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March 21, 2015

Perspective – My $ecret Weapon

  • Anti-Entitlement Advice

March 21, 201530 Comments

This post may contain affiliate links. Please read my disclosure for more information.

Perspective – My $ecret Weapon

“What kind of life is that?”

“You only live once you know.”

“Life is too short to not enjoy it.”

“I don't know how you live that way.”

“I could never give up that much.”

Yes, these are all real things that people say to me. Every time I hear one of these sentences, it gets burned into my memory – I can see the details of each scene in Blu-Ray quality, and remember exactly how those words made me feel.

I even remember how I deflected or changed the subject because I didn't have the energy to defend my lifestyle again. The problem is that these people either lack or forget about financial perspective. Before I go on, please don't mistake me for saying that these people somehow make me angry or annoyed.

I use this stuff as fuel.

I started living WAY below my means almost 3 years ago, in a successful effort to pay off my student loan debt and get a head start financially. During that time I sacrificed what felt like a lot to me, and I still do it today. If you have debt, I highly recommend that you do a lot of the things that I have done to become debt free. It's a proven approach. I had $40,000 of student loans, and a year and a half later I didn't. It's really that simple sometimes.

When people start saying the kind of things to you that I get all the time – you know that you are doing something right. It's called the 1% for a reason; 99% of people in this country are doing money wrong. I have wealthy friends and I have non-wealthy friends. Which ones do you think I got the quoted sentences from?

While you are waiting for the hamster to wake up and get moving in the wheel, I'll gift you the answer. My non-wealthy friends are the ones that think this way. My financially educated friends tell me to keep going, don't stop, and live below my means until I don't have to anymore.

I'll take my money advice from the people with yachts and nice houses, thank you.

Being good with your money as a young person is all about keeping your mind right and ignoring outside influences that can get you off track. The majority of people want you to waste your money and stay in debt like they do because it helps them justify their own lifestyle.

They feel guilty for some reason, even if you never try to make them feel bad. Non-wealthy people get uncomfortable when they see someone being different and getting ahead. They secretly want you to fail. I want you to succeed.

More importantly, being responsible with your money is also about seeing the bigger picture. You need to have an honest perspective when it comes to items or expenses that you want or “need” in your younger years.

Having perspective is my secret weapon against debt. 

I'm about to hit you with some uncomfortable truth about the things that people say they can't live without in this country. Again, you need to have perspective – it makes it easier to “give-up” items or services and apply those funds to your debt.

In order to be debt-free early I didn't buy shoes, clothes, drove a lame car, didn't buy a house, waited to get married, etc. The list goes on for a while. Some people would say that I was extreme, but I think what I did was trivial. Here's why:

80% of humanity lives on less than $10 a day.

22,000 children die every day due to poverty.

1 billion children live in poverty in this world.

805 million people don't have enough food to eat daily.

1/4 of humanity lives without electricity.

Now go back to the top and re-read those quotes. They seem ridiculous now right? You seriously need cable, Starbucks, and a newer looking car to have a good life? I'm CRAZY and EXTREME for living without that stuff to make sure that my future kids don't struggle?

Child please. I have a beautiful wife, great friends, and no debt. I might as well have hit the lottery compared to most people in this world. I think I'll be alright if I have to watch Netflix to save some money. My goodness.

If the stats above make you uncomfortable…good. You should be, and it might help you make better financial decisions. If I've made you really uncomfortable, I'm sure Buzzfeed has a top 10 Kim Kardashian selfie post that you can read to feel better.

My readers like the truth about finances, not rainbows and Teletubby stories about getting rich quick. Sorry.

If you want to get out of debt like I did, you are going to have to give some things up. Don't be concerned about your quality of life being poor, because giving things up now will make your life exactly the way you want it later on.

Also, take a second to appreciate the things in your life that we all take for granted. You're probably much wealthier than you think.

Question for you:

Do you try to keep your financial picture in perspective?

 

World Poverty Fact Sources:

http://www.unicef.org/statistics/

http://www.globalissues.org/article/26/poverty-facts-and-stats

https://www.dosomething.org/facts/11-facts-about-global-poverty

Live differently. Your bank accounts will thank me later. ~M$M
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Posted in: Anti-Entitlement Advice

Comments

  1. Michaela Mendes says

    Mar 22, 2015 at 10:06 am

    Happiness gained from a shopping spree is nothing compared to the freedom of being debt-free! I’m not there yet, but this is a great reminded of what’s truly important. Thank you!

    Reply
    • Millennial Money Man says

      Mar 22, 2015 at 10:32 am

      You’re welcome, glad you liked the post! It is an awesome feeling – you’ll get there soon!

