Are you in debt? yeah me too! The number of people in debt are climbing as products and services are but an app away from being purchased. When was the last time you held more than a £20 note in your hand? Like really felt it between your fingers, smelt the press machine ink or saw the dirt from the many hands it exchanged through before hitting your pocket. We do not even know what our money looks like any more, let alone be able to wield power over it.
Because it can be argued that money has become digital- numbers on a screen with no physical correlation with what lays in the vaults of your favourite high street bank.
If you have a budget, and never go over it- please get in touch with me. I Know alot of people who would benefit from the lessons you could show us all. If you are like me however, you constantly find yourself doing a new budget every month only to go over, and so far over you almost feel like hitting the reboot button on life, going back the days where your hardest decision was choosing between the grape candy or the strawberry flavoured (I see heads nodding on this one) I often find myself contemplating an extra job and Ebay sales.
Its December 2014 and I have realized I have an addiction to debt. There have been many occasions where I got out of debt only to find myself in it again. Only this time, I am running a business and as a director of a startup company with no full time job and extra income to live on- debt just do not mix- I mean come on let’s face it, who wants to do business with a bankrupt business person( I will wait). Why do I keep finding myself in these sort of situations I asked?
One must first admit to the problem in order to solve it- so let’s dissect my addiction and where it came from.
Currency Is Not Visible
This is not the article to discuss the difference between money and currency, subscribe to the get rich chronicles to keep upto date with when it will be out.
In Jamaica where I grew up, i had a ritual of withdrawing from my account the currency I was allowed to spend from my wages ( a ritual I should very well start again) this meant my currency was visible and when it was gone, the spending was to be no more.
Now lets fast forward to the UK where i currently reside- most companies require you to have a direct debit and if you miss a payment the bank will have a field of a day with you in penalty charges that sometimes out price the original debt. Contactless card payments make it easier to access your unseen currency with very little thought required to start spending … a foolproof way to get into debt.
How can one get a hold of their money if we cannot see it. Fortunately there are still companies which will allow you to pay as and when you wish, such as gas, electric and internet companies, for everything else you may want to consider waiting until your finances are back in order and you can guarantee the payments due. For example; a ‘pay as you go’ mobile may be a better option rather than a long term contract.
I Am Impatient
NOW NOW NOW!! that’s the culture we live in and it can be extremely difficult not to fall into it. On demand TV, on demand music, on demand life – oh wait that does not exist yet or does it? queue video games anyone?
On my road to financial freedom I got a Credit Card (CC) to help build my credit score as a number articles recommend. I told myself I would purchase from it and put the money back straight away….. you know what? It never happened! I lacked the discipline. As soon as I fell on hard times I drew for the Visa card and now I owe the CC company loads of money.
While keeping the CC for a raining day may sound like a great choice to those with little access to currency it can prove costlier than borrowing from a family member during the times when your whole life seems like a rainy day. I do understand the struggle to- take my advice DO NOT get a CC if you have any sort of consumer debt…you have been warned.
I Enjoy Risk
As a businessman or woman, risk comes with the game, who else would leave a fulltime job and pursue business? A risky person of course or a crazy person in my case.
Want To Hear Something Crazy?
I remember i spent more than half of my student loan on a 3 days course on property this year (2014), I have yet to recover financially from the blow. While I did enjoy the course and learned a lot from it, with a bit of research and patience I could have had that information for free or a cheaper price. What I learned from that experience was to never make a financial decision NO matter how savvy the sales pitch. Especially if you are told its the last one- walk away and think about it!
Sacrifices, commitment and a life of choices await me if I am ever to slay this debt. I hope to inspire someone out there who may feel like everyone around them is doing fine. The truth is no one wants to do business with a broke businessman and hence the secrecy but i have never been the type to shy away from controversy and face the consequences head on.
So cheers the to brave, the faithless and the ones crazy enough to keep pursuing their business dream.
This journey is not just for me, it’s for you too- no one showed me the way but I will. And like I always say crazy people live longer!