I was recently talking with a self-proclaimed personal finance coach, about being interviewed on his podcast. He wanted my input on how people who are in debt can deal with it. The interview didn’t happen, because he thought my methods were unusual and wouldn’t work for his audience. But it got me thinking – who is this audience, and why the hell are they in debt in the first place. Then I realized it is 99% of the people in the USA, and it is no wonder they are in that position. Rather than trying to fix the immediate problem, no one wants to address the recidivism of debt. Unless you master the art of restraint as a way of life, you can't win here. Debt will return to you as quickly as you expunge it without the right training.
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About 2 weeks ago, my daughter called me from Tucson, Arizona. She is a senior at the University of Arizona there. She had been stopped at the traffic lights in her car, when another car rear ended her. It wasn't a big accident. Thankfully no one was hurt, and there actually was little visible damage to the back of her car.
In previous articles, I have stated that the concept of FI (Financial Independence) is flawed. Although the pursuit of it is admirable, the fact is that few FI followers have been able to do this through bear markets. Consequently putting yourself on that path has some dangers. I prefer to concept of "financial sustainability" and this article gives you tangible steps to take to achieve that.
Those following financial sustainability know about faucets. We all have experienced the “drip-drip-drip” of a leaky faucet. It’s not only annoying, but if left unattended, it could add up to thousands of gallons of wasted water and a very large water bill. Losing money through not being mindful of small leaks is bad. Additionally faucets are a great way to collect money, and with enough of them you can be 100% financially sustainable.