      Reply
  2. Anonymous says

    Mar 24, 2015 at 4:40 pm

    Gee…MMM you almost made me feel guilty for what I do have.
    Two pairs of boots and two pairs of flip-flops.
    Good post

    Reply
  3. Laura Harris says

    Mar 25, 2015 at 10:26 pm

    My husband and I were two broke millennials when we got married. Thankfully we took Financial Peace University, started a budget and paid off everything ($22,000) in less than 2 years. It was a challenging experience, but you just never regret stuff like that. Sounds like you don’t either. Keep spreading the message.

    Reply
    • Millennial Money Man says

      Mar 26, 2015 at 10:04 pm

      Congrats on getting rid of your debt!! Definitely a life changing experience. You will be good at money for the rest of your life, pretty cool right? Thanks for reading. 🙂

      Reply
  4. LeisureFreak Tommy says

    Mar 25, 2015 at 11:01 pm

    I don’t know anyone with mansions and yachts but I know some millionaires who are living smart frugal balanced lives secretly among the financially clueless consumerists around them. You nailed it, the people we all should listen to are the ones who have made it not those making excuses. Nothing better than a life lived financially free of debt and within your means.

    Reply
    • Millennial Money Man says

      Mar 26, 2015 at 10:06 pm

      Funny you say that, I have a great friend (millionaire) that drives a 14 year old truck every day. Inspiring to say the least.

      Reply
      • MiningFrugal says

        Mar 26, 2015 at 11:24 pm

        Any guesses on what will be worth more in 2050? A 2015 model year truck or a 2000 model year truck?

      • Millennial Money Man says

        Mar 28, 2015 at 9:20 am

        Trick question? I’d assume they would both be worth about the same. (Barely anything)

  5. MiningFrugal says

    Mar 26, 2015 at 11:22 pm

    I’ve was debt free for about 5 years, but then I mortgaged a house. Whether or not that counts depends on who you ask, but suffice it to say I’m looking forward to being debt free again.

    Putting money in to investments instead of debt is something people really need to see to understand. No fancy graphic is going to get the point across like a bit of life experience.

    Reply
    • Millennial Money Man says

      Mar 28, 2015 at 9:52 am

      I tend to think of a house as a liability unless it is an investment property, but you are right….depends on who you ask and what your financial goals look like. I feel the same way about people paying off their student loan debt; you have to jump in and start to understand how beneficial it will be for your future.

      Reply
  6. Elaine says

    Apr 5, 2015 at 3:53 pm

    Thanks for the great post! I completely agree and have been trying to cut back on unnecessary expenses as much as I can to save money. I do still splurge for some things but they tend to be more for experiences than material items. For example, last year my work sent me to France for a week. I stayed a few days extra to explore France and to see Paris on Bastille Day. I was pretty frugal on the trip but it still wasn’t exactly cheap. I don’t regret spending the money at all though. I have some wonderful memories of the people I met and the things I saw.

    Reply
    • Millennial Money Man says

      Apr 5, 2015 at 9:11 pm

      I’m with you, memories are important. I would MUCH rather see any of my readers spend money on experiences than random stuff that they will throw away eventually. Keep cutting back on those things you don’t need and I am sure you will be fine.

      Thanks for reading!

      Reply
      • Jean-Paul Gauthier says

        Apr 13, 2015 at 3:06 pm

        Glad you mentioned that – I would strongly agree – making memories worth the spend – BUT not if you go into debt to make the memory. As I like to say: Saving=good, frugal=good, BUT both to the point that you miss creating memories=not good.

        Great post!

  7. Riley says

    Apr 8, 2015 at 9:40 pm

    Currently, rent is now more expensive than buying a house. in my area. A mortgage I’m lookiing at is $300 less than my city’s average rent. For over 10 years I’ve lived in an unfurnished studio, sleeping on the floor (why go into debt for furniture). I do not have anything but my clothes, a pot to boil water and a spoon. I recently had to purchase a new(er) car because my other, that I had paid off long ago, was ruined in a weather related accident. Perhaps many do buy a whole lot of things they don’t need but sometimes you have to get a car and home. If I could move to NYC where there is a transit system and not use a car I would but sadly the rent is a bit high so I chose a less expensive city.

    I trust buying a car and home out of need isn’t considered financially foolish. Also if you only have one small income and a side job that pays food and gas you can’t save that much or really pay off that much quickly. I wish someone had a solution for that.

    Nice read…can only relate to a little of it but yes, after refusing to use credit cards and paying down as much of my student loan as possible, there is a little peace of mind.

    Reply
    • Millennial Money Man says

      Apr 9, 2015 at 8:01 pm

      Wow, 10 years of sleeping on the floor? Hopefully you had a mattress…my back would be jacked up. At some point you can only cut back so much, and it becomes more about increasing the amount you are earning instead. Thanks for reading!

