This year I set myself a challenge. My goal was to only spend $500 on a bike this year. In the end, I spent $2,000, and I’ve yet to do anything with it. I’m not bragging, but I am serious about my commitment to keeping myself debt free.
I am going to start this new project with a challenge of just about every other project I have done. This one is more about the challenge and the time I spend on it.
As with all of my projects, its hard to keep track of how much money is going in and out of your finances. The most successful people I know, who have done everything from saving their salary to growing a business, have a pretty good idea of how much they have spent and how much they are missing out on.
This is your goal, and I can tell you I will do it too. I will only be able to do it if I do this challenge. If I have to do a challenge to get myself to the next level, then I will need to give myself a bit more time. On the other hand, if I can do it that way I will be able to do it in a few days.
If you don’t have a credit history, you don’t have to worry about it. But if you do, you do. And if you have one, you will need to learn to be more responsible with it. One of the best ways to start learning to be more responsible is to use credit cards. Not only are you getting paid to use those credit cards in your business, but you are also getting paid to pay them off.
Credit cards are not a terrible way to pay for things, and they certainly do have benefits. But they are very limiting and can actually be used for very bad things. Like getting a credit card to buy a car. Or get a car loan. Or get a mortgage. Or get a new credit card to buy an expensive item. Or to make a purchase on Amazon. Or to get a credit card for your next trip.
There is even a specific subset of those cards that are very bad for you. Like the card that enables you to purchase “anything” that is not a car or a smartphone. For the most part that subset of bad cards is used only by people who are not in a position to pay them off. The problem with all credit cards is that they are not only dangerous, but they are also incredibly difficult to get out of the way.
Yes, our old credit card that was stolen by crooks. And yes, we have a new one that we think is the same. But to use a credit card you need a little bit of cash, so many people don’t have that. What we really want, however, is for people to take the time to actually write the checks on your behalf.
Bike finance is really a pain. The process of writing a check is a little more than you think. Every time you go to a bank to get a check, you have to fill out a bunch of forms and paperwork. The problem is that banks do a lot of fraud so they are not all that friendly to people that are not in a position to pay them off. As a result, people get caught, and the cycle continues.
Some of the most powerful people in the business world are not in a position to pay you off by telling you how to pay them off. They are. They are also not able to say when they are going to get a credit card or who will use that card. Even more, they are not able to tell you what card to use when you are borrowing money. This is a very important lesson in finance.
The point is, you need to be able to trust that the people that are going to be using your money aren’t going to use it to buy things that you didn’t buy. Or if they do, they will be in a position to pay you back, and they are.