Confession: I fell off the LBYM wagon.

cube1067March 9, 2005

DonÂt know why, but in May Â04 I slipped off the LBYM wagon. (LBYM Â living below your means)

A few weeks ago on "Suze Orman" a 35 y.o. man called in with a similar confession. Apparently heÂs been a saver all his working life, but had fallen in with a new shop-a-holic girlfriendÂand now he was having trouble gaining control of his own spending. SuzeÂs words were consolingÂ.she said he should remember that he had what it took to be smart about money and that he had shown he could control his money in the past and to just "pick himself up, dust himself off, start all over again". Her words helped me look at myself.

When I fell off the wagon I also stopped logging my spending in my Excel spreadsheet. I think thoughts of mortality started my decline. Just before the spending spree IÂd started seriously getting my will, powers of attorney and trusts in order. It seemed daunting, downright depressing and expensive. While getting my affairs in order I lost a favorite earring, so I went online to find a replacement, and I bought one pair, then another, and anotherÂ. and so on.

IÂve restarted my spreadsheet and now I have a reduced interest in shopping. But I havenÂt resumed getting my "estate" in orderÂÂ.donÂt want to re-prime the pump.

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Hi again, cube1067,

Money is sneaky - if you don't control it, it'll control you.

When talking at some time ago to folks trying to quit smoking, I asked how they liked being in handcuffs, a slave to a little white tube filled with dead leaves (and Lord knows what additives).

Those dollar bills like to get in "charge", if we give them half a chance.

I've had several offers from a bank making me the stupendous offer of a loan of $3,500. or so - maybe even more.

I've called a couple of times to ask what the interest rate might be. Something like 30% or so.

I've told them that I have a fully secured line of credit at my financial institution (unused at the moment) which carried an interest rate cost of 4.25%, last time I asked, several months ago.

That I doubted that I'd be taking them up on their offer, any time soon.

And that, as a personal financial advisor for some 20 years, part of my dedication was to suggest to my clients (and others) that they pay off all credit card balances in full monthly, as their rates run 15 - 18% for financial institution issued cards, and upwards of 28% for store-issued cards.

Not the tasty cup of tea that I like to drink, thank you.

Good wishes for getting your financial house in order.

And keeping it that way - remember, you're in charge ...

... or your dollars are.

joyful guy

    Bookmark   March 10, 2005 at 12:44PM
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It is similar to dieting. When I journal what I eat, I eat healthier, and take a moment to think before chowing down. But when I quit journaling, somehow the pounds creep back on.

(it's a slow, long process, but it happens. I'm sure money is the same way.)

Good luck, and keep on journaling your purchases!

    Bookmark   March 11, 2005 at 8:08AM
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