Freedom from Debt

"American's have stopped making things. Instead, our wealth is built on credit. The more we borrow the richer we feel, when in fact nearly every asset we own is made in some other country that we paid for with borrowed money."
- Mike Ward, publisher of Agora Books (publishers of Empire of Debt)




Here's an interesting look at American citizen's debt (Canada can't be too far off):

http://www.ihatedebt.com/ALookatDebt/CurrentStateofDebt.php

Some interesting (and sad) highlights:

• Only 2% of American homes are paid for.
• On average the typical credit card purchase is 112% higher than if paying cash.
• Over 40% of U.S. families spend more than they earn
• The average household has 7 credit cards.
• The average household has a total credit card balance of approximately $25,800
• The record number of bankruptcy filings was 1.44 million in 1998 until 1.49 million were filed in 2001.
  

USA Today reports that, of the 23 greatest fears identified by Americans today, #3 was inadequate Social Security, and #4 was not enough money for retirement.

Suggestion: get out of debt asap, and begin building your savings as early as possible (at the same time as getting out of debt). To build assets while reducing debt simultaneously gives a psychological boost. Building a saving at the same time as eliminating debt is also important due to the effect of compound interest on your savings/investments.

For calculated, smart debt elimination planning (that could save you a significant amount in interest), I suggest a simple but powerful software called DebtEraser.

As well, for continuous learning in the crucial topic of personal finance, I suggest bookmarking the following resources:

http://www.getrichslowly.org/blog/

It is my personal motto that in order to be free of the burden of money, one needs to have money. This requires learning how the flow of money works and how to manage this flow properly.

http://zenhabits.net/2008/06/how-i-paid-off-35000-in-debt-and-how-you-can-too/ (contains interesting ideas on "debt snowballing", but with DebtEraser you can simply pay off faster and save on interest)

The keys to successful debt elimination: ruthless self-honesty, having a plan (based on knowledge), and beginning today, using your plan as a roadmap until the goal is reached.

And for knowledge on how to generate and increase income (no matter what profession you're in), here's a book I suggest for everyone's library:

50 Prosperity Classics

This blog post is dedicated to your health, happiness, and prosperity.

Paying Attention to Financial Health

I believe that learning how to relate with money is very important to our overall well-being.

To relate properly with money is to be free from attachment to money. This means that we need an open flow of money in our lives, that improves everything it touches.

If money is akin to formless energy (which I believe it is), that has to be used properly to bring about prosperity and freedom in our lives (as opposed to materialism and obsession with it), then the whole topic of prosperity and financial abundance is very important.

Issues such as debt, building a saving, retirement, generating income with joy (instead of drudgery), investing... and more...

... are very important, if we wish to live a life of balance, purpose, passion, creative expression and joy.

With that said, I am going to take this blog on a turn into new territory. Coming soon: ideas and thoughts about prosperity from my own life and research.

"God Bless America"?

I just came back from a trip to the U.S.A. Beyond my shock at the grip the junk food industry has on the American population, and how unhealthy many people look, I noticed a few things that were interesting to my mind.

For example, many Americans seem to believe that a world in which only one country is divinely blessed can ultimately sustain itself.

It seems that in their mantra/prayer of "God Bless America", many Americans really mean "give our nation special status and progress, at the exclusion of the rest of humanity".

If so, then this is a prayer of ignorance.

A leader nation is not meant to trample upon other nations, just like a human leader is not meant to trample upon his followers. A leader nation is meant to set an example of a higher standard, and help uplift all toward it... all who are ready to lift themselves up.

I'm not sure if I have understood this American motto properly, but it seems that there is something not quite right with the way a lot of Americans use it...

... especially in light of the enormous hubris the American government is displaying on the world stage.

No Prescription

There is no prescription for fulfilled and joyful lives, except for self-honesty, courage and willingness to face and explore all aspects of ourselves. The light... and the dark.

We need to find our own way, each one of us, through the maze of experiential trial and error. The maze of our souls.

Along the way, it is wise to seek counsel from others whom we trust, in order to gain perspective on ourselves.