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Buster Benson I need more goals.

care about my finances for one year (read all 10 entries…)
I've never really cared.

I don’t spend enough money to have to care about money, but I think that’s a silly excuse to completely ignore it. The problem is that it is just so BORING. My philosophy has alwyas been that if there’s money in my bank, EVERYTHING IS OK. It also helps that other than furniture, clothes, and alcohol, I don’t really buy much. Not having a car, a television, a gadget obsession, or any dependents surely helps.

There is something fun about money though. Somewhere DEEP down in its psychotic mind. I somewhat facetiously believe that my personality and my life can be interpreted through my monthly statements. I am what I consume. Since I only have one debit card and one credit card, it should be fairly easy to monitor it and learn more about myself through its grainy xeroxed receipts and online downloadable importable statements.

So, I’m going to do that. For a year, starting now. I’ll begin by looking back on the previous year briefly and seeing what kind of financial jungle I happen to currently inhabit. Yes, I know, sounds really fun! Join me!



Comments:

CG is not a gadget

earn/spend

So, has there never been a time in your life when you had to care about money? Was there always enough money for what you needed/wanted to spend? If that is true, then it’s no wonder you find it hard to care. It’s been too easy and boring.

Maybe you ought to start off the year by giving all your money away? Or if that’s too radical then maybe ask your adviser to put it into a blind trust that you cannot access for the entire year. Also, automatically put a two-figure percentage of your earnings into the trust, whatever percentage makes a serious dent into your liquidity. Then try to go about your normal life and see if you start to care more about your finances.

Also, I think you may need to establish a more definite goal than just “caring” about finances. What do hope to accomplish through “caring”?

Buster Benson I need more goals.

Good points!

Did I strike a nerve? I hope I haven’t offended you with my whimsical financial ramblings. :) Interesting how finances bring out a lot of passion in people… I hope this means that there’s something worth getting passionate about in finances.

Though my family isn’t exactly poverty stricken (my father saved a lot of money before he passed away… hopefully enough for my mother to survive on), I did spent my college years living on ~$400/month (not counting tuition). I paid $175 to share a room for rent in a house with 14 others, worked at Todo Loco and Pizza Hut for food, and ate Ramen 6 days a week (splurging once a week with Macaroni with “real cheese”). I would save up for a month to get a CD. And I couldn’t understand how anyone could just buy toothpaste and toilet paper willy nilly since they made such a dent in my cash pile.

When I was married we also kept a very tight budget and since then I’ve never had a balance on my credit card. When we were starting this company and didn’t know how we were going to finance it, I lowered my expenses (moved into a cheap studio, cancelled anything that had a monthly subscription including internet access, and sold about 80% of my possessions) so that I could live on minimum wage and my savings for about 1.5 years (about $1,500/month).

This last year I put away about 30% of my income into 401Ks, ROTHs and savings accounts. I just don’t have that many expenses… I don’t know where most people’s money goes. Should I start saving 50%? That might be a fun goal actually…

Caring about finances is my attempt to bootstrap bigger financial goals. I don’t yet even know what they could possibly be. I can’t start giving to charity until I care about finances, and I can’t start seriously planning for retirement until I care. Caring is what makes everything else possible…

Also, in addition to planning for retirement, I think it’s also important to plan for extreme wealth. Why is financial planning always so defensive?

PS. Thanks for kicking up the debate. :)


Buster Benson has gotten 3 cheers on this entry.

  • Moose cheered this 7 years ago
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