Category Archives: Debt

Without Money, We'd All be Rich

Live a Rich Life Without a lot of Money

24 May 2012

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One of the most common questions I’m asked is:

It’s very difficult, if not impossible, financially for some people to do what you do. How do you do it?

Since I began writing Hundred Goals, I’ve tried to encourage people to live minimally, and within their means. Despite the subtle financial advice I offer, people still seem confused, and sometimes even offended, that I’m able to live the way that I do. I’ve actually been accused of being a drug dealer. For some reason, I just can’t seem to convince people that, financially, they can do exactly the same things I’m doing.

I’m not rich.

The truth is, I live on less than $20,000 a year. But despite my limited budget, I still manage to do a lot of amazing things. I’ve backpacked around Europe, learned how to surf in Hawaii, toured the White House, and watched the eruption of Eyjafjallajökull in Iceland. It’s not because I’m rich that I’m able to do these things. I’m able to do these things because I’ve taken the necessary steps to live within my financial means.

If you’re finding it financially challenging to live the life of your dreams, here’s my advice to you:

Eliminate all of your debt, and avoid incurring any new debt. If you’re always paying debts from your past, it’s impossible to live in the moment. Pay off your debts, and avoid any new debt. Live within your means.

Avoid buying shit you don’t need. Only spend money on things of value. The rest is just bullshit. Don’t waste your money.

Don’t pay attention to other people. What other people have, or where they go for vacation isn’t important. Know what you value, and stay focused on the goals that you’ve set for yourself. Don’t be distracted by other people.

You can’t have everything you want. You can have anything you want in life, but you can’t have everything. Whatever you want, you can have it. But having it will probably mean giving up something else. Sacrifice the things you don’t value so that you can have the things you do.

Make life a priority. If you want something, you can’t just expect it to happen. You have to make it happen.  Don’t sit around thinking about all of the things you want to do with your life. Do them! Stop thinking, and start doing.

It’s really that simple…but also easier said than done.

It takes a lot of dedication and determination to get out of debt. It’s a battle that must be fought EVERY.DAMN.DAY. And it isn’t easy to ignore what other people have, or what they’re doing. But instead of feeling jealous of them, be happy for them. Focus on your goals, and your dreams. Stop thinking about the life you’ll have someday, and start living the life you want today!

And stop buying stupid shit you don’t need. Seriously. Stop.

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Update: Goal #97) Eliminate my Student Loans

10 May 2011

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I hate debt.

And if there’s one goal on my list that I feel is the most important to accomplish, it’s eliminatng my student loan debt. Over the last few years, I’ve climbed out of credit card debt, paid off my car, and wiped out a small pile of personal loans. But I’ve yet to unbury myself from the mountain of student loan debt I’ve built for myself.

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When I began my college career, I was in a dire financial situation. Then I discovered an easy way to pull myself out of that situation: student loans. Having that money available without any real effort to acquire it meant taking out as much as possible every semester. I went a little crazy.

When I took out the loans, I was convinced that life after graduation would be different…BETTER! I thought paying back thousands of dollars would be just as easy as it was to get the loans in the first place. I’d have an amazing career and earn lots of money!

With graduation on the horizon, I’ve been trying to pay off as much as possible before joining the “Real World.” And today, I finally paid off all the accrued interest. It’s a small step in the right direction…and I have many more steps before I reach zero.

But I will reach zero.

Loaning Money is Stupid

15 September 2010

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I won’t loan money to anyone.

I wouldn’t loan someone a penny to buy a candy bar.  I don’t care how much they might think they need their chocolate and even with the crazed looks of desperation, wild handwaving and dramatic music playing in the background, I just don’t care.  “No” will always be my answer.  Forever and always, anyone asking to borrow money from me will get the same response.  No.  No!  NO!!!  A million times, no.

Why?

The answer is simple.  Loaning money changes the dynamics of the relationship.  Now, instead of a friend, brother, sister, son or daughter, that person is a debtor.  In encounters and engagements which would’ve otherwise been carefree, now you begin questioning the intentions of that person, especially if they’ve had a hard time paying you back.  That doubt lingers in your mind like a fart in a crowded room.  You wonder if they’re thinking what you’re thinking but you’re afraid to ask because it would be awkward.  So you sit silently, brooding to yourself, counting the lost money and contemplating all the things that money could have been better used for.

I wish to avoid ever having to feel that way about anyone I care for, so that’s why when people ask me if they can borrow money I always tell them “No, but you can have it.”

If someone you know asks for money, especially an amount more than just chump change for a Hershey bar, chances are, they really need the help.  It takes a lot of courage to tell someone you’re having trouble making ends meet and that you could really use their help.

If you just loan the person money, what good does that do?  It only places yet another burden on them and it alters the relationship, sometimes in an irreparable way.  By giving them what financial support you can offer, you’re helping them instead of shuffling their problems from one hand to another.

A few dollars to someone in a bad situation will make a world of difference.  It can put food on the table for the next few days, keep a roof over someone’s head for the next month or keep the lights on a little while longer.  Knowing that you’re able to give that to someone is one of the best feelings in the world.  And for them, knowing that you expect nothing in return lifts some of the weight from their shoulders.

Here are a few suggestions for giving money:

Expect nothing in return.  This is unorthodox in our society, so expect wails of protest.  Insist and don’t end the conversation until you win.  If there is no winning, tell them that when they’re back on their feet they can buy you lunch.

You are not a charity.  People in need often flounder for a while before finding their footing.  Decide for yourself how much you’re willing to support them and make it clear.  If this is a one time deal, say so.  It’s hard to refuse money to someone who is in need but you must also take care of your own financial responsibilities.

Offer advice.  Sometimes all a person needs is someone to talk to.  Other times they need someone who can help them find resources or give them a ride somewhere.  Be that person if you are able.  There’s nothing worse than feeling like you are in it all alone.  Be a friend, give your shoulder to lean on and show them you care.

 …and “NO!” I won’t give you money to buy a candy bar either!!!  Sheesh!