[chinesemedicine]

misa j's topic on career changes started me on a rant that I had to cut short lest it run off topic. So I thought I would continue it here as it may benifit some. Even if it benefits one, I'll be happy.

Quite a few people have asked me how I did it. How was I able to to start a new career so late in life and end up loving what I am doing for less pay. How did I come to have no mortgage or debt and be able to buy anything I desire and travel to Japan so often. Was I rich to begin with? Did I win the lottery or gain an inheritance? The answer is no. None of the above. I was just as normal as anyone else and started out with nothing.

I learned this lesson early in life when I was in the military. I was stupid with my money and foolishly spent all that I made. One month I spent too much and had to borrow $50 from a friend. (Back then when you were only getting $321/month in 1974 that was alot of money!)

When payday came and I had to pay him back, I hated it as I now would not have as much money as I thought and had to be really careful as I would not be getting paid for another 30 days! I swore from that day on that I would never again spend more than I made, nor would I ever again borrow money as I hated having less than I made and despised the fact that I owed someone else money.

The key to doing what you love and getting paid for it is to be completely debt free. No credit card debt, no mortgage (if you can do it), no car payments, no nothing.

Early on we practiced "delayed gratification" in that, if we cannot pay for it in cash, or within a few payments, we will not buy it no matter how bad we wanted it (with the exception of a house of course). We will save for it. My "30 year mortgage" was paid off in about 8 years because my wife and I saved everything, invested wisely (the 90's were great for that), hardly ate out, didn't buy things we didn't need, and put every bit of extra money to paying off the mortgage. Today, we have been completely debt-free for 8 years. Also, the book, "The Millionaire Next Door" helped keep me on course when I wanted to "piss my money away" on things I "thought" I needed. Am I millionaire? No, not at all. But I don't want for anything and owe no one nothing! A few people disagree with his principles, but I am one who can vouch for them.

But Pachipro, you don't have any kids. Of course you can do that. Not! I taught my system to a couple of friends with kids and they are amazed at the amount of money they have in the bank today, a few years later. Once they cut out the crap they were buying, the eating out, the premium channels on cable, the delivered pizza, the video clubs, paid off their credit cards, stopped leasing their cars, etc. they were just dumbfounded at how much money they had left over.

You cannot imagine what freedom that gives you. Being debt-free enables you to save alot of money. You cannot imagine how much money is left when you have no mortgage or credit card payments or car payments.

If I want to take a couple of days off of work without pay if I so desire, no problem.

If interest rates go up who cares? (That just makes me more money in CD's and I do not own any stocks today. Too volitile).

If I get laid off who cares as we have no bills to pay.

Gasoline doubles, no problem.

The hot water heater or air-conditioner goes out? Who cares? Get it repaired or replaced and pay cash.

My wife's car gets rear-ended and is totaled, no problem. Go out and buy a new one and pay cash for it, after haggling for the lowest price possible since the salesman thinks you will be financing the car anyway.

The point is, in order to be completely "free" in this crazy world of ours, one must be debt-free and owe no man no money. As the bible says, "the borrower shall be slave to the lender." And the sad part is that most people today are so much in debt that if they miss a paycheck or two they may have to declare bankruptcy or risk losing their house.

They cannot up and quit their job to take a lower paying job in a field that they love because they are so much in debt to the bankers and credit card companies. Just what "they" want.

Was it easy for us? Were we rich? Hell no we weren't. We came back from Japan with not much cash after we sold our school. We started from nothing 17 years ago (when I was 34!) and both of us were just starting new careers from scratch. Nothing was given to us.

We saved and saved every penny, never bought on credit (except the house), and paid cash for everything using a credit card that we paid off at the end of the month. The first car we bought was a used one that we paid cash for and luckily, since we both worked for the same company, we drove to work together for a year or so.

It was only just a few weeks ago that we finally bought brand new furniture for the house after 17 years! And we paid cash for that! Today we can buy anything our heart desires.

A Mercedes or Lexus? No problem. But why pay so much for a depreciating asset that will hardly be worth anything in several years?

A trip to Japan anytime? No problem.

A new wide screen hi def TV? Not yet. Prices are still coming down and the 32 inch analog does us quite well.

A Digital Video Recorder with a 120gb hard drive? No problem. Buy it. Why pay $10 a month or so for TiVo when a DVR does the same job?

When you finally save some money, you realize in the end that it's just plain stupid to have those things you really can't afford just because you think you must have it in order to "keep up with the Jones'" You begin to think, "I could afford it, but why waste my money." If I was filthy rich, that would be another story. Then I could splurge on usless things.

The point is that with today's economic situation the only way "they" can control us is to constantly keep us in debt with easy credit.

Want that big screen 50 inch plasma HD TV? No problem. Buy on credit and don't pay anything for three years. The thing they don't tell you is that if you miss so much as a single payment, 23% interest will be tacked on to the beginning of your purchase!

Want that sleek, expensive SUV? Lease it for low payments, but it will never be yours and damage done to it will come out of your pocket at the end of the lease!

Want to refurnish your house? No problem. Just refinance for 125% of your home's equity with a variable interest rate and you'll end up in debt forever. And with interest rates constantly going up this past year the bank will own your house before you do.

The more you are in debt, the more you are a slave to society. When I first applied for a mortgage 15 years ago, the loan agent at the bank commented on the fact that we didn't have any debt. "That's unAmerican", she said. Thus is the common thinking in todays society. It is so normal to be in debt, that today's younger generation, for the most part, doesn't know any better.

My advice. Practice delayed gratification and don't fall for the constant advertising that, "you must have it because everyone else has it." Or that "you are not cool if you don't have this particular item." Or that "you MUST refinance your house before interest rates go up."

