Consider Downloading Doordash" was too long to fit in the title space.
A puzzling trend has been noted among the children lately. Apparently, it is now socially acceptable to Doordash fast food multiple times a week rather than cooking far more nutritious and far cheaper food themselves. This might be tied to the disturbingly common inability to boil rice. In any case, here are a few of the many things to examine before any of you highschoolers should even consider downloading Doordash.
- Are you looking to escape your bumfuck nowhere town? The cost of living elsewhere will likely be higher--even without considering that you might live rent-free now.
- Do you own your own vehicle free and clear? Can you afford to fix your vehicle or find alternative transportation if your it breaks down? How much is your auto insurance?
- Have you been saving for retirement first? Contributing $100/week to a Roth IRA starting when you are 18 will allow you to be a millionaire at 65. Many elderly people are at risk of homelessness because they rely entirely on social security and government benefits which can take years to obtain. I know a veteran who literally had no legs but took years to get moved into an apartment building with an elevator. If he had not had the upper body strength and the will to bring himself up and down the stairs every day, he would have rotted in his apartment.
- Can you afford a medical emergency? Sure, you might be on your parents' insurance now, but can you afford the deductible and copays? What do you do when you age out or they lose insurance? What if you are abroad or otherwise have to go somewhere out-of-network, and it takes time to figure out your insurance benefits. Do you know what kind of coverage you still have? A lot of people end up putting medical debt on a credit card, which then puts them in a financial hole that they may never dig themselves out of.
- Have you considered the cost of housing? You do not want to be forced to move in with an acquaintance or partner because it is the only way to avoid homelessness. If things go wrong and they become intolerable or abusive, you are trapped, and if they do not pay their share of the bills, you will end up homeless anyway. You should make sure you are set up to not be living paycheck to paycheck.
- Are you planning on pursuing higher education? Chances are you will not have any more time to work through college than you do now. Your grades will actually matter, and you may have to take jobs that pay less than you would otherwise like in order to increase future opportunities. You also want to make sure you are still having time to network, make friends, stay fit, and have fun.
- How many months can you live on your current savings if you lost all familial support? Five months of expenses saved up is a common benchmark that people use, but if you have an emergency at the same time, five months will not be enough.
- Poverty is expensive. I have had many tax clients that accepted a $60 bank charge to get their tax preparation fees taken out of their refund, because they could not afford $200. $260 to pay a $200 bill is a terrible deal. Avoid situations where you are constantly kicking your expenses down the road while they continue to grow.
- Cooking your own food is cheap. You can feed yourself for a week for the cost of one Doordashed meal. Learn to cook well, and you'll be able to save your money for things you need (or actually good restaurant food that hasn't been sitting in someone's car for 20 minutes).
This is just the start of a long list of reasons to think carefully before Doordashing food to your school. I am sure other people on the site can add many more. :)
