Chasing the Bull

It always amazes just how creative a person can be when they are trying to become debt free. I have tried a few different methods, all with limited success. I wanted to tell you about my latest venture.

Every year parents rush out to find the hottest toys to buy for their children at Christmas time. As my son is only 2, I am really out of the loop when it comes to the “it” thing. Fortunately for me, my brother’s son is a few years older and is your typical 4 to 7 year old. If he likes it, then most kids his age will to.

This year all he wants is something called “Bakugan“. I had never heard of it until my brother asked me to see if I could find some for him. It appears that not only do the kids want them, so do the collectors. And only one thing can happen when that combination occurs - PROFIT.

I first went to eBay and did some preliminary research. Most people have been opening the toy package and selling them loose. This allows the collector to see the toy’s “G”, which is its power level, and reduces the shipping costs needed to mail the package. I have to admit the manufacturer has created some what of a demand by having the same toy have different power levels. Obviously the kids want the toys with the highest power (it is a game after all).

Next, I stopped by my local superstores and looked for the toys. The first four I went to did not have any. This confirmed that they were indeed pretty popular. At the 5th, and final, superstore, I hit the jackpot. I guess the store just opened a new case.

I could have easily spent $300 buying everything they had. I elected to do the safe thing, and buy only $100 worth. Immediately I went home, opened them, and put them on eBay. I am now sitting here wondering how big of a mistake this was.

Will I make a profit? Will I even make my money back? I have tried many things to become debt free, but this is the most stressful.

What have you done in your pursuit of debt freedom? Have you ever took a chance on something that may or may not work as you had planned it? I would love to hear from you!

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Have you started a plan to become debt free? Why did you make the decision to leave the hassle and stress of consumer debt behind you?

My wife and I had the “ignore it and maybe it will go away” approach to our finances for such a long time. We would throw all of the bills into a wicker basket and forget about them until fight night bill night. We would rip them open, add them up, and then figure out which bills we could skip until next week. Of course, we would try and pay the ones that were late first, with the stupid tax included.

Finally, we had enough. We needed to become debt free as fast as possible. The stress was just too much to handle on a monthly basis.

The first thing we decided to do was to stop incurring new debt. Next, we enrolled in Financial Peace University. I will say that this was one of the best decisions we have ever made! Not only did we get on the same page, we developed a plan.

Life does not need to be a struggle! You can become debt free, but you have to want it more than you want the material trappings you have fell in love with. You must take a stand against what is considered normal and do what is best for your family. What are you waiting for?

Have you finally made the choice? What finally pushed you over the edge? I would love to here from you.

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When I began studying personal finance and money management, the first thing I wanted to learn was how to become debt free. I had over $20,000 in consumer and student loan debt and could truly feel the weight that this burden was placing on my life. Like too many Americans, I choose to ignore my problems until I could bear it no more. Recently, a friend confided in me that he wanted to get out of debt, but he did not really know where to start.

If you really want to become debt free, the first thing you need to do is stop incurring new debt. After working my “debt free plan” for a few months now, this step seems pretty obvious. Apparently it is not! In order to actually begin chipping away at your balances, you must stop using credit.

“But what about emergencies”, I hear you asking. If you want this to work, then you need to re-define necessity. What I mean by that is you must decide what constitutes a “real” emergency before you begin. It is completely a personal choice that truly depends on what you value most. For me, having no consumer debt holding me back is much more important than chicken wings and beer with my buddies after softball. I define an emergency as something that must be addressed (paid for) immediately or I will lose my house, have my electricity cut off, starve my family, endanger my (or my family’s ) health, or not be able to get to work. Almost anything else can wait until I have the cash to pay for the emergency (or should I say unplanned event).

Believe me, learning how to become debt free is extremely challenging. You must visualize what your life will be like once you have achieved this goal. The truth is that you can do this but you have to start somewhere. I suggest you start by not incurring any new debt; then you can begin to deal with the debt that you already have.

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