THE EASIEST WAY TO CLIMB UP IS TO START CLIMBING WITHOUT FEAR.
Are you a good person who fell off the financial train but want 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 in a timely fashion.
Many retire today with debt because they simply couldn’t keep up with expenses vs. income or they were spending too much money and didn’t adjust their lifestyle accordingly. It’s far easier to create the life that we want even if that means with money we don’t have rather than putting the wheels into motion so it becomes reality.
I bumped into our neighbour the other day and I asked her how she was doing and if her daughter was still living with her. She smirked a bit and said yes she is still living with her but planning to move into an apartment by the end of May. That’s great 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 down-right exhausting especially when it has to do with money. Thankfully the weather wasn’t freezing because I struck conversation gold. To you that might mean nothing but to me it means I’m getting a glimpse into someone’s financial life. I always find it fascinating to hear how people manage their finances.
She explained to me that her daughter was always talking about how she was going to own a clothing empire. A big of a dream that was it’s certainly not impossible as some of the best designers start from home. Not only was she motivated, smart and pretty but she knew what she wanted to do with her life. She loved clothes and even 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 were put on the back-burner. This was followed by bills that she couldn’t afford. That’s the price you pay 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 out 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 wasn’t going to 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 and 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 of 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 further faced with seeking alternate solutions. Besides, most kids that go away for school end up back at home into their late 20’s and early 30’s because of consumer and school debt paired with the high expenses of living. 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.
Forgive your money sins
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 what happened? Life happened especially when you found a new focus. You’re now in a healthy, happy relationship and look back and wonder why on earth you were so miserable. Both debt and relationship breakdown 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 the time we spend money until the time 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. 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 positive ending. I know being faced with large bills and little to nothing to show for it I’d be unhappy too. The problem is that someone has to be responsible for irresponsible money sins or inherited ones.
Naturally for many people their last resort is initiating 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 before they end up on the streets with nothing, so they jump on it.
Success you could only dream of
One of the worst things that can happen is having met up with someone you used to be good friends with growing up or whom you went to school with 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.
Being financially successful means you are happy with your money 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 is just wasting time and energy.
Damage is already done
There’s no point crying over what has already happened because there’s nothing you can do 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 own system. Depression is real and getting help from your doctor is your first step towards recovery.
Imagine someone who is always told they are useless all of their life by someone they care about. They either believe they are useless and do nothing with their life or they fight back and 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 are quick to 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 was worth it at the time.
Friends of ours 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 so they can eventually buy a house and move out. Are they proud? No, BUT they’re doing something about it.
Stay away from negativity
Easier said then 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 positive, acting positive and rewarding positive behaviour when you reach a goal. Backing yourself into a corner because of past money sins isn’t going to make them go away. They may follow you forever in your mind but they certainly don’t have to control your every move.
If you’ve just woken up and realized that enough is enough with the way your financial situation has gone you must remember that happy words promote good feelings and sad words promote sad feeling. What I mean is that if you get up in the morning and tell yourself today is a happy day and 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 behaviour 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 with your future
Bottom line is that no matter how you view financial success you must take responsibility for happiness. Bury your money sins by taking grip of the shovel and start digging.
Discussion Question (s): How have previous money sins affected your day-to-day life? What have you done to get out of debt?
My week in review
I’m sick, end of story.
My week started off 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 are using to pay for the trampoline is cash we made by purging and selling toys that 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, alphabet and colours 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. Plane has been booked and I can’t wait to see my family again and for them to meet our son.
On that note I’m looking for personal finance bloggers to fill some contribution posts while we are away for 3 weeks. Please message me and we’ll talk. I’m also open to fan submissions if you have a story idea that you would like to share. You don’t have to use your name, I’m cool with that.
I’ll update you all more as the month draws near.
CBB Published Posts
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Making a difference (MAD) 2017
Welcome to the 2017 Making A Difference series! Join the networking movement of Personal Finance Bloggers around the world. If you are a personal finance blogger and would like your blog to be featured simply drop me an email.
I’m currently booking February/March 2017.
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 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.
Weekly fan brag
If you have a brag that you want to share email me at firstname.lastname@example.org with a photo and small write-up of your deal. It can be anything you saved money on that you are excited about.
If your story gets featured you get two ballots in the yearly draw for a PC Financial Gift Card and at least one ballot for emailing me your entry. Either way, you get a ballot in the draw.
I would like to send you a weekly fan brag!
I am collecting donations for the Fred Victor Shelters in Toronto. They run a number of homeless shelters, drop in centres 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 as well as 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! 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!
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 that you can do it.
Top finance post
I read lots of finance posts from all over the world every week and I learn something new from each one of them. This week I stopped by the personal finance blog, Surviving and Thriving by Donna Freedman. It was a post that she wrote about when it’s hard to throw things away. This is Mrs. CBB all over but she’s getting better at it and why we are working on this for 2017.
We’ve started to purge our clothes and other items around the house that are collecting dust for years. The hard part for Mrs.CBB is letting go. Everything she touches has a story and deciding whether to end that story with just memories or to keep a piece of the past can be tough. Some excellent points about letting go and why it will make you feel better about your decision.
Top frugal recipe
Food is a big part of any budget and a struggle for so many people which is why I’ve created frugal recipes for my family and yours for many years.
I have a second Facebook page called The Free Recipe Depot where I exclusively share recipes from Food Bloggers around the world. Check out the Free Recipe Index on CBB compiled of frugal recipes that are 100% tested and accepted by family and friends!
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.
Top 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.
Having a coffee bar like this might encourage someone to make coffee at home rather than buying 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 just walked into another project to add to my ever-growing daddy-do-list. I think it’s great too because we have a bit of a coffee bar set up on our counter but there isn’t near enough space.
Search term giggles
Always begin and end your day with a SMILE!- Mr.CBB
Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog.
- The Canadian Budget Binder– Ha, this makes me feel like King. Everyone please stand The Canadian Budget Binder is entering the room. Thanks but Canadian Budget Binder will suffice.
- Cauliflower Hash brown Oven– Oh you mean Cauliflower Hash browns baked in the oven and not an oven made from cauliflower hash browns. Bla, sounds so silly I’ll stop here.
- My Parents Keep Looking At My Bank Account– Empty it then and they will have no reason to look any longer.
- Are There Any Pregnancy Tests In Brampton, Ontario?– Nope, they’re sold out.
- Cheapest Pregnancy Test– Ya, don’t have sex and you won’t have to worry about it. On a clever note if you are looking for a cheap pregnancy test check out your local dollar store. Yes, they work or did for us 4 times.
Most times funny, Sometimes serious.
That’s all the fun for this week, thanks for dropping by and we’ll see you all again next Saturday.
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- The Saturday Weekend Review #207: How to Prepare for Short term Lost Income Before It Happens