Net Worth = -$21,242.52
Total Liabilities = $20,601.84*
Variance from Last Check (November) = $11,110.48 aka F.R.O.T.H.I.N.G
I feel a little like I’m sitting atop an interesting precipice at the minute. If you’re walking up a freaking massive mountain, it’s on the way up there that you realise how much effort you are putting in – the calf strains, the stops for rest and water, the angry mumbles at your friends who seem to be getting there quicker than you….then, just when you are metres from the summit all the work seem like nothing and the feeling of strain is momentarily replaced by accomplishment. Then you move on.
Essentially I have come to realise that after around 5 years of skimping, saving, systematising, up-skilling, crying, laughing, stuffing cash in envelopes, swapping bank accounts, turning down dinners, frothing over financial literacy, getting sassy with Credit Card sales people and riding the wave of an enormous paradigm shift…..I am about to be Consumer Debt Free. In fact, within a month or so I may have a positive Net Worth for the first time in 17 years.
I’m not looking to pat my own back here but I do think it’s easy to forget how far you’ve come. I’m grateful for every awkward turtle lesson along the way and can now say, with absolute confidence that if you are working towards a similar goal – I know for sure you can get there. The view from the top will be exceptional but the person you become in the process will be even better.
Freedom Chasing Perspective
For a long time I was so OBSESSED with being out of debt that debt was all I thought about. How could I cut corners, throw more money at it, restrict my self even further. Reward Wise: Essentially this left me with a baton sized carrot and a shipping container of sticks. I even actually went further into debt this way as my misery led me to binge spend through vats of Ben and Jerry’s. On top of that I truly believe that whatever you feed, grows. What you focus on, will consume you!
So I changed my perspective, I started building up pots of money (the threshold for me was $4K) before I transferred that over to pay off the debt. This meant I could see wealth being accrued from my efforts as opposed to seeing it thrown at a leaky bucket straightaway. I even stopped labelling the money transfers themselves as ‘Debt’, instead labelling each one as ‘Freedom’ i.e. ‘Freedom of $1000 to Virgin Credit Card’. I know it sounds a bit daft, woo woo even, but this journey of mastering your money is way more emotional/psychological than it is practical. If you framed your efforts more positively could that create a shift for you too?
I’m blessed to work in an organisation that not only wears it’s values on its sleeve but rewards its employees in alignment with their effort. Sales is not for everyone, indeed even for the best Salespeople the emotional rollercoaster can be a wild ride, but there something to be said for getting out of something what you put into it. Running my own life coaching business is exactly the same – I get paid only in return for the clients I sign up. Nobody else determines my success or throws me a salary injection there.
Knowing I had a clear goal I was working towards has allowed me to pour my efforts into the work that I knew would provide the best return i.e. more sales, my business, micro investing. What about you? Where are you 168 hours a week being invested? Will they take you closer or further from that goal you’re chasing?
Having people around you who help you to celebrate the successes are imperative. As soon as I paid off a Credit Card last month I was within seconds just moving onto the next thing. Luckily my other half and I had agreed to go out for a slap up meal with every card that hit the dust so HE booked the table. Taking a moment to celebrate how far you’ve come not only helps you keep that shifted perspective but also helps you to foster healthy thought patterns. Change your perspective, change your life after all. I am blessed with the most supportive (and quite distractingly handsome) partner you could ask for – who are you surrounding your self with that will cheer you on? Friends, family or professional network – you’re not supposed to do this alone.
*I still have the Student Loan to pay off (I dread to think how much a Sausage, Cheese and Bean Melt has cost me after 17 years of compound interest). I have chosen not to incorporate this into the running total for two reasons:
- I wanted to smash the Consumer Debt first – higher interest and more of a reflection of my hitherto stinking thinking of finance which needed to be addressed.
- The way I classify this debt in terms of where I place my energy, will be different. More on that in blogs to follow.
Love and Admiration, Me x