Save and pay cash for everything. You'll be amazed that if you just drive a used, well-maintained car for a couple of years that you bought for cash, and save the "payments" you would have paid monthly for that new car, that, in a much shorter time, you'll be able to buy that new car for cash. And you'll own it!

Within 5-10 years you'll be amazed at how much money you have in the bank and before too long, you'll be able to have a career that you enjoy and get paid for it too because you will not be "slave" to anybody. Being debt-free enables YOU to make the rules for your life and not the other way around.

Good Luck and stay out of debt! View more random threads same category:

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[Sheestgag]

I understand now that this is just a digression from a different thread, so it may not have been justice assumptions on my hand, but I expected more for the title, "Doing What You Love and Getting Paid for It!". How is "saving money" doing what I love?
I skipped ALOT in this thread anyway, seeing that it seem merely to be a rant, and I personally haven't been able to spot any substance in it yet.

That's my opinion. Thought I'd share it for the sake of having more than a one-sided perspective; sharing a different opinion, whatever, etc. Thanks for your conscent - apparently others have gotten something out of this, so...
I know this both sound stupid but even more rude, and that is that I've been recently considering to do it the "debt-ways", like monthly pays for a laptop I've wanted/need, and by reading this thread I feel encouraged to do it, not discouraged. I find this humorous - why I'm sharing it Again: sorry if it's just offensive/rude.

[Tusethede]

Very inspiring and uplifting. Your advice and wisdom is as great as your stories!

When you finally save some money, you realize in the end that it's just plain stupid to have those things you really can't afford just because you think you must have it in order to "keep up with the Jones'" You begin to think, "I could afford it, but why waste my money." If I was filthy rich, that would be another story. Then I could splurge on usless things.
The point is that with today's economic situation the only way "they" can control us is to constantly keep us in debt with easy credit.

Practice delayed gratification and don't fall for the constant advertising that, "you must have it because everyone else has it." Or that "you are not cool if you don't have this particular item." Or that "you MUST refinance your house before interest rates go up."

I think a lot of people today think they "need" so much more than they do. The other thing is so many people want to be "like everybody else".
Some examples:
If your neighbor has an SUV, you need one.
If you can "afford" a new car every three years, then by all means you should get one.
If your cell phone doesn't do all the latest tones and able to take pictures, by all means you need one.
If everyone is telling you to buy stocks, then by all means you should.
If you have a credit card, use it for everything!
These are just a few, but I am sure everyone could add more!

Save and pay cash for everything. You'll be amazed that if you just drive a used, well-maintained car for a couple of years that you bought for cash, and save the "payments" you would have paid monthly for that new car, that, in a much shorter time, you'll be able to buy that new car for cash. And you'll own it!

Speaking of paying in cash, I know a Japanese couple who have been here in America for 40 years who indeed have credit cards, but barely ever use them. When they bought a car years ago and discovered something was wrong with it, an American friend told them, "just call the bank and put a stop on the check or call the credit card company and have them stop payment." When they told him they paid in cash, he nearly fainted!
All they did was go back to the dealer and talk to him nicely, and were given a different car that was even better than the first one they got! No problem!
It is indeed amazing that the more people have, the more they usually want!

[shashaffff]

Pachipro, I'm only 18 and in many respects just starting out in life. I already fear a monotonous existence where I spend all of my time doing work I neither enjoy nor want to do. Not to mention the debt that I could be in already - due to my entering university - were it not for my parents' help. Your post has given me a new perspective on life, thank you!

*Will be more conscious of his spending habits from now on. If I don't need it, I won't buy it!*

[GennadiyRom]

Pachipro, I totally agree with you.

I did not get a student loan when I was at uni, I don't use a credit card at all, and I have no debts, not even a mortgage.
That gives me all the freedom I want.
All I have to pay, is my rent, and the bills for the gas, phone, electricity and tax.
If I lose my job and my money runs out, I can move somewhere smaller and get benefits to go towards the rent. (Not that I want to live off benefits but I won't starve to death at least.)
Meanwhile the rest of my wages are mine to save up for what I want.
That's the life!

[seawolferr]

More agreement here! My philosophy in life is that time is a more valuable commodity than money. So I only work enough for my needs, and spend the rest of my time doing what I like. I am working on making money from my hobby, which some of you know is making jewellery. I have made some money, but not enough to live on yet!

I find it very hard to see the attraction in owning a big car, a big house and all that stuff. Can anyone explain the attraction?

[smokeberly]

I also agree with everything here too, good advice/thread !

[AnriXuinriZ]

I think it's really useful information, and I agree

For my Japan and China trips I saved nearly every Euro I had and in the end it payed off ! I could buy whatever I wanted without being in debt.

HOWEVER, I have experienced money problems lately but not due to my own ignorance.The interim office I work for (they who arrange my part time weekend job) screwed up about 4 times now, and the result was I had nothing on my bankaccount for nearly 2-3 months.It's really frustrating when you have to loan money from your parents to buy something, let me tell you that! I even had to use money from my savings account 2 years ago because I payed my airplane ticket with my visa card without money on my bankaccount.You can guess who the culprits were

Life is more enjoyable in the knowledge of not having to work to pay of a debt and you can spend money as you wish

[xochgtlm]

Great way of life, and totally anti-capitalist too. I myself got married young and toiled for 8 years, every month being an exercise of money-juggling (house, 2 cars, holidays, lots of retail therapy...) and since I divorced, I only live with the monthly income, no car anymore, no TV (=no exposure to advertisement and less contamination of my brain), a decent phone, a decent laptop, a rented room, freedom, and a credit card just to book cheap flights and hotels. I am by modern standards "poor" (my belongings, books apart, fit in 2 suitcases) but happy and free to travel and get work anywhere at very short notice. I totally agree that debt-free living makes you enjoy things better and also make me sleep better.