- Created on 17 April 2014
Work colleges…YEAH! Are the kids still saying thebomb.com? Well they should if discussing work colleges (and they should be discussing work colleges). The concept, while not new, is definitely new to me. We’re constantly reporting how college costs are increasing 8% annually (twice the rate of inflation), student debt averages are skyrocketing ($26,000 in average debt for graduates), and job prospects for recent grads are dismal. Makes one rethink the decision to push college at any cost. Well start rethinking your rethinking.
Fighting Frugal Fatigue
- Created on 10 April 2014
The recent “Debt Free Like Me” webinar brought together three speakers who have each paid off over $100,000 in debt. We heard from a single mom, an entrepreneur who took a risk, and one half of a couple that started their debt free journey in their mid-50’s. Each story was unique and powerful. Each story was inspiring.
After listening to each account, I was reminded of something I did constantly during my debt free journey. I constantly consumed stories from those who’d accomplished what I was then attempting. I loved to hear from those who’d dumped their debt. The success of complete strangers served as an incredible source of motivation during our 7 year process. Who knew I was fighting frugal fatigue?
We’ve done a post on Frugal Fatigue as identified by the National Association of Credit Counseling. It’s basically a scenario which causes your continued motivation for dumping debt to plateau. What’s missing are some tips to fight this phenomenon.
Enslaved by Your Style
- Created on 03 April 2014
“It’s just part of my budget, like keeping the light on,” said Rochelle Milles. “I’ll forgo a lot of things, but not my hair. (Essence magazine article)
Admittedly, we haven’t consistently explored the topic of personal style cut backs on the way to debt freedom. Style choices just seemed too personal to tackle. Truth be told, finances are very personal. Style choices as they relate to dumping debt will no longer receive a pass. A recent exercise in the MISSION POSSIBLE project precipitated this new perspective. How much did you spend on “looking good” expenses last month? Multiply by 12 to get an annual figure. Is it in line with your goals for debt freedom?
Grooming is essential. There are a myriad of professional and personal reasons that require a reasonable appearance. However, as with most items, how much one should spend is debatable. Debt is essentially a modern day form of slavery. Your style choices could actually be contributing to your continued enslavement. Consider the following figures: