• Is saving money & Paying off debts boring?

    Just a quick rant..

    I did a video on youtube and I was talking about the fact that saving money and paying off debt is boring, but responsible.

    This video was in reply to all of the doom and gloom people who are saying that the economic world is coming to an end.

    The point I was trying to make was this:
    Saving money is boring
    Paying down debt is boring
    Being financially responsible is boring
    Sleeping well every night because I don't worry is not boring.

    The reason that North Americans are in such bad shape financially is that they've chased instant gratification for the last 20 years. It's pretty exciting to have the latest gadgets and entertainment. It's been fun, fun, fun!

    Now that people are over extended and have to pay the bills, that's not fun any more.

    I know a young fellow who's declared bankruptcy. He really hasn't learned his lesson yet. However, he still likes his fun, and he still spends his money right into the floor.

    He mentioned to me that, "I am up against the wall financially". He lives pay cheque to pay cheque. This is the same thing he tells me each time I see him. He's constantly in need of money. However, he has way more fun than I do!

    Saving money isn't very exciting. You put the money in your account, and then forget about it. That doesn't buy excitement. But money in the bank does buy you peace of mind.

    Paying down debt isn't exciting. You send your payments to the credit card company. You keep paying until the debt is paid off, and the money doesn't go to exciting things. You do get peace of mind when the debt is paid off.

    Retailers aren't excited when you save your money and pay down your debts. They aren't making money. They don't have your best interest at heart. Retailers love you when you're spending money with them. That's kind of a false love...IMO

    As I get older, I guess I like peace of mind more than I like excitement. I would rather be debt free and money in the bank than constantly having excitement.

    I would like to be financially responsible instead of being at the edge all the time.

    I'm hoping that people will learn the debt lesson even more in 2009!

    Happy New Year!

    May this be the most debt free, cash full, and money responsible year we've ever had!

    Cheers!




 
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3 Comments
On Jan 28, 2009, Anna Said:
Don't knock instant gratification, it's fun fun fun!

I must admit, I'm pretty stable financially, and it really does help me sleep better at nights.

Back when I was a student, if I was hard-up, down to the last $100 to my name, it was really all I could think about. I was learning about Maslow's heirarchy of needs at uni... where does money fit in?? It must come before eating, and drinking, as you need the money to do those things on the base level!

Money = Peace of Mind.
Peace of mind = Boring?

True.
On Jan 2, 2009, losthope Said:
I agree Monty...had my fun, now its still repairing. Got money in the bank...NO DEBTS...sleeping like a baby!

Joe...sometimes it depends....i HAVE learned...the hard way....Yes, if i knew then what i know now???

Cheers also
On Jan 1, 2009, average joe Said:
Nice article Monty. I don't find saving money boring. I like the fact now I finally learned how to save money. I wish I had the same mentality in my 20's and 30’s.I see all my friends around me struggling and for once in my life I am not one of them. It took awhile for me to realize that there a lot of things I can live without. People that try to keep up the Jones are always broke, and in due time they end up filing for bankruptcy. I am glad I never filed for bankruptcy or I would be like your friend that never learned his lesson.
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