Don't Be A Slave To Your Things
Do you have things like a bicycle, jetski, or swimming pool that
sit unused? Is it that you don't have time to use them because
you have to work so much just to pay for them? Sometimes it
seems like all the things we own somehow own us.
The bad news is that it's often true. We have to arrange our
lives around our things. You get a new truck that can go
anywhere, but you're too busy working to go there. Someone is
out fishing while you are putting in overtime to pay for your
fishing boat. You use your large-screen television a lot, but
does it sufficiently reduce the debt-stress that came with it?
Break The Chains!
The good news is that there's a better way. Actually, there are
three better ways. First, know what you really value. Second,
use cash instead of debt. Third, learn how to look at costs and
benefits.
Will you really enjoy that $2,000 mountain bicycle enough?
Maybe. This isn't about right or wrong desires. It's a question
of truly seeing your own values. Think back to things you've
bought but not used, or not used enough. What truly enjoyable
things could you do with that money if you had it now? You've
got to be self aware and honest.
Cash is king. The price may seem the same, but put those things
on a credit card and, with interest, you'll pay a lot more. Cash
means you have to save and wait a little for things, but you can
buy more and have less stress. Credit cards provide the illusion
of a richer life. Escaping debt gives you the reality.
Finally, learn to understand costs and benefits. A friend once
came to the realization, using pen and paper, that his jetski
cost him $300 for every hour he used it the first year. Loan
interest, gas, insurance, depreciation, repairs, licenses -
these things add up. And he thought it was too expensive to pay
$100 per day to rent one! Consider the real costs of things, and
look for a cheaper way, or at least make an honest decision that
it's worth $300 per hour to you.
Your things should be making your life better. If they aren't,
you need to start looking at them differently. Don't let your
things own you. Change your approach.