Financial Freedom Quick Tip #39: Don’t give a damn
About what most people think you should spend your money on, that is.
If you want to become financially free, you’re going to have to do things that are completely different, and even the exact opposite, to what most other people are doing.
Why?
Because most people are not on their way to financial freedom.
Some Statistics
The average South African spends 75% of his after-tax-income towards repaying debt. Most South Africans are very, very indebted.
Furthermore, most people are not saving, or planning for their retirements. There is a retirement shock waiting for most South Africans.
It’s unfortunate, but most South Africans are not good stewards of their money.
If you want to be a good steward of your money, and especially if you want to get out of debt and become financially free, you’re going to have to think and act very different to most of the people around you.
Dare to be different
Firstly, find a dream that is worthwhile and more important to you than stuff that costs you money, but that you can do without.
Secondly, adopt a healthy attitude towards debt.
Thirdly, learn to crave freedom more than image.
Fourthly, learn the art of delayed gratification. What this basically means is that you still allow yourself to have the things you want, like a nice car or house or clothes, but you don’t allow yourself to have them instantly. You commit to save up first for anything you want to buy.
Lastly, plan for your future. A time is coming where you won’t be able to work anymore, but you will still need money to live. You need to have a financial plan. You need to understand your plan, buy into it and work hard to make it a reality.
Can’t afford to give a damn
If you want to become financially free, you can’t afford to give a damn about what the people around you think.
You can’t afford to give a damn what they think about the clothes you wear, the car you drive, the place you live, where you buy your food, how you pay for it all, or anything like that.
What you can afford to do, is to take pride in the fact that you are different. You can be proud and excited about your plans.
By not giving a damn, by daring to be different, you can know you’re on your way to be free from debt, free from the everyday struggles of money and, most importantly, on your way to live your dreams.
This tip is part of the Financial Freedom Quick Tips series. If you want to receive a notice every time a new quick tip is published, you can subscribe to Liberta.
March 1st, 2009 at 08:08 am
Hahah what good timing! I’ve just been arguing with one of my mates who “HAS” to take his wife away for their anniversary despite being so deep in debt that he has to come to his friends to help fund it.
I pointed out that it is madness – if you cant afford to take her away then just say so and scale down both your expectations.
He went off looking for other people to try and fund the getaway and won’t deal with the problem facing him
March 1st, 2009 at 09:24 am
Weereens goeie raad
March 1st, 2009 at 01:26 pm
I strive to be different in everything, especially in my spending!
When I take a look at how some people squander money, I get squeamish, especially when I look at how many hours they had to work to save that money and how quickly they waste it again!
March 1st, 2009 at 06:49 pm
Yeah. Money has to work for you – not the other way around…
March 2nd, 2009 at 07:16 am
@Liquid
It sounds like your friend is living in denial. I’ve also heard stories like that… I’ve even told some of them myself!!
You have to be brutally honest with yourself to break the habit of spending more than you can afford.
@Riaan
Lekker om weer van jou te hoor Riaan.
@Re@per
I think the problem is that it has become culturally acceptable for people to live heavily indebted.
EVERYONE is doing it.
As for you being different, I gathered as much from paying a visit or two to your blog, and kudos to you, you’re using your differences well.