Keys to End Financial Enslavement
In this day and age most folks have forgotten valuable lessons that our grandparents learned at a young age. Your neighbor is in debt, your family is in debt, the church is in debt and even your children are in debt. It does not help that our society encourages us to spend and pay later. No wonder our government is in debt. This mentality is a prescription to financial dependence and failure. Here are a few good key ideas to help you break the chains of financial slavery and become free.
IF YOU CANNOT PAY FOR IT, YOU CANNOT AFFORD IT AND DO NOT NEED IT. Too many people live above their means. This probably began following WWII as parents tried to offer their children many things that the parents did not have as children. These parents grew up in the depression and learned how to be frugal and smart out of necessity. These parents made it easy for their baby boomer children, however in the process they spoiled them. If you look at the children of the baby boom generation, they do not have it as good as their parents. Sad but true. How many children or grand children of the baby boomer generation will ever know what retirement is?
LEARN TO CUT EXPENSES. A person can only work so many hours and in some jobs there is a ceiling on wages. Learn to do without. Less is more. Determine what is a need and what is a want. You would be surprised what you really need in life. I find buying on the cheap helps. Consider high end estate sales, moving sales and second hand store as an alternative to Walmart, Target, Officemax, Home Depot and JC Penny.
BECOME SELF EMPLOYED. Think outside the box. The traditional way to earn financial responsibility and independence is to work for a boss for 20 or 30 years and hope you have enough to retire. Why not become your own boss and take advantage of the tax benefits of deducting your expenses - office, transportation, supplies, equipment, etc. It is a wonderful self esteem builder.
INVEST IN PEOPLE: Develop relationships and be real. It will be the best investment you have ever made. All it costs you is your time. Be a friend. It will pay you high dividends. Give to others without expecting in return. You will be rewarded over and over it is even it the Bible as a promise from God.
CONSIDER PURCHASING SOME SILVER OR GOLD. A hundred years ago a twenty dollar ounce of gold could buy you a nice upscale men's suit, shirt, tie and shoes. You could be well dressed for the Twenty dollar piece of gold. Today that same ounce of gold will purchase that suit and make you well dressed for the public. Show me another form of investing that has held its buying value? Gold and silver are undervalued, manipulated and a bargain today. Physical medals you hold in your hand are a way to take control of your wealth. If it digital it can be deleted. If the grid goes down what do you have? if we have a bank holiday, you will not be able to get you money out. If you cannot touch it you do not own it.
I commented, upvoted and followed! Anyone that wants to do the same I'll reciprocate!
This is an excellent article. I only read it now. This will sound very ignorant... but how will you buy gold? Will you buy shares in companies trading in gold? Maybe you can address this in a following post. Thank you
Because of fractional trading, you want to own physical gold or silver. Stuff you can hold in your hand. Coin auctions, dealers, and SELECT internet locations can help you. Thanks for reading.
Thanks
Thanks for the resteam.
Nice list! I have been thinking the same things recently and hope to break out of debt. Thankfully I've avoided student loans, and only have a car and house. These are some good starts, I would like to throw in crypto currency mining as I think that could be a good potential passive income. Beyond that, rule number one is something that so many people don't get now a days, and that is the killer.
Good for you to not incur student loans. The house is a good investment however if you are paying a mortgage it is a liability. Same with the car. If you can take the city transit, bike or walk it may help in the savings. Insurance can be a killer too. Decide what you truly need to insure and what you do not. It is a gamble but one that most insurance companies win. They reinvest your money and gamble that you will not collect on it. Do you really need insurance? Also Child support. It is cheaper to keep her if you are going to have her than to forfeit her and pay child support. Again thanks for the reply.
Unfortunately by law here we need car insurance, and with the car loan it is actually checked on. My wife does use the bus though to get to work, she much prefers that.
How about car pooling or a shared car that several people contribute to.
Very sound counsel, very well stated.
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I try to listen to those who know more than I and am always trying to learn more. Thanks again. Feel free to check out my other blogs too including my music video.
I only saw one vid.
Today i submitted my introduce yourself blog. Hope you enjoy it.
I totally agree with you. Spending money that you don't actually have is not a solution. I would add also crypto to the line with gold and ailvwr. Of course, not all of them will be successful, but if you study a bit the trends and understand the potential of a crypto currency, it can make a big difference. The risks are definitely higher, but so is the potential future income
You are so right. Thanks for a great answer. I would appreciate an upvote when you have time again thanks. - Troy
Unfortunately, I couldn't vote any more when I added my first comment. You can not upvote for a post with less than 24 hours before the payout. There is some sort of restriction