August 11, 2011, 6:00 am

Time For a Swift Kick in the Butt

by: MD    Category: Other Financial Articles
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A Dose of Reality

When we ask our friends for help they often let us know that we’re on the right track and that everything’s going to work out. We get excited when we hear this. The reality is that we all want to hear something positive. Nobody ever wants to hear the negative side. We don’t want to hear the harsh truth. We don’t want to be told that we’re not doing things right. I’m very guilty of this. I can dish out some harsh words. I then love to receive kind words from friends. I personally think that we all need a swift kick in the butt sometimes. Today is that time.

I caught this program, Beyond Scared Straight on A&E the other day. The basic premise is that a group of troubled youth spend a whole day in a dangerous prison. The show aims to prevent today’s teens from becoming tomorrow’s prisoners. It’s an inmate-run program that shows the true dark side of being a prisoner. I decided to be a 100% law abiding citizen when I saw how tight of a cell you need to sit in for 23 hours a day. Not pleasant at all.

Now it’s time for some reality. I’m going to jump into a few key areas of money management and give you a little kick in the butt that will hopefully set you in the right direction:

Paying down debt.

If you don’t work your butt off to pay off your debt, you’re going to spend a fortune on interest. You’ll spend money on something that brings you zero value just because you bought something with money that you didn’t have. If you don’t kill your debt now, you’ll likely miss out on amazing opportunities in the future.

What are some of the opportunities that you’ll miss out on? For starters you won’t be able to travel with your friends. You won’t be able to buy a home when you get older. You won’t be able to quit a job that you hate. You won’t be able take risky career moves. Simply put, you won’t be able to do much if you’re swamped in useless consumer debt.

Staying in a job you hate.

If you continue working a job that you hate your quality of life will suck. I mean let’s think about it. If you hate your job then by default that means that you’re going to hate 40 out of 168 hours in a week. You’ll dread waking up in the morning, taking the hour long bus ride, working your 8-hour shift, and then going back home. When you get home you’re going to want to pass out after a likely unhealthy meal. Is this the life that you want to live? You’re bound to snap at some point.

It’s time that you started making the right moves to ensure that you don’t stay in a job that you hate. This blog is the perfect resource to get you started.

Not saving money in your 20s.

You’ll be a broke 30-year old with very little options. I know you didn’t want to hear that but it’s true. Anyone can scoff and say that life’s too short to be cheap in your 20s. You don’t have to be cheap to save money. I go out at least three times a week and still manage to save lots of money. There’s ways around everything.

Now imagine being broke as you turn 30 or even 40? You’ll have very limited options. If you get into the habit of saving money in your 20s, you’ll definitely enjoy your life much more in your 30s when you have more options.

Not taking action right now.

When’s the best time to plant a tree? Thirty years ago. When’s the second best chance? RIGHT NOW. Today is yesterday’s tomorrow. The longer that you delay taking action, the longer that you’ll have to wait to see the results that you deserve. If you don’t start working out or eating well right now, you’ll have to wait a lot longer to see the body that you want. The same applies to paying down debt, leaving your job, or saving money in your 20s.

I hope that this piece gives you the wake up call that you need. I certainly need a dose of reality all of the time so that I don’t get too side tracked.

Have you been given a nice kick in the butt lately? Are you more motivated by positive or negative reinforcement?

(photo credit: asimulator)

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Doesn’t one of the two owners of TFB empire hold a lot of debt month to month? Pay it off!

by: The Financial Blogger | August 11th, 2011 (9:05 am)

I’m guilty!
I should pay off my debt 😉
Year-end bonus will be generous and I’ll do some debt payoff 😉
it’s hard to keep up with a family and a taste for good things 😉

Mike works in the financial industry and he has a much better understanding of using debt as leverage than someone that’s stuck in debt because their lifestyle is inflated.

keep the debt man – it’s so cheap! last i checked yahoo finance i think they were paying you money to take out debt lol. enjoy the family, enjoy the good taste!

[…] Time For a Swift Kick in the Butt @ […]

[…] The Financial Blogger – Time for a swift kick in the butt […]

I think your point about the importance in saving as early as possible (like your 20’s) really hits home.

Investing early in your life can shave off years of hard work you’ll end up having to commit to, and likely be forced to do so with less energy as you get older.

I recently had to give myself a kick in the butt lately because I’ve been lagging on my TFSA so I buckled down and topped up today.

Nice post!

[…] MD at The Financial Blogger asks readers if it’s time for a swift kick in the butt. […]

[…] weeks ago I wrote about how we all need a kick in the butt sometimes. The thing is that it’s easy to fall behind and to justify our poor habits to friends in […]

[…] What’s your worst case scenario? You need to be brutally honest and think of what will happen if you lose focus of your long term goals. Will you be in debt forever? Will you have to wait another few months to purchase that dream home because you wanted the newest iPad? The worst case scenario can be a swift kick in the butt. […]