      Reply
  8. Riley says

    Apr 11, 2015 at 7:51 am

    Thanks, yeah, the health sacrifice has caught up w/me. Increasing my income is easier said than done but certainly being explored. Glad to hear “that” as a suggested solution. We can only sacrifice so much. And yes, I’m writing from the floor. Cheers!

    Reply
  9. Frugal Millennial says

    Jun 26, 2015 at 8:08 pm

    I can relate. When I told my mom I was frustrated with my husband for buying a brand new smart TV, her response was “well, the reality is that you needed a new TV.” When I told her that no one NEEDS a TV, she looked at me like I was completely insane. A TV and other luxuries are things we want, not things we need. There are millions of people starving and living in poverty, but a smart TV is a necessity?

    My mom also told me I should do income-based repayment so I could have a “normal” life in my 20s. I’d much rather live frugally now and pay my debt off as quickly as possible so I can live comfortably and debt-free for the rest of my life.

    Reply
    • Millennial Money Man says

      Jun 27, 2015 at 1:04 pm

      Income based repayment is pretty brutal. It’s only delaying the inevitable. I’d rather do what I did and sacrifice the first few years out of college and then live the remainder of my life with good financial health. You are definitely on the right track!! And yes – some people are worried about eating every day. A TV is NOT a necessity.

      Reply
  10. Rebecca Rine says

    Nov 23, 2016 at 8:35 am

    This post illuminates exactly how I feel. I have kids, and I drill this lesson into their heads everyday. We don’t need cable, cell phones, new clothes or dinners at restaurants. The obstacle comes when 99% of all parents are giving WAY too much to their kids, so I’m the big fat cheap jerk. I wish more parents would chill out and deny the craving to spoil their kids with stuff. It’s an uphill battle it seems, but I will not quit anytime soon. I’m a writer, and you’ve absolutely inspired me to tap into my views of living simply and going against the grain. My blog will be up soon once I think of a catchy title. When I save a little cash, I might just be spending it to pick your brain! Many thanks for having the nerve to share your insights. The internet is full of mindless gimmicks to catch our attention. You have grit, depth and quality.

    Reply
    • Millennial Money Man says

      Nov 23, 2016 at 10:53 am

      Wow – thanks so much for the kind words! Means more coming from a writer 🙂

      It sounds like you’re doing the right thing for your kids; keep it up!!! I’d be happy to help with some blog coaching when you’re ready!

      Reply
    • Brandi says

      Aug 7, 2017 at 4:28 pm

      I can relate to being the cheap jerk parent….but…I grew up with extremely frugal parents and I think in the long run it helped me to live the same way and be better for it. Hopefully my kids can get over the fact that in order to have a phone they have to pay for it themselves, same with a car, etc even though the rest of the world seems to think its ok to just hand over all kinds of luxuries. I think they will turn out alright!😉

      Reply
  11. Cleaner Numbers says

    Apr 8, 2017 at 7:20 pm

    I have some friends and family who try to dissuade me from being frugal. Their most common argument is that life is short and that we might die young, before we got to experience the best of life. Personally, I’d rather die young and no longer care…than live to old age with decades of stress from being in debt. Hence why I’m taking drastic steps to becoming debt free and financially independent. Perspective is key, I agree with you entirely. Most people lack perspective beyond the here and now, unfortunately.

    Reply
    • Millennial Money Man says

      Apr 8, 2017 at 10:23 pm

      They do. Can’t really put my finger on why though.

      Reply
  12. Jon Holtz says

    Apr 8, 2017 at 8:45 pm

    I ride my bike to work as often as I can. My co-workers think I am weird. I love it.

    Reply
    • Millennial Money Man says

      Apr 8, 2017 at 10:22 pm

      Nice!

      Reply
  13. Linda C. says

    Apr 8, 2017 at 9:23 pm

    Paused in the parking lot this evening to read this post to my children. Perspective is not always easy but incredibly important. Thanks!!

    Reply
    • Millennial Money Man says

      Apr 8, 2017 at 10:22 pm

      WOW! Thanks Linda 🙂

      Reply
  14. Debt Free Gen. X'er says

    Apr 9, 2017 at 11:26 am

    As a 41 y.o. Gen. X’er who in March paid off a mortgage to achieve debt freedom for life, the “sacrifice” of living below your means is well worth the peace of mind achieved later. We will now be able to give more in the future to charities that help the people you mentioned living in real poverty. Keep spreading your message sir. You are going to help a lot of people make sense of their financial lives. It’s easier to help others and make the world a better place when you’re not distracted living paycheck to paycheck. Btw, I’m a former Texas band director now teaching back home in Arkansas.

    Reply
    • Millennial Money Man says

      Apr 9, 2017 at 12:22 pm

      Thank you! Yeah I’ve been fortunate to reach a lot more people lately, just gotta keep it going! Haha that’s cool on the band director part…small world.

      Reply

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