Estimated reading time: 14 minutes
Are you committing money sins? Find out how to overcome financial setbacks and create a debt-free future for a comfortable retirement.
Start To Climb The Ladder By Leaving The Past Alone
Are you a good person who fell off the financial train but wants to finish what you started before being side-tracked?
No one sets out wanting to create debt that could carry them into retirement if not paid back promptly.
Many retire today with debt because they couldn’t keep up with expenses vs. income or were spending too much money and didn’t adjust their lifestyle accordingly.
It’s far easier to create the life we want, even with money we don’t have, rather than putting the wheels into motion so it becomes reality.
Related: A Beginner Guide To Early Retirement
I bumped into our neighbor the other day and asked her how she was doing and if her daughter was still living with her.
She smirked and said yes, she is still living with her but planning to move into an apartment by the end of May.
That’s excellent news, to which she replied, “She’s come a long way, and now that her financial situation has improved.”
I’m known as the go-to guy when someone has a problem in my circle of friends and colleagues.
Sometimes, that can be a good thing, and other times, it’s downright exhausting, especially when it concerns money.
Thankfully, the weather wasn’t freezing, and I struck conversation gold.
To you, that might mean nothing, but it means I’m getting a glimpse into someone’s financial life.
I often find it fascinating to hear how people manage their finances.
She explained to me that her daughter was always talking about how she would own a clothing empire.
It was her big dream, and it’s certainly not impossible, as some of the best designers start from home.
She was motivated, intelligent, and pretty, and she knew what she wanted to do with her life.
She loved clothes, made some of her own, and gave them to her friends as gifts.
Over the years, she started to hang out with the wrong friends, and her dream of becoming a successful business owner was put on the back burner.
This was followed by bills that she couldn’t afford.
That’s the price for running with the rich when you’re not even near that status.
It was easier for her to pretend she had life figured out and was earning the money until she was found to be nothing more than a wanna-be.
How on earth would she be able to start a business when she had no money for start-up or back-up?
That wouldn’t happen until she paid off her debt, saved money, and had a viable business plan.
Her mother told me that she has finally come around, and instead of constantly complaining about the financial mess in her life that she was burying her money sins.
Over the past year, her daughter started budgeting, has paid off almost all of her debt, and has started knitting and sewing again.
She’s sold some of her hand-made items to friends and is now considering a start-up website and broadening her presence in social media.
Building her portfolio and expanding her knowledge of what consumers want means she’s putting her extrovert personality to good use.
Her goal is to eventually open a small shop that sells custom hand-made clothing and outer-wear accessories such as hats, gloves, scarves, etc.
Not every story has a happy ending or happy beginning like this one, but there was one thing she did that many people in her position don’t: she didn’t give up.
Even if she had to live with her mom for a few years to pay off her debt so she could start over.
Some people don’t have this opportunity and are further faced with seeking alternate solutions.
Besides, most kids that go away for school end up back at home into their late 20s and early 30s because of consumer and school debt paired with the high living expenses.
We’re one of the youngest couples on our street, which automatically means we must have a mortgage and debt, right?
Wrong. Oh, how money and motivation can work wonders.
Related: How we became mortgage-free in 5 years
Forgive Your Money Sins
What happened if you’ve ever been in a relationship that fell apart, and you were devastated for months or even years, and then eventually you moved on?
Life happens, especially when you find a new focus. You’re now in a healthy, happy relationship, and look back and wonder why you were so miserable on earth.
Both debt and relationship breakdowns take time to heal.
If you dwell on your past situation, you won’t move forward, and you won’t meet the financial love of your life, success.
Money sins are struggles that follow us from when we spend money until we pay the bill, even if it is paid in cash.
Sometimes, bills go unpaid because there is no money.
Your bank account is wiped clean, the cupboards are empty, and your friends want you to go out with them for a night on the town.
It sounds like a miserable life, and it can be if that’s not what makes you happy.
It’s hard for anyone to cope with a financial situation in which they don’t see a cheerful ending.
Being faced with a hefty bill. And little to nothing to show for it. I’d be unhappy too
The problem is that someone has to. e responsible for irresponsible money sins or inherited ones.
Naturally, for many people, their last resort is initiating a ban or bankruptcy in hopes of wiping the slate clean, but even then, money sins follow you for years to come,
Bankruptcy isn’t the easy way out. It’s the only way out for some people.
It’s before they end up on the streets with nothing, so they jump on it.
Don’t Let Money Sins Hold Back Success
One of the worst things that can happen is having met up with someone you used to be good friends with growing up or with whom you went to school, only to hear that they are highly successful.
