Tuesday, November 4, 2014, AM | Leave Comment
When I make $2 and spend $3, then I force myself with my spending habits to borrow the $1 that I need to make up for my financial deficiency. So I am $1 in debt for every $3 that I spend with my $2 income that stays the same for a long time. Before I know it, I am in deep debt.
If I continue doing it, then a time will come that I would not only have to declare bankruptcy but I would need to see a therapist, a psychiatrist, a shrink.
I would need to see a shrink even after the bankruptcy process is over and I am given a clean slate by the court but with the worst credit score that anybody can have.
It would take me at least 7 years to bring myself to a point where I would be able to borrow and with favorable interest rate that I can afford.
It’s not set in my DNA…
Bankruptcy probably would still not bother me because of my free spending habits. If some folks think it’s set in their DNA, then debt is probably the only thing where humans can change their DNA and for the better.
They can change their spending habits. They can change their mindset. They can spend less than they make.
I worked so hard with my shameless attitude to get into debt and kept stepping into the debt shit no matter how much deeper I kept getting myself into.
I kept hiding my head in the sand, like an ostrich, thinking that everything would be OK. Well! little did I know that everything was not OK in my financial life.
I would definitely need a shrink – a shrink who does not get scared to talk to me. When she hears my financial life story and how I have carelessly been stepping into shit, I hope the shrink does not go berserk.
I hope she does not abandon her profession that she worked so hard to establish. I hope she does not think that it’s not worth being a shrink. I hope she does not think “No money is worth what she has to listen to, day in and day out.”
Am I proud of declaring bankruptcy? If I were living in the 1970s and prior, I would be ashamed of my doing. But this is the 21st century.
We have abandoned to carry shame all our lives. What are the shrinks for? When I go to a shrink, she tells me “There is nothing to be ashamed of. Everybody has done it and is doing it. You are not alone. Millions of folks are doing it.”
If you don’t follow the society…
My nephew is a lawyer, corporate lawyer. He says that in a society when everyone starts doing something or at least the majority do it, no matter how shameful, how unethical, how immoral, a time comes that the act does not get to be against the law.
The law automatically changes.
Nobody then gives a damn about the act. As far as the law, it gets to be just on books and not in real everyday life. If you don’t follow the society, you become an outcast. To go with the flow, you do it and you keep doing it.
Everything else, it might be OK and bearable for all individuals. But not debt. Debt will eat you alive especially bad debt.
Even the good debt – mortgage, student loan and other such loans – can be hazardous to your financial life like it has for millions of folks.
They had to go through foreclosure of all sorts. They borrowed without having a real analysis of their finances whether they would be able to pay back or not.
In a Nutshell
No matter what decade or century we live in, we must change our spending habits. It’s one of the few things – maybe the only thing – where we should be able to change our DNA.
As always, the mantra for our personal finance must be “Spend less than we make.”Facebook.com/doable.finance