My Path to Getting Rich

This is my blog about my journey to financial freedom.

Monday, March 5, 2007

Fix that LEAK!

I had to put some power steering fluid in my little old Focus today because when I checked the fluids I realized it was low. Another thing I realized is that I have a small oil leak. Like I said, it’s a small one but it’s causing the oil to run down the motor and burn. When you get burned oil, you get a little smoke so that can’t be good. By now you are probably thinking about where I’m going with this right? Well, like I said before, I always try to relate things to my journey to financial freedom.

The first thing I had to do was figure out where this leak is. I’ve already established that an oil leak can’t be good. It would be quite embarrassing to be putt-puttin’ around in a billow of smoke. Plus if you don’t fix the small leak, doesn’t that usually lead to a bigger one? Like I said before, I don’t claim to be a mechanic, but I also don’t want to pay somebody for something I may be able to do myself. So now that I have figured out where the leak is coming from, what do I do now? Well, I’ve determined that it’s just a gasket that needs replaced and I should be able to do it myself. How does this pertain to my financial journey? Well, I think we all have some kind of leak going on in our wallets that might be setting us back. What am I talking about with all this? I’m talking about debt. I didn’t talk too much about debt except for a link so now might be a good time. I have allowed my budget and finances to have “leaks”. I bought things I really didn’t need and dined-out when I didn’t really have to. It took a lot of lectures and lack of money to make me realize I had these leaks. Just like in a car, you don’t really know you got a leak until you see the signs or you actually get under the hood and look around. You have to take the time to do a self-assessment and see if you are leaking cash. You might not know where those last 20 bucks went to last week, but if you don’t figure it out it might be 40 the next. Most people don’t realize they have a leak until it’s too late. Honestly, how many times do you step in oil when you are in the parking lot of Wal-Mart or any other shopping area? I know I see them all the time because I always have to tell my son not to step in them. Do you think the people that left the oil on the ground actually knew that their car is leaking? They might have known about it but some people just don’t care until they see the estimate given at the local mechanic shop for major repairs. Ouch!

Are you one of those people who just don’t worry about it until something major happens? Does it take an emergency to realize you haven’t saved any money at all? You have allowed your wallet to leak so much to the point that it’s no longer a small repair. Then you start getting loans and making even more holes in your wallet. I’m not afraid to admit that I’ve been there before. Most might be but I take it as a learned lesson on this path I’m on. It takes real dedication to locate and admit that you have leaks in your financial situation. You have to put your pride aside and actually tell yourself that you spend too much on this or that. Control your debt today, so you won’t have to see the bill later. It makes no sense to have a great idea on how to make money if you haven’t learned how to control the expenses. It’s tough I’m telling ya.. Make charts or lists on your expenses. Find out where YOUR money is going. If I had a nickel for every time my son stepped in oil at the market, I’d be well-off. If I had a penny for every time I’ve allowed money to be wasted, I’d be RICH!

So, we must find our leaks and seal them. There are tons of tools out there to help reduce your debt. I have a great one posted on the website. That is the one I use and every month I see myself closer to the goal. Get under that hood and see where you stand. Don’t get stranded along the side of the road


Anonymous Anonymous said...

I've just read your blog and found it informative and easy to relate my situation to. A good buddy of mine gave me the "Rich Dad Poor Dad" book and it has helped shape my outlook in financial ventures. Keep up the good work,

March 9, 2007 at 10:13 AM  

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