It is becoming more and more obvious to me that the majority of Americans and likely people around the world are mired in a cycle of debt. This can happen for any number of reasons. Medical issues, job loss, selfishness, the financial system as a whole... All of these and many more are the reasons that many people find themselves in a hole that they can never dig out of.
I will be the first to admit, my wife and I have pretty decent jobs. We aren't making enough to live the high life, but we are making enough to live a comfortable life. I often wonder how tight things would be for us if we had decided to have kids.
Living off a public education salary is not all it is cracked up to be (despite what many people say), yet people with families do it all the time.
In addition to that, I don't know what it is like to live paycheck to paycheck. Sure, there are times when the budget is tight, but we never have to wonder how we are going to pay this bill or that. Even when I got laid off before we were married, I was still able to pay my rent and eat and do many of the things others could only dream about.
Given all of that, I would still consider ourselves burdened by debt. Again, nowhere near as bad as some people, but the fact is that specter hovers over us like it does much of the world. As much as I would love to own a classic car like you see in the picture above, that probably will never happen.
If I suddenly had a buy a new (used) car today, I would have to take out a loan. We need a new roof on our house eventually and the windows need replacement. I would need to take out a loan to pay for that as well. I hate having to borrow money. It drives me absolutely crazy. The feeling that I owe someone something just gets under my skin in the worst way.
That is part of the reason my wife and I have so little savings. I am always trying to quickly pay down our debt, so our savings suffer because of that.
For me, this is where crypto comes in (hopefully).
My dream, like a lot of people I am sure, is to live a life where I am no longer burdened by the yolk of institutional debt. I don't need a mansion on a hill, I just want maybe an acre or two that I own outright. The freedom of knowing I could quickly replace one of our vehicles if one died, or better yet do some needed home improvements without having to take out a loan.
With the crypto markets going up and down and my holdings being pretty small compared to a lot of people, I still feel like crypto can be the "vehicle" that takes me out of this cycle of debt.
I think it can be that for a lot of people all over the world. It is no surprise you see people from all walks of life and all geographic locations embracing crypto currency. Even if their sights are set a little higher than mine (wen lambo), they are still looking for a way to break the cycle.
Like Tom Petty said, "The Waiting is the Hardest Part". All we can do is keep on keeping on. I hope one day many of us can break the cycle of debt and live a more freeing life that we deserve.
Sports Talk Social - @bozz.sports
All pictures taken by myself or @mrsbozz
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Hi there, @bozz, I hear you 🙂!
I was in a similar place for a long time but I have gradually moved to another place over a couple of years. I had a reasonable salary and lived a comfortable life. However, over the past couple of years, I have changed my mindset. It happened by accident - I started the 365 savings challenge which, that year, was led by @spinvest (this year, I'm running it through the @eddie-earner account) and a very weird thing happened ... I developed a different attitude towards money and savings. I can't really describe it except to say I got right on top of things!
I have got some residual debt, but it's only there because financially it makes sense and I have a plan for it not being there when the time comes. Otherwise I only use credit cards to manage cashflow and, now, for online purchases so I'm not paying up front or until I decided to keep the item.
I've invested in crypto over the years, it would be very nice if I am able to make a little money, but I'm not depending on it to get the quality of life that I want. I regard it a bit like buying a lottery ticket - very nice if you win, but don't expect to 😂. If you do, it's a bonus!
Yes, that is a really great way to look at crypto. I try to invest like it was a trip to the casino. If it pays off awesome, if not, then oh well. At least my other investments besides Hive. This place has just become a way of life and a hobby. That is awesome that you have a whole new outlook. I bought some of the miners for EDSM. I hope they work out for me!
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That's a lot more fun than buying a lottery ticket 😁.
It is for me. Probably not as much for my wife!
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Great post! The comments were a good read too. Its hard not to do anything without debt these days.
Happiness is not in money, reliable car to take you from A to B, a roof over your head and food,. Never ran a credit card only taking loans against the home when in dire financial straits, perhaps lucky in never buying for the sake of having, more a need than have.
A decent size piece of land in a quieter area would suit me well. small cottage with some open ground to support fruit and vegetables perhaps a chicken or two, oh and running water.
