The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/quotso-what-was-quotthe-eventquot-that-woke-24371193.aspx

Subject:  Re: Then, now, and someday Date:  7/20/2006  11:45 PM
Author:  KentB2 Number:  232448 of 308557

"So what was "the Event" that woke you up from our societally induce consumer hypnotism and made you realize the path to freedom?"

When the ex-wife decided she was leaving and my plans vanished that she would go to grad school then get a job while I went to grad school. At that point I didn't feel like doing much - so I didn't. I was surprized how much money I had been spending without realizing it. It became very clear that spending money didn't make me happy. I started reading and listening to audio books a lot more. About that time it became very obvious my aerospace job was about to end also. The saying "If it is to be, it is up to me" showed up on a TV commercial and I saw it in a whole new light.

I left the aerospace job a couple of weeks before the announcement the plant was closing. I started my own business working FOR myself. I developed a whole different view from the perspective of a business owner. I listened to tapes about multiple streams of income and saw the wisdom. I started a second business - both of which have one employee, me. I quit spending so much money needlessly. Everything was paid for in cash. As the businesses made money, I started buying rent properties. (Those I had to mortgage, but that was the only real debt I took on.) Yes, I now have three businesses with one employee - or is that 1/3 employee for each business?

I still read a lot and listen to audio books. I guess I like to learn. A lot of good lessons and even TMF came of that. I read "Rich Man, Poor Man" and "Die Broke". I learned a lot from both, even if I don't follow any advice verbatim. I have also re-married and DW and I are planning for and funding our retirement. Fortunately, DW agrees with me on financial issues, and most other issues as well. We are both a lot happier than we ever were before we met. We are into an active life - snow and water skiing, mountain biking, windsurfing, etc.

I have to say that people living "the American dream" that advertizing shows are likely to be headed for disaster. I see that a lot when running credit checks for rent properties. And I'm talking about honest, hard working, people who haven't made consistently poor decisions. I think there are WAY too many people headed for disaster without a medical problem, job loss, divorce, or other such 'one time hardships'.

I want to mention that multiple streams of income again. I have been down with a broken leg since the end of February (stuck my boot in a tree while snow skiing). One of those businesses has not had it's fair share of employee because it requires an able body. If I hadn't developed the other two incomes, I would have run through any reasonable efund by now. I'm hoping other fools can learn from my experience.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us