Back to the Black: the debt to wealth system: How do you feel about money?

In the Back to the Black system you need to reflect on your own values.  One of the hardest questions to answer is ‘ how do I feel about money?’  Or another way of asking this question is ‘ How does money make me feel?’

A man called Ken once said to me ‘no-one ever made money honestly’.  He later said ‘ I have never had more than £1000 saved at any time in my life.’  For Ken, money was associated with bad things. He didn’t save money because he didn’t want those negative associations in his life or his family’s life.

For Natalie, money is exciting. Rather the spending of money is exciting. Natalie finds shopping exciting. She revels in the excitement of getting a new purchase and taking it home. She is in a relationship with Alan. They have been together for five years yet Natalie went out and bought a used car without telling him.  He came home from work to find they had a new car. Natalie also owes over £10 000 on credit cards yet she is still spending money like it is going out of fashion. The car purchase added another £6000 to their debt since they have no savings and are paying the minimum payments on their card debt.

How does money make you feel?   Do you loathe money like Ken?  Or do you spend because of the excitement like Natalie, even at the risk of her relationship with Alan?

I have publicly said in Back to the Black that I lived beyond my means. If you are in debt I know how you feel because I have been there, exactly where you are now.  I never worried about money because ‘ it would sort itself out’ yet it never did.  I know how it feels to lay your head on the pillow at night and worry about where the money is coming from tomorrow. I know how it feels to put your hand in your pocket to find an empty pocket and for me that led to fear and a feeling of desperation and failure. I no longer have debt other than my mortgage and I am working on reducing that as soon as possible.  Living debt free is more than just possible, it is essential. After the crash of 2007, the cost of borrowing fell to a record low and is still there. This means it is an ideal time to clear your debt. There has never been a better time and it means that if you fail to take this opportunity you will regret it later.  Interest rates will not always stay this low, they will rise, particularly after the next British General election in 2015.  Make it a mantra ‘ I will not debt today.’

To your success

 

 

2 Comments on "Back to the Black: the debt to wealth system: How do you feel about money?"

  1. Hi graham
    Good post I am in australia and I hate money right now or should I say lack of.I am up to my eyeballs in debt and the banks won’t look at me as I am a single caregiver.I need to consolidate so I can get out of debt quicker I have explained this to the bank that they will get their money back quicker if the help me but I guess it is in their favor not to as the interest is a lot higher than what it would be if they consolidate.

    • Hi Judy
      you have my sympathy, I have been where you are and it is not nice. We recommend consolidation. Take your highest interest debt and pay that down first, paying the minimum on all of the others. When that is clear take the next one and so on. I also suggest you write to the bank and state this plan as a repayment plan. That way they cannot say they didn’t know.
      May I also suggest that you look at amazon kindle. You say you are a caregiver. Why not write about that and publish on amazon. there must be many people who are in the same situation. These could be short reports, say 15/20 pages. Is there a great way of lifting the person you are caring for? Is this a system for giving them drugs that never fouls up? These are all ‘ how to’s’ that others would be interested in. Come back to me if you want more.
      Bw
      Graham

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