This doesn’t necessarily mean they are rich; it simply means they are happy and have their finances under control.
Related: Not having one of the best-paying jobs is embarrassing
Being financially successful means you are happy with your financial situation, and you accept what you can and cannot afford.
No matter what your success code looks like, if you aren’t confident in the efforts you are putting in, then complaining about it is just wasting time and energy.
The Damage Is Already Done
There’s no point crying over what has already happened because you can do nothing to change the situation apart from making it better.
What some people fail to see is that negative words won’t do a darn thing except make you weaker,
Eventually, you might believe that you’re worthless and won’t amount to anything, and you continue to be a drain on your system.
Depression is natural, and getting help from your doctor is your first step toward recovery.
Imagine someone constantly told they are useless all of their life by someone they care about.
They either believe they are worthless and do nothing with their life, or they fight back, say, I’m worth more, and fight success to the top.
That’s what motivation is and what people either lack or fear. Don’t let anyone or anything stand in your way, and look after your mental health.
Too often, we quickly judge people who have money sins in their closet because we believe they could have controlled the outcome.
Most people smothered in debt likely could have made better financial decisions, but sometimes, the risks we take with our were worth it at the time.
Our friends are still living with their parents because of a failed business attempt before they started a family.
Now, they are working their way out of debt to eventually buy a house and move out.
Are they proud?
No, BUT they’re doing something about it.
Avoid Negativity
Easier said than done, I know.
That’s like telling yourself not to eat the chocolate bar when it’s already unwrapped in your hands.
Instead of saying I want the chocolate bar, but I need to lose weight and don’t deserve this, tell yourself that once I reach my first goal, I’ll reward myself with chocolate.
You see the difference between thinking positively, acting cheerful, and rewarding positive behavior when you reach a goal.
Money sins may follow you forever in your mind, but they don’t have to control your every move.
Remember that happy words promote good feelings, and sad words promote sad feelings.
If you get up in the morning and tell yourself today is a happy day, you’ll accept nothing less.
We need to limit getting fired up about the small stuff so we can focus on the big stuff.
- Document your money sins so you know exactly where you went wrong and what you could have done differently so you don’t make the same mistakes again.
- Stop negative behavior by achieving small gains and rewarding them.
- Stay motivated by hanging out with similar friends and engaging in mindful relaxation.
- Come up with a debt repayment plan
- Pay back your debt and create success in your future
The bottom line is that no matter how you view financial success, you must take responsibility for happiness. Bury your money sins by taking the grip of the shovel and starting digging.
Discussion Question (s): How have previous money sins affected your day-to-day life? What have you done to get out of debt?
CBB In Review
I’m sick, end of story.
My week started great until I went to work and started to feel something in my throat tingle.
Sure enough, what everyone else has got, I’ve got too.
The body pains are starting to kick in, and I’m sure I’ll be home on the couch doing some remote work as I can’t go to work ill.
Isn’t it ironic that just last week I wrote a post about losing income when you are sick from work and don’t receive sick pay Now I’m sick.
This coming week will be doctor’s appointments and lots of homemade soup to help bring me back to smiling again.
We also splurged on our little guy and bought him a Little Tikes Trampoline to help burn off energy during the winter months.
He loves it!
The money we use to pay for the trampoline is cash we made by purging and selling toys he no longer uses.
He’s not too happy about it, but as he gets older, I’m sure he’ll come to understand the benefits of financial security.
Parenting advice needed
I was going to reach out to all of you to see if you have any recommendations for online programs or apps that would appeal to advanced-learning toddlers
Our son is so bored with numbers, the alphabet, and colors and needs to move on to something more challenging.
Also, if you are a stay-at-home parent, did you put your child in pre-school before they started junior kindergarten?
If yes, how did that turn out for your child? Please share your comments below.
Oh, and by the way, I’m finally going home this year.
That’s my big news: The plane has been booked, and I can’t wait to see my family again and for them to meet our son.
I’ll update you all more as the month draws near.
Mr.CBB
CBB Published Posts
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- Low Carb, Gluten Free, Sugar-Free Winter White Chocolate Coconut Macaroons
Making A Difference (MAD)
Hi Mr. CBB and Fans,
Mission and Difference I am Hoping to Make
My name is William Boyd, or as my friends call me, Will.
I have 155,000 dollars in student loans.
Just looking at that number makes me cringe, But it is my reality.
Rather than dwell on it and let it anchor me down from pursuing my dreams, I am on a mission to share my journey in breaking free from the shackles of student debt.
