More money? My cup overflows … but I’m still thirsty
Most of us, especially those of us who have debtor’s disease (if you have it, you know what it is!), Have commented or at least thought, “If I could win the lottery or the sweepstakes, everything would be better.” Unfortunately, even if that big dream came true, things would likely get worse instead of better.
It is a strange phenomenon. It seems that the more money you have, the more you need. Makes perfect sense. With more money, most people would increase their standard of living. My question is, “If you haven’t properly managed the money you have now, how do you expect to be able to properly manage two, three, four, five, or hundreds of thousands of times more money?” Good question, huh? Food for thought. Maybe you need to start learning how to properly manage what you have now while on a much smaller scale. Then you’ll be prepared when that big lottery or raffle prize rolls around!
Now you may think that this is a crazy and nonsensical theory. Surely a million is enough for anyone to be on the easy street! I’m sure you’ve ever heard rumors about people who, in one way or another, fall into great riches, and soon after are back where they started or in an even worse financial situation. Many of these cases end in bankruptcy.
Not convinced? Let me tell you about my own experience, on a smaller scale, with this strange phenomenon. Once upon a time, I was a single parent raising four children with an income of just under $ 20,000 per year. My children were not without it, and although I began my journey towards the disappearance of debtors during this time, I had everything under control. Or so I thought.
As I understand it now, I was certainly not managing my money well. I was not adequately preparing for the variable expenses or emergency expenses that were sure to crop up. Thank God for a great family infrastructure that provided help and support when necessary! My monthly payments were well within my income, including debt payments. I monitored my debt to make sure I maintained a comfortable debt-to-income ratio. I felt like I had the right perspective on my finances.
It wasn’t until the family income increased due to marriage that I somehow lost that perspective and my real problems began. I blame much of this accelerated financial ruin on “overconfidence.” This “overconfidence” leads to an arrogant disregard for proper money management. Looking back you know the rear view is 20/20, if I knew what I know now I would be way ahead of the game!
Since my new husband earned more than double my income, I quit my job to become a homemaker. I’ve been working since I was fourteen (and now I’m not a spring hen), so when she expressed her wish for me to stay home with the kids, I jumped! But this was not a contributing factor to my financial demise. It was the mindset I acquired when family income increased.
My way of thinking was this: “If I took care of a family of five with my income close to the poverty level, surely now I have no financial worries.” Life was good! At least for a while. Our standard of living changed, of course. Usually my cup spills … and I was thirsty for more. Now could we allow ourselves to carry those things that we “needed”? (I question it because my definition of this word has changed a lot) and I wanted without fear. I had that fear before. The fear of not being able to pay the debt. I think that’s why I kept it under strict control. With that fear now gone and a new sense of false security replacing it … the debtor’s disappearance came quickly.
Before I knew it, we were living from paycheck to paycheck. Sometimes I even found myself juggling funds to balance the budget. It didn’t seem like that much money anymore. I can laugh at myself now that I understand exactly how it happened. That delusion of mental grandeur into which I had dropped my little one. After all my research, I now know that I am no different than millions of other people in this world. It’s an easy mindset to adopt. That’s why more money will never make things better until you learn to manage first, then spend.
Your best preparation for that big winning day is to start planning now. Even if that big money dream never comes true, you might be surprised at what can be accomplished with a little forethought and planning. A good debt-free spending plan and a monthly budget that encourages frugal living will give you, at the very least, more financial security and independence.
Why the heck, if you are young enough, you can plan your way to millionaire status. Can be done. It has been done! He’s the guy next door who might not even know what classifies as a millionaire. He or she probably doesn’t brag about it and their lifestyle doesn’t hint at it. But I bet he’s a happy, stress-free millionaire who has everything he needs and wants. He’s probably the nicest person you’ve ever wanted to meet. Simply because he manages his money and refuses to let his money manage him!
So, what are you waiting for? Stop wishing for more money and make a plan to manage and take control of the money you have!
Good luck and success
Live debt free to be free. You deserve it!