Gained and lost in crypto, I still believe there is a future in this form of additional passive earnings, I don't trade, and am quite happy to invest and work with what I have never, putting additional burden on the family coffers.
Governments will take whatever they can take, personally being able to live comfortably is all one can ask for without a tightening noose around your neck. Youth today have a bleak future paying off debt currently being made ad-hoc by world wide decision makers, I personally am glad I have no grandchildren to fret over and sons big enough to hopefully look after themselves.
!WINE
Yeah, I totally understand that money isn't everything, but not having to be burdened by it is also something else!
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I have always been scared of running up debt, seeing people slip into big debt so quickly, having different cards, "paying Peter to sort out Paul this month", ever spiraling debt. TV/Media brainwashed into having to have, never what you need.
Who wouldn't like that extra little packed away for a rainy day?
Indeed!
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Absolutely Gorgeous Shelby,
And worth more than a used Lambo?
👍🏼😄👍🏼
Yeah, this was probably my favorite from this show in Sault Ste. Marie last summer!
It was a pretty one, '68 I think...🤔
These Cars have Skyrocketed since Carrol Shelby
died.. RIP
Debt is all haunting us. Let's hope crypto will bring the revolution in that matter...
Amen brother.
We always seem to be on the same page. I was just reflecting on my financial history as I’ve become more disenfranchised with corporation’s actions in the role I play within them. To summit up I’ve been pretty disappointed with my job. I’m Fortunate to not have kids as I am still relatively young, but I’ve had a strong sense of financial responsibility and have been able to amass a decent retirement portfolio already on a fairly conservative income. I’ve been working for around nine years and still live on the same amount as when I started working the rest has gone into investments, home and paying down debt. I’ve got a small amount on a car and then the house and I would like to pay as much of that off before even considering kids. Ultimately I hope crypto can provide a sense of financial independence where I don’t need to rely on a day-to-day job but have the choice to. That’s my biggest thing we don’t have a choice currently the system just doesn’t want that to be the case so corporations have power over us which means they can provide crappy that if it’s in low paying jobs while increasing their margins and keeping the public consuming their products.
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Yeah, it is pretty horrible. I seriously just want to be able to buy my next car with cash or when my wife says "honey, we need new windows" I say "sure, let's get some quotes". When my last truck prematurely died, I just had this overwhelming sense of dread about having to get a loan to get a new one. I even had to borrow money from family, zero interest, but I still hate it. I just hate owing and that is what the whole system is based on. I dig my job. It is pretty great. I mean it allows me to do this all day as a supplement, but I really long for the day when all of my passive crypto income can allow us to do all of the things we dream about.
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Same I’ve been fortunate to be able to take some zero interest loans but again it’s from family. I’ve got a few thousand left on my car and then hopefully I can drive it for a while and take my nonexistent payment and put into an account/investments to pay for the next one. The only way to get rich is to use money salary system does not cut it anymore. Having money makes money.
Yes, that is very true. Good luck with your plans! Hopefully some day we will both be there!
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Hive to $100 would do that.
I'd be on the floor!
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There are some that will be in debt no matter how much they make. I was one of them. It is the easiest thing in the world to find things we "need" in order to fill that occasional breathing room in the budget. The only key to living debt free is to save and pay it off. Being rich means keeping the money instead of spending it. It is that simple.
Yeah, I hear you there. You get a raise or something like that and suddenly you are sort of living pay check to pay check again. Where did that new money go? We just find things to fill the void!
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That's a great post mate, I think with kids you just do but gosh they are expensive. Food is the biggest killer. The first year or two of their lives they're ok. After that they need a full plate of their own. And omg the junk food, never had any junk food in the house now with lil miss 4 she is always asking for chips/chocolate etc.
I have 0 debt other than a block of land but I do need to note we just sold our home and starting to build a new one. I paid of my education debt pretty quickly but mine wasn't that much. Around $15,000. My wife still has hers, hers is something like $90,000.
I have a simple saying in life, if I can't pay cash it's not worth it.
The only debt I will have is my mortgage, but it is going to be a biggie.
Debt is a creation of the system to keep you trapped and working. No debt, no job,no home etc.
The world is about making someone else rich.
