Financial freedom is an important variable if humanity is to ever break free from the tyranny that it finds itself under. From a financial perspective, the system is rigged to get us indebted. These days, organizations makes it so easy to take on debt. This is fatal to one's future freedom.
In this video I discuss the idea of debt along with living in our means. Here is a basic piece that has to be part of everyone's financial plan.
▶️ 3Speak
I prefer to live within my own means. I think its a benefit as it will pay off in the future. I think everyone should pay off their balance so they won't pay more to the banks. Though I can't seem to avoid using the cards as the extra cash back makes it appealing so long as I cover my balance every month,
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That is a smart approach. You are using debt to your advantage. Carrying an ever growing balance is fatal.
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It's great that you put this as the first in the series of financial freedom posts. Because there's a lot of people out there living on credit and adding to their debt monthly instead of paying part of it. Personally I don't like to worry about credit so I don't live on it, ever. But I understand its benefits to the economy and even in personal situations, on occasions.
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Without a doubt. There is no way to get ahead when in major debt. The system is designed to hinder one completely.
The institutions are experts are getting people hooked in and then sucking more out of them.
This is what people need to avoid.
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I agree 100%. I have always insisted to friends and family that whenever your income grows, do not make adverse lifestyle changes. Try and continue spending around the same amount of money and investing the sulprus with a focus of the future.
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That is smart advice. Sadly, it is not the mindset of most people.
However, if you can get through to just a few, then you will have done your job.
The next big wave will be crypto. We are going to see such an expansion that millions will be benefitting each year. That will eventually grow into billions.
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I like to live within my memes :))) I guess that would be considered close enough :P
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Memes are not being monetized so it is a developing skill that could reward you very well in the long run.
I keep upvoting them so you are doing well on that end. Keep memeing along.
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Thank you for the support :)
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I've been living within my means for my entire life. I would definitely love to have at least a few years leaving outside that bubble.
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If that means taking on debt, I would not suggest it. That is a path that few, from what I saw, could recover from.
Just keep cryptoing along and you will find you have more resources down the road than you know what to do with.
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Honestly this is probably one of the biggest problems for mainstream adoption. Decentralization demands that everyone is responsible and accountable for their own actions. Most people are not.
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I do not think this point can be disputed whatsoever.
Most people, at least in the developed countries, are not responsible whatsoever. They are reared in a system where the indoctrination is they "deserve" everything. It is like that old commercial about being up to the eyeballs in debt.
To keep up with the Jonses is expensive. Yet people try to do it then blame whomever when they are broke.
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Wise words, indeed.
When I made the decision to "get off the hamster wheel" (late 1990's), one of my first parts of the plan was not what I was going to DO or a business plan... but making my LIFE such that I could live adequately on a much lower income. To most people around me, that seemed counterintuitive because "don't we get in business for ourselves to MAKE MONEY?"
It took me several years to simply change my life to where instead of living on $70K a year, I "could live" on $15K a year, if I had to. THAT was when I was ready to formally get off the proverbial hamster wheel and "go independent."
But most people have neither the financial education nor the fortitude to do something like that; they'll just keep going "as is" and fund the shortfalls with MasterCard... which is a horrible trap!
I'm glad to say that all these years later we have NO debt, including our vehicles and our home, which we own outright.
I hope you DO make a series of videos/posts about this!
=^..^=
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The best ROI is on money that is not spent.
It is incalculable in terms of percentage but it really alters things.
Congratulations on your move. I too live a very modest lifestyle in terms of my bills. It helps that my kid is grown and off on her own.
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This is much harder said that done for a lot of people. I've been blessed with a healthy level of fear of debt. It is not a gift everyone has.
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Yes and for many, it simply is a lack of self control. They simply cannot control their desires and have to spend on a new phone, car, clothing, or whatever.
Even if they dont need it.
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Sadly, this is often the case. I think much of comes down to temperamental factors. Some people simply have higher time preference than others, making them discount the future to a greater degree. It works in an unpredictable environment where it pays to be an opportunist. Unfortunately for them, the modern world does not work like that.
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No more buying that latest and honestly not that greatest car, watch, tech or whatever its pointless and just feeds off of people for trying to make them feel important. STOP IT! lol You should have zero debt it will honestly kill you.
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Amazing how this is not a financial problem but a psychological one.
People are trying to make up for their low self esteem with stuff.
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In my part of the world there is a saying "Dug je zao drug" ("The debt is evil companion"). Sadly, like many old folk wisdoms, it was forgotten due to unstoppable rise of consumerist culture and desire to show off to your friends and neighbours.
And the banks played that sentiment like a violin. Among the television commercials, the most expensive, the best produced, best directed and best acted are those for banks, carefully targeted at their future customers who can't or don't want to read the fine print.
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I've beem programmed to let you know that you would have earned more had you opted 50%/50% Power/Dollar ratio for author rewards. See this post on that.
Good Post ❤️❤️❤️❤️❤️
I think more people will achieve it with what is being developed in cryptocurrency. This is opening up doors to a lot of people.
Passive flows of rewards, as well as activity, adds up over time.
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