Update: I've realized my intent wasn't exactly conveyed properly with the word "don't". I've modified it to reflect a more positive suggestion.
You notice all those news reports about “poor” people in America (I put poor in quotes because it’s all relative. Those we consider “poor” here in America would be at the very least upper class in some much more underprivileged societies), that typically it’s a young-ish couple…often with small children? Of course this is an anecdotally-based generalization, but it always seems like it’s a young-ish (20-30’s) married couple with one or two or three small children. Rarely do you see much older couples, or couples without children, or singles. Interesting.
Wealth is
by no means a barometer for success or individual or familial health, but an
individual, or couple, or family that doesn’t have to really worry where the
next paycheck is coming from or how the next food bill will be paid tend to operate
more peacefully. The following
suggestions/guidelines may not be liked by everyone, but they’re simple and don’t
require a college degree (of course considering no extenuating circumstances
like a life tragedy, physical disability, etc.). They may not make you rich, but they should keep you from being poor.
1. Don’t Wait to Get
Married
-Most of
these young-ish couples in financial turmoil are finding out what they knew all
along but never wanted to admit it while they were dating; that love doesn’t
pay the bills. Why get married if you
are in the midst of financial troubles?
What’s the rush? Why don't you spend a few months or even years getting on your feet? There are no
good answers. Though when did those in
love ever respond to reason anyways...
2. Don’t Wait to Get in
Debt
-No you
actually don’t need to buy that thing just because you want it real badly. No, you don’t need that new car that will put
you with a payment you can’t handle. No,
you don’t need that house that will put you in a mortgage you can’t do. No you don’t need to go to that prestigious private
school just because they have higher law school placement rates.
3. Don’t (I mean it here) Be a
Slave to Interest
-Pay off
your credit card bill in total every month.
Do not let the principle of interest own you. If you can’t pay off your full credit card
bill every month, see #2.
4. Get a Job,
Any Job
-For
reasons I can’t explain I’ve had peers languish in unemployment because they’re
looking for the “right” job. Huh? If you don’t have a job, and considering the
good chance you’re not independently wealthy, go get a job, get back on your feet, and who cares what
it is. Starbucks, Walmart, or the many
other establishments and local services would probably be happy to hire you as
long as you’re not an ex-con. I am
befuddled when beggars become choosers in this arena. Befuddled.
5. Don’t Wait to Have
Children
- As much
as they are bundles of joy, the fact remains that children cost money and you don't need to have one. Why have a kid before you can afford to
provide for that child? Aren’t you
starting off on the wrong foot when before the kid is even in the world you’re
already being a bad parent fiscally? There
is no mandate you have to have a kid.
Just don’t until you can reasonably provide for its basic needs.
6. Don’t Wait to Have
Sex
-There are
plenty other reasons not to have sex (see The Virgin Manifesto for a few), but going
along with the aforementioned reason, considering how much a financial burden children
can be – and that sex sometimes ends up with a kid, why take the chance (despite the
fact there are like a billion ways to enact birth control contingencies) for
something so temporal? This goes for
married folk as well - at least you have “other” outlets than ones that lead to
procreation.
7. $80/month
Cell Phone Bill?
-Have you
ever seen those really ironic and seemingly dichotomous photos of like a very poor,
third-world nation family living in a mud hut but the parent is talking on
their cell phone? What a conflicting
image. Sure in America a cell phone is
almost a necessity for everyone (almost).
But do you really need the latest iPhone with the full data
package? No of course you don’t. If you’re struggling financially and have a
cell phone bill over like $40/month, well come on dude. Smart phones and data packages are not human living sunk costs.
8. Sell Stuff
-It’s
amazing how much “stuff” we acquire as humans.
I have a lot of stuff myself. But
you can believe that a lot of that stuff will be the first to go if I need some
cash. Sell all that stuff you have that
you don’t need or use or both. Services,
often free, like Craigslist and Ebay make selling stuff so easy nowadays there
is absolutely no excuse to retain all the stuff you don’t need that is actually
worth money.
9. Get Your
Hands Dirty
-The amount
of money people pay to have simple things done on their cars and around the
house is amazing. This may be more for
the guys, but if you can’t change your own oil, fix a leaking faucet, or trim
your own bushes and tree limbs...well you need to man-up a bit. Save money by doing lots things on your
own. Don’t pay someone else to do
it. With the Internet there is no excuse
to learn pretty much anything. I don’t to subscribe to it, but the DIY Channel is like the coolest cable channel out there.
10. Ramen
-This is
more a principle of culinary frugality than specifically referring to Ramen,
but you can’t argue with the price of Ramen noodle. Believe me, the more you eat it the more you
will like it. It’s like a delicacy to me
now. And with resources like this, you
can keep things new every night!
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