A friend of mine read this editorial before I posted it and said “well heck, any darn fool should be able to figure that out” … unfortunately, like most, he too is up to his ears in credit card debt, a big house note, and has a job that could end tomorrow … oh yes, and he has only enough savings to survive about 90 days. I remember those days all too well and I remember 15 years ago when I promised myself I was going to get out from under, no matter what it took.
And now, with the condo sold, no credit card debt what so ever and enough cash on hand to survive for nearly 10 years without touching any of my investments … I can finally breathe a sigh of relief. Of course, I’m a renter again and looking for a house, but this time I’ll pay cash and on my budget still be able to survive jobless for four years. The job I’m in is fairly stable, for the time being, but I’ll save like crazy to rebuild up my reserves at the same time.
I must say, it’s certainly a lot different than they hay day my father grew old in. Of course, near the end he too was struggling a bit, but he knew he’d have enough to get him to the end and have some to leave the rest of us too. I looked back and tried to figure out exactly when I became a “saver”. It’s hard to say exactly, but I think it was when I realized that my credit card interest payment was more than my utility bills. Now, when I come to think of it, it actually was the time I was able to convince myself to actually save for something I wanted rather than charge it. In the long run, it turned out to be something I really didn’t need and ended up not buying it. That set the wheels in motion. I started noticing how many things I thought I wanted because of all the hype and packaging, but when I got down to it, I just didn’t need them and was better off for not having bought them.
Last time around, when I really needed a new car, I could pay cash and did. There’s a certain reward in watching a salesman’s face when they realize that despite the old jeans and T-shirt, you don’t need his loan application and it really stuns them when you DEMAND another $1,000 off because you are paying cash. Wow … the power of the consumer. It isn’t dead, we just let it slip away. You can only imagine the last real estate “professional” that hear me say this was a cash deal so they better get their seller in the right frame of mind or I’m going to another house….
Yeah, you certainly don’t have to be rich, in fact the old man left me a very important piece of advice that has certainly come true. He’d say “boy, if you want to be rich it’s not about how much you make, but about how little you spend”. Yep Pop, you were right again and I especially miss you and all that great advice …….
Copy & paste to friend: (Click inside box; Ctrl + C to copy; Ctrl + V to paste)
|
|
read more blogs!
|
Jacksonboy
|
Nov 20 @ 10:46PM
|
|
I will be debt free around May of next year. It has been a long haul, about 4 years. Everything I have will be paid for including my house. I have not had a live in that time but the sacrifice will be worth it. I just wish I had more money put up but with no debt I will be able to save some serious money. Debt free is the way to go. No bills no worries. 
|
|
subtle137
|
Nov 20 @ 10:50PM
|
|
|
“boy, if you want to be rich it’s not about how much you make, but about how little you spend”. I like that! I really messed up when I started using credit cards and being influenced by what my friends were doing. Now I am paying for it and in way over my head....I have learned a powerful lesson.
Thanks for the great advice!
|
|
goatman
|
Nov 20 @ 11:30PM
|
|
"A penny saved is a penny earned"
This advice still holds true. Apart from my mortgage, I owe nothing
to nobody, and I let my credit card (Discover) work for me. Haven't
paid them a cent of interest in many years, and I get $100 or more
back each year for using it instead of carrying cash or the checkbook!
I sure feels good to tell a salesman "That'll be cash"! The looks on their
faces is priceless. I've bought my last 4 or 5 vehicles cash, making
nice little stacks with $100 bills. The last one, I stated my price, $1400 under
their bottom dollar price plus they had to include TTL, and refused to budge..... finally my cell phone rang, my daughter was waiting for me at a restaurant.
I told the salesman that I had to go, unless he was ready to accept my offer.
He did.
It took 45 minutes or so of my time, taking up their time,
but I got the car I wanted, at the price I was willing to pay.
How's the old saying go..... "Money talks, bullshit walks"
It's a damn good feeling to take the control back.
|
|
jelltex
|
Nov 20 @ 11:45PM
|
|
|
Now, when I come to think of it, it actually was the time I was able to convince myself to actually save for something I wanted rather than charge it. In the long run, it turned out to be something I really didn’t need and ended up not buying it.
Something our parents used to do; and I think the wisest thing I read for a while. If I see something I want to buy, I leave it for a day and see if I still want it then. I usually don't buy either.
I'm a bit worried abour getting a mortgage on the new place, but it seems to be manageable, renting is more expensive here than buying, and then there is the risk of the landlord going bust as well.
|
|
DaisyMae420
|
Nov 21 @ 12:05AM
|
|
|
Yeah Alvin, dad's who taught/teach the same lesson are very wise indeed!
|
|
summerbreeze916
|
Nov 21 @ 12:37AM
|
|
Great blog, Injuneer! 
He’d say “boy, if you want to be rich it’s not about how much you make, but about how little you spend”.
Very wise man...........your pop.
|
|
Peabianjay
|
Nov 21 @ 1:26AM
|
|
Lessons I fortunately learned (mostly) from my parents. Dad never made a lot, mom worked hard, never 'made' anything, but had a key role in the 'not spending'. Supported our family of 5+ (various foster children over the years).
Now, retired, they live in comfort, travel often, and never touch my inheri...err...their savings.
I'm not quite as 'stingy' as they are since I don't wanna wait until I retire before I start living, but doin' a lot better than many with far larger incomes.
And really, kiddos, all of us here in North America have it damn good....even if you're "dirt poor", you can eat every day, and sleep indoors. Not everyone is so lucky.
|
|
mystery2u888
|
Nov 21 @ 4:28AM
|
|
Wonderful blog 
|
|
oceanlover734
|
Nov 21 @ 6:26AM
|
|
Good for you! We all could learn a bit from this blog. 
|
|
jayej
|
Nov 21 @ 7:08AM
|
|
My dad was not so eloquent his theory was if you don't have it in you back pocket you don't have it.
The only loan I ever made and I am in trouble for it.
I took out a 2100 dollar student loan, drew 763 dollars of it.
The loan was sold from Sallie Mae to bank of America.
They will be garnishing my wages for 2900 because after 3 appeals no one has been able to show me a canceled check for the other 1400 dollars. Not the school not the banks, no one can figure out where the other 1400 went. But I am going to have to pay it back.
Never again.
J
|
|
ragtopcookie
|
Nov 21 @ 9:32AM
|
|
|
Wouldnt it be nice to be out of debt....not owe for your house or car.......im betting you dont have kids or are helping them get thru school......or even have one or more at home.......ill be where you are one day......but until then.....ill have to remain in debt.......cookie
|
|
silksox
|
Nov 23 @ 12:13AM
|
|
Hiya Injun 
Haven't seen a blog from you in awhile. Perhaps I missed it...But I did miss reading you.. Your blogs are always GOOD! Thanks for sharing....
Silk
|
|
|