How did I end up with $155,000 in student loans?
I recently graduated from graduate school with a Doctorate of Physical Therapy (DPT) degree.
Sounds fancy, doesn’t it? On paper, it looks great, And, in truth, it is great.
I love the career path I have chosen and am excited to help people do the things that pain or dysfunction has limited them from doing.
Unfortunately, the average salary of a Doctor of Physical Therapy does not add up to even half of the student debt I and many other healthcare professionals have accrued.
Do I sound like I am complaining? I hope not; I merely want to make the most out of this journey and help as many people as I can along the way.
Please explore Breaking Student Debt and take your first steps to making the climb to financial freedom.
Fan Brag Of The Week
Hi Mr. CBB,
I want to send you a weekly fan brag!
I am collecting donations for the Fred Victor Shelters in Toronto.
They run several homeless shelters, drop-in centers for youth, mental health support, and other community services all over Toronto.
After the Christmas Season, which is usually rich in clothing and food donations, the shelters now need mainly personal hygiene articles and laundry detergent.
Thanks to a special 3-day sale at Rexall, I scored these two large, 50-load jugs of laundry detergent for the Shelter.
The sale price for each was $2.49, but with two coupons for $1.50 each I paid only $2.65 after tax for both!
This will be a welcome donation that didn’t break the bank!
Win-Win all around!
Best
Birgit
CBB Finance Tip
Your Financial Sins are not meant to be carried on your shoulders forever.
Success is when you can say, I did it without fear or worry.
This quote pertains to my post today because I want all of you to know you can do it.
Frugal Recipe
Food is a big part of any budget and a struggle for so many people, so I’ve created frugal recipes for my family and yours for many years.
This week I was drooling over this Nutella Hot Chocolate over at Cafe Delites by Karina that would be perfect during the cold winter months.
I find Nutella super sweet but sometimes that’s what you want from a cup of hot chocolate if it’s a treat or dessert after dinner.
Money-Saving DIY
From Cool Home Decorations, I thought this was the coolest DIY idea for the Coffee Lover.
This Coffee Bar made from an old microwave cart just goes to show you how easy it can be to re-purpose something to create a new space.
A coffee bar like this might encourage someone to make coffee at home rather than buy it on the run.
We all know how much the coffee vs. take-out coffee costs can affect a budget.
Mrs.CBB is already checking out this idea and loves the mugs on the wall
I think I joined another project to add to my ever-growing daddy-do list.
That’s all the fun for this week, thanks for dropping by and we’ll see you all again next Saturday.
Mr.CBB
Don’t forget to Follow me on Social Media and Subscribe to the blog.
Thanks for the shout-out, sir.
No problem, excellent read Donna.
Great brag and donation Birgit!!
Wonderful news about visiting your family!!!!!
Both my older kids went to preschool between the age of 3-5. It was great routine and learning for everyone. My son went to the same one for a long period of time but my daughter just went to classes at the local city rec centre that you pay for a set amount of time so the teachers and kids sometimes changed every time you register for another program. Right now with little miss we attend library class once a week if the weather premits for us to take the bus there and swim lessons once a week. We are also looking for something else to do when swim lessons end whether it is lessons again or something like gymnastics or dance. We will be looking into preschool classes for this september in hopes we can find something she can attend till kindergarden starts and if not thats ok I am sure we can find something to try out. But there will possibly be the need of another vehicle that needs to be insured and filled with gas to get her to and from preschool since hubby and I currently work opposite shifts and when the temperatures dip down to -10 to -40 we do not want her out walking or taking the bus. Time will tell our plan I guess. But we know she needs the interaction with other kids her age.
Hi Juanita,
Thanks I’m excited to go home!!
Oh how our lives change with kids. I’d say a second vehicle would make sense and life easier for you both. Even just a second-hand one to bust around town will work. I”m hoping to get our son back into swimming but lessons rather than just with me. We’ll give soccer one more go this summer to see how that works out too. I think age 3 is the best age for us because at 2 he just likes to go off and do his own thing. I don’t know we’ll have to wait and see. The pre-school we are looking into today.
Have you gone to any of the Ontario Early Years Centres’? They are a free resource centre with playgroups that go up till 6 years old, some have toy lending libraries and lots of resources geared towards children.
Hi Sara,
Does every city have these?
A very inspiring post indeed! Becoming debt-free is one of the best achievements one can attain in one’s life. Looking at the reasons why debts get out of hand, we find that a prominent contributor is a bank loan which you did not need, for periods you cannot sustain. If you need to borrow, it is far better to do so from P2P where there is much more flexibility.