Do what you love and the money will follow. Heard that before? It sounds like an old tired cliché. I wouldn’t blame you for rolling your eyes or being cynical when you hear it. Personally, I hate those kinds of sayings. The reason is that although it’s easy to say “do what you love and the money will follow” it’s another thing altogether to actually do it.
I should know. When I went to college, I took the route of money. I majored in something that I thought would bring me money hand over fist. Yes, I majored in…
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A friend of mine used to brag all the time about how little he spent on everything. In fact, it was a point of honor that he spent so little money on things. Mind you, he was talking to me who rarely buys things at all. But I was always happy to hear where he got things, the prices he got them for, and why he got them.
There was only one problem. He was constantly buying new things because his old things broke so often. He’d buy cheap toasters that would break in less than a year. He’s buy cheap frying pans that started flaking in a few months. And he bought clothes that were constantly getting ruined.
The heart of the problem was that my friend was not frugal. He was cheap. And being cheap cost him A LOT of money over the years.
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OK. I’ve gotten two kinds of reactions from the words “Possess Less”. Some people think I’m trying to get them to join some kind of cult (not true…by the way), while others see it as simply a way of frugal living. The truth is it’s more than that. In this podcast, I tell you exactly what “possessing less” means to me, and how my concept of possessing less just might be the way to happiness you are looking for.
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How Possessing Less Leads to Happiness [5:16m]:
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One of the questions I am asked the most is how to put together a simple budget that someone can actually stick to. Let me tell you: I have tried different kinds of budgets, and most of them flat out don’t work or are nearly impossible to stick to.
But the budget that works for me is the one I discovered…
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A while back, I read a book called Generation Debt. Basically, the book goes on about how this is a bad time to be young because so many young people are in debt.
In debt?
Well, I’ll go ahead and “solve” the whole debt problem for the nation’s youth. It will probably be the simplest way to get out of credit card debt that you’ll ever read. Ready?
Don’t charge things on a credit card if you can’t afford to pay cash for it.
Simple, huh? Well, it doesn’t seem so simple for a lot of people. As a marketer, I know first-hand how people delude themselves into believing they “need” things when really they just want it.
But what if you are already in debt?
Have a massive student loan? I sympathize. I really do. I worked full-time when I was in college so that I could minimize my debt. And when I graduated I had $150 to my name, a sizeable student loan, and had a one-way ticket to South Korea in search of a job.
A year later, the debt was gone—and that was in the midst of the Asian Financial Crisis that saw a loss of 60% in the Korean currency against the dollar.
How’d I pay it off?
I did it by doing without. Don’t get me wrong. I went out with friends and had a good time. I even took a trip or two in that year. But the key was I didn’t buy anything. At the end of one year, I owned about as much as I did at the beginning of the year.
It sounds almost too easy, but I see too many people who want everything and want it now. They don’t think before they buy. And they wonder why they’re in debt.
The key is simple. Do not buy what you cannot afford. As I found out that first year I lived in South Korea, there wasn’t much that I really needed. There was no “thing” that could give my life meaning.
There was only me. There was only time. And what I lost in possessions, I gained in time, experience, and even money. And the money I saved by not buying things I didn’t need took me out of debt.
It can do the same for you.
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