DISCLAIMER: I AM NOT A FINANCIAL COACH OR CONSULTANT
In the past month or so, I stumbled upon a guy on Periscope named Shanaan Dawda. He is a financial coach and I have heard several different financial coaches but his scopes caught my attention. For starters, he’s only two years older than me and he has paid off all of his student loans. That’s unheard of for people my age! I mean, it really is. The average millennial has $29,000 in student loans (I have $21,000) and many of us are living paycheck to paycheck. We are barely making ends meet and it’s really hard when you have a four year degree and don’t have a job to pay for it.
Anyway, listening to his scopes are so inspiring and they give me so much hope. I even bought his book, From Paychecks to Power and I have been reading it continuously. I have not finished it because at a certain point it talks about after you get out of debt and I want to wait until I am completely debt free to finish.
He talks about his financial blunders and being scammed, he even had his identity stolen. He talks about a typical college student trying to make money the fastest way possible. He then explains about his parents being in debt and how he doesn’t want to end up like them.
The best thing about this book that has helped me is he financial plan. He talks about finances in his scopes and he really breaks it down. He spills all the tea and that is really what many people, young and old, need to hear. I wish there was a curriculum like this in high school to really explain to us the damage of credit cards and student loans.
He even talks about how he has a credit score of zero because he doesn’t borrow. If you can’t pay cash for it, then you don’t need to buy it. He gives so much insight, and he is a CPA, so he knows what he’s talking about. He paid off over $26,000 in just 11 months and that is admirable. Granted I don’t make nearly as much money as he was making when he was making these financial gains, but I am on a get out of debt plan that is in his book.
I won’t go into detail about the book, but he tells a lot of secrets in the book and on his scopes that many of us believe the opposite from what we are told by money hungry banks and sales people. I can say that if I get a teaching position that I will be able to pay off my debts by this time next year. All my debts paid before I’m 30??? I mean how good will that be? Then I can do whatever I want.
I have made a vow to myself to never get another credit card or loan as long as I live. If I cannot outright pay for it, that means my behind does not need it. We always tend to buy things we don’t need, nor can we afford. We need to stop it, immediately. Have you ever thought about how our country is in debt and 76% of us are living paycheck to paycheck because we are in debt?
We buy things that we can’t afford to impress people that we don’t even like and/or who don’t even care. Let’s be honest, we care way too much about what other people think and about showing others up. If you can’t put a significant down payment on a house, don’t buy it. If you can’t pay cash for a car, don’t buy it. I want a tiny house, something small, moveable and costs less than college tuition.
In America, we seriously have some unrealistic goals and expectations. We are more about what we can show people than what we can afford. We would rather be in debt than to have someone have more than us. We put more value in stuff than our finances. It’s really sad.
Set some short term financial goals and I will see you guys next Friday with the first task!