Comment by skeeter2020
18 days ago
it's a pretty brutal version of "financial literacy" but it sounds like you had it. Not sure how you broke the cycle though; what made you aware of an alternative?
We have an entire generation of NOT poor western young adults who grew up during essentially zero % interest rates. Their parents financed lifestyles well beyond their means; that was their financial literacy education. None of your neighbours actually "bought" a $50K+ automobile. They are all paying bi-weekly (or weekly!) finance payments. Combine with our focus on immediate gratification and society is pretty messed.
And it wasn't just consumers! Nobody runnning a small business has had to figure out to make the math with double-digit business loans work for some time. Massive fiscal spending growth has also made many businesses viable on government borrowing.
My number one tools are arrogance and self-respect.
I spent a few months visiting a therapist once per week. He said my arrogance is probably the most significant driver behind my success.
Statically speaking, I should be dead, in prison, or broke with multiple illegitimate children or addicted to drugs and alcohol.
I kept telling myself that I was better than my family members and peers who made those choices. I had to distinguish myself from my entire family to succeed.
I am a hyper-critical individual and most of that criticism is towards myself. Every time I do something or make a purchase, I ask myself if I'm treating myself with respect.