I've set a goal $1.5m to earn in cryptocurrancy. $500k gov would take $500k I keep to pay down debt and $500k to remain on the platform to keep building.
Who knows if I'll make it or what will happen between now and then, but I'm going to work to it.
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That sounds like a really awesome goal. I hear you about the food thing. Not because of the kids obviously, but my wife and I eat a lot of fresh veggies. Those are freaking expensive. In the summer we can get them from the farms or grow our own, but in the winter you have pay an arm and a leg at the store. We have very little debt compared to most. Just my truck, our mortgage and a home improvement loan. I never had college debt (paid it off as I went) and we paid off my wife's masters a couple of years ago.
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I am my self is a newly wed person, and already expecting a baby. yeah things is kind of different, as in my culture when we are married we are kind of in rush to have a baby and continue our family tree.
and same as you are I ma hoping that crypto will be another wheel on my cart to get out of the debt, as I am not earning enough here or to make any investment on on other crypto.
anyway we are here early, we never know what the future hold, maybe we can go to the moon together with crypto fueled engine. :)
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I hope you are right. Congrats on the marriage and the budding family! That is awesome! I love the idea of passive income and I hope it is something I can really embrace and live out one day.
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Part of the reason we have a debt based economy is because we have an inflationary economy as dictated by the Federal Reserve (and pretty much every central bank in the world). Pure savings becomes worth less over time. Debt becomes cheaper over time. Of course it is still better for one to save and stay out of debt but sticking your money in a savings account is not really sufficient. Crypto is an alternative but still a risky one for most people. Diversification is still good advice.
Having said that, it may take a very long time to save for something like a house or car and they can be worth incurring a debt for. Those aren't typically the things that get people in trouble. Not by themselves anyway. It's other types of debt like credit card debt that are the bigger problem.
Good points. I have some pretty significant investments outside of crypto. Okay, maybe not significant, but steady enough that they are going to be worthwhile down the road. One of my biggest concerns is that I am over investing now at the expense of not paying off debt.
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I guess it comes down to how much interest you are paying vs. how much you expect your investments to increase. How much you are paying in interest is easy to figure out. How much you might make on your investments...not so easy. I guess if we knew that we would all be rich.
Yeah, for sure. Back when I took out my home improvement loan I was going to cash in some stock instead. My brother in law talked me out of it. Better to pay 4% on a loan than lose 8% on an investment!
I'm on the other side of the ocean of life. Never owned my own house and never bought a brand new car. No credit so far either. The only thing I would take a credit for right now, if any bank would give it to me would be to buy crypto. There's no perfect way of life thus in the case of some people credit is the best option.
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I've never owned a brand new car either. I always buy used. The depreciation just happens way too fast.
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Credit is just to easy to come by these days!! I for one don't have a credit card, but also have debt on my home - luckily my car is paid. I have the same habit to pay off any loan as quickly as possible.
Luckily I eliminated all of our credit card debt many years ago. I still use my credit card pretty frequently, but the bill gets paid off every month when it arrives.
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I believe a big RESET is coming where the central banks will be calling the shots on the money system..Crypto included... Be prepared to get out or lose everything..
I will keep an eye out for that!
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"waiting is the hardest part.." so true. Some people wait their entire lives for that which never comes. I hope that is not the case with our crypto investments.
My wife are in the same boat. She works for the school system and I work in the private sector. We have been very fortunate and blessed, but also did not end up having children (out of our control and not because we didn't want them). Not saving for education, medical, weddings, cars, yada yada.. we are able to do a lot more than most living on the same salaries.
I think we would really get along well Bozz. You and I have a lot of the same thoughts and do the same sort of things. I too hate the feeling of owing the big man. Heck with that.. If I can't afford it, I don't buy it.
I definitely have a lot of stuff on my want list, but I am generally pretty frugal about actually spending money. I have the want versus need debate pretty solidified in my mind. My hope is that crypto can get us to the point where the large expenses don't make me sweat so much. I think we would get along quite well too. Though I am probably not as talkative in real life as I am no here!
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I think with a couple of whiskey's we would be talking non-stop. haha. "Here's To Crypto Taking Off!!!"
Your are probably right! Sláinte!
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STOPIt only takes one coin to hit @bozz and you are laughing. Yeah I don't like loans myself.