Episode 41 - Debt and Dreams

Blooming Voices Podcast

The debt cycle is capitalism at work, but is there such a thing as "good" and "bad" debt? How can debt further your dreams, and how can you tell you're just spending to "keep up with the Joneses?"

Takeaways

• Debt isn’t always bad but we need to educate ourselves on how to leverage debt so we don’t end up drowning in it.
• Good debt can further you as a person, like education, or even having a car. We often need cars in America, but to go way above your means, like getting a car that’s $50,000 versus $10,000, that would not be a smart move.
• Traveling is great as an educational tool, but rather than going too far into debt, maybe only do one big trip a year.
• If you want to cut up your credit cards and only pay with your actual money, that is also an option. Do what feels right to you.
• We can look at money as abundant or scarce.
• Everything happens for you in its time. Nothing that’s meant for you will escape you.
• Debt can feel suffocating especially in our society. You can take on debt and work within the restrictions that sometimes come with it, or try to do it without debt and accept that it may take longer. It’s all okay.
• You can keep up with the Joneses and constantly be chasing the next best thing which may mean spending money you don’t have; or you can spend in the way of your dreams and invest so that debt helps build something meaningful for your future.
• Look for evidence of the life you want and the money you want to receive rather than the current reality of your situation. Get excited about what's coming.
• Think about your spending and how it makes you feel. Do you feel enriched, improved, advanced? Or are you chasing a feeling that feels fleeting?
• - Sometimes the more expensive item is what brings you joy, and in the end, you might spend less over time in not buying a bunch of cheap versions.
• An expensive tattoo artist is so much better than a cheap one, in all the right ways. Think of your large purchases like this, though still within your means. If you can’t afford a full tattoo sleeve, then you can’t right now and will later.

​Resources

• https://www.imf.org/external/pubs/ft/fandd/basics/2_capitalism.htm
• https://www.financialeducatorscouncil.org/why-isnt-personal-finance-taught-in-school/
• https://en.wikipedia.org/wiki/Majesty_Building

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