I love when people consider the cost.
I took out a loan in college so I could pay all the added expenses having to move out of a dorm produced. There was limited dorm space at and it was somewhat of a miracle I was able to live in one three years.
When I got out of college my salary was – paltry. Some of that was my own fault – I didn’t even add salary into the equation of why I would choose a job. None of the jobs I took in the early years even required a college education.
Still, the loan had to be paid back. That’s when I truly learned the cost of borrowing money – and living beyond my means,
As my salary went up, I dedicated myself to paying off that student loan. When I finally did, I promised myself I would never go in debt again.
That began a cycle of truly determining wants and needs, and realizing every dollar spent was a choice. I decided for me the only two acceptable debts were a home and a car – and even then I chose to be conservative.
It served me well. I was never at the top end of the salary scale. I made job decisions more because of how they fit with my personal life instead of what they paid.
I didn’t always do that well – sometimes I stayed in the wrong job for years too long and didn’t remember you shouldn’t hate somewhere you spend almost a third of your life. I also didn’t consider salary indicates value and often the best projects go to those who make the largest salaries. So my career advice to others is iften different than what I did myself.
Nevertheless, I never again got myself in that debt cycle again and I could afford my life. I also knew my priorities.
For me that has meant questioning whether I need the latest electronics (usually no) or expensive entertainment, or expensive meals out. That doesn’t mean I never treated myself – I certainly did. But I knew certain things were important to me – such as travel. That’s where I preferred to spend my money.
When life’s speed bumps hit – and they always do – I could afford to pay for them. I knew how to reduce expenses and live on less.
Looking back on my life, it has been a good one. I’ve traveled all over the place. I’ve done fun and interesting things and met all kinds of people. Not many people have a better life than me. Many probably have more expensive clothes and better “stuff”, but those are not my priorities.
Invest in those things you love. I’m investing in considering the cost.
“Beware of little expenses. A small leak will sink a great ship.” – Benjamin Franklin
In the Box, Out of the Box 