by Claire
As I was chewing on my want of a housekeeper and all of the dialogue that post generated I came across an NPR segment. It was a recent story on financial and legal advisor Richard Watts’ new book, Fables of Fortune: What Rich People Have That You Don’t Want. Mr. Watts advises the very wealthy and has gathered some good stories along the way. He says there is truth to thae phrase that more money means more problems.
The segment can be read here: http://www.npr.org/2012/05/08/152258879/can-mo-money-really-mean-mo-problems
The portion that really struck me was the story about the author’s son’s credit card debt. His son, Todd, was a student at the University of Southern California. Todd was put on a budget but the lifestyle he led was not attainable on that budget so he went to town with credit cards–without his parents knowledge. Upon graduation, Todd had $48,000 in credit card debt. Gulp. What’s a parent to do?!
The paragraph that answers that question is this:
“And it was horrific and it created a situation where my wife and I sat looking at each other and my wife said, he’s a great kid. He got great grades. He’s going on to graduate school. Pay it off. Just write a check and pay it off. And I said, first of all, I can’t do that and, second of all, I won’t do that. And we made him pay and, over the next years, he lived with four guys in an apartment. He had very little he could do for four years.”
Yes, that is the correct answer indeed! But what really, really, REALLY jumped out at me from this paragraph was that last sentence…”He had very little he could do for four years.” Yes, four years is a long time. And, in my case, 2.5 to 3 years is a long time. BUT…in the grand scheme…I think we can all remember 3 years ago and also marvel at just how fast that time has gone!
On my good days I “get” that “to have very little I can do” for the next 3 years is my reality. On the days I feel strong I know it will be worth every “pass” I have to make…every “no thank you…not now” because the reward is freedom from the albatross that this debt has become. A comment from reader Debt-Free Dan hit the nail on the head—I’m not reverting to bad behaviors when I share that I am about to spend money but instead recalibrating (thanks Dan!). I have to be vigilant about sharing those thoughts so they get out there and I learn to make better decisions.
Final thought–I am confident there are many, MANY readers out there that CAN relate to my crazy debt and that will keep me writing! Keep reading because we are in this together!
