A loved one wants me to pay over $20,000 worth of debt. But who wants to spend the next 10 to 40 years grinding down debt? Not me! Although it’s necessary, I can’t get excited about paying off debt. But what excites me is paying down $5,000 in debt while planning the dream holiday: four days of intensive swimming at the Race Club alongside Olympians. In other words, if a condition for going to California to swim with the Olympians is to pay off $5,000 in debt, I’m all in. So, now I’m researching the hotel, air flight, massive food budget, and Race Club workshop fees while aiming to pay down the $5,000 debt. It’s an incentive to make a plan.
Today, however, I discovered a more attainable goal, which will cost big money: learning Thai Massage from a local master. So, to justify Thai Massage private coaching, I need to cut costs in other areas while putting money in my savings account. At least, the local massage training is a more immediate goal, and the Race Club can come next, assuming everything is good to go on the career and financial front. However, every goal is best served with a plan. With a plan, we’re Indiana Jones at a local zoo: the masters of all ambitions.
But I need to back off impulse spending. That’s because I’ll buy an audiobook or eBook or donate to a charity on a whim. Or I might see a clothing item I know a loved one will adore, and I impulsively buy it. I just bought two more sweaters for a loved one, and when I told him I did and showed them to him, he started to dance. Who doesn’t want to spend money when it brings joy? (Today, one of the sweaters arrived, and it looked drop-dead gorgeous on him. The sweater cost $30. Final Sale. For more information on choosing clothing for loved ones, see my past two weeks of articles.)
I’ll also impulsively promise someone a lovely gift and then be obligated to buy it relatively soon. I owe my beloved friend a bag of raw cacao powder and my dear Aunty a book on unconditional love. And I’m debating whether to buy them on credit. But just today, I saved $70 on groceries, so I purchased my Aunty her book, and I promised the alterations lady I’d pick up my garments this week as I had a bit of a tax return. However, I’m not sure I can afford it all, and I’m shying away from examining my budget, like a normally do.
I’m also spending on private swim lessons, which cost $140 every two weeks. These are non-negotiables as these are world-class athletes—an opportunity of a lifetime. However, I should also increase my income or cut expenses in other areas to best afford this dream come true.
To curb my spending, I will pay for items with cash or debit, not credit, and wait 24 hours to consider a purchase before making it. I will also make a wish list of things I want to buy with the Canada Job Grant reimbursements. Plus, I’m starting to read books on how to curb spending and hope to share the wisdom.
Although I need more skills in saving money, I’m gradually cracking the code on how to earn more money and climb the corporate ladder. Here is what I’ve thus far determined: Essential to acquiring more income is:
- get a degree or certificate, ideally a master’s degree (even if we are in our 90s or 100s);
- get a full-time career and apply for jobs higher up the ladder in pay scale than we are ready for (part-time or freelance jobs don’t provide as many benefits),
- optionally watch indeed.com like a hawk, getting alerts for freelance or consulting opportunities to add to our day job;
- consider entrepreneurial side initiatives, and
- get nonstop certifications, especially leadership and skills-based ones.
If my company launch goes well, I’m enrolling in a strategic management certificate this September. It’ll take two and a half years to finish, which is now part of my ten-year plan to acquire CMO skills. I’m super excited about it. And if I’m ever considered for top leadership roles, I’ll have many certificates that, I hope, put my resume on the top 5% of the candidates’ list. If we want to rake in a quarter million to half a million salary, get leadership certifications as early as possible. Or if we want the skills for big bonuses and promotions, advancing our company’s bottom line, do the same. And if we’re in a wheelchair or have some other disability, I highly recommend a leadership certificate along with a degree or diploma. It could be our ticket from poverty to wealth and senior roles.
As far as homing in the urge to spend, I’ll (a) pray the Voice writer who wrote about finances publishes more on the topic. Or (b) earn more income. Or, finally, (c) stop overspending. The immediate, obvious answer is C. I prefer A, B, and a minor C, in that order. But, all joking aside, the “minor C” is not the direction I want our thinking to go. That’s because we must strategize to accomplish high savings and high income while exploring dreams and gifting love. That means, I must create a plan to free myself of debt and secure higher income so that I can bring real value to all of us beloved AU students reading these articles. Freeing myself of debt is the code I aim to crack next.
A Voice Magazine reader recommendation, this April 5th article talks about spending in realistic ways, understanding that most of us simply don’t have the requisite will-power to give up everything in pursuit of a loftier goal. Here’s an article that gives hope for getting out of student debt while still maintaining at least some of the things that make it possible to get through the struggles.
