Have you ever had a breaking point… one so bad that it left a permanent impression on the rest of your life? I still remember the day I had mine.
My roommate came running up the stairs into our apartment and yelled to me that my car was getting towed because I was parked illegally. By the time I ran down to stop them they were already gone.
I called the towing company and they said it would cost $285 to get it out. My checking account had about $50 and my savings account had about $275. I had to drain my accounts to free my new car from the impound… free it back so it could again be my master. It was that day that I realized I was doing something wrong.
Two years of my life were dedicated to a good job in corporate America, and I had nothing to show. I gave up my life and this was the result. The dreams of making my first million a few years out of college didn’t come to life. I had to face myself and see the truth. Things had to change.
Have you ever had an “I’VE HAD ENOUGH!!!” moment?
Maybe it was in a relationship, with a bad habit, a job, or with money. It is usually marked by intense outburst of anger but resolved through an adverse taste in your mouth that will never let you live the same way again. Mine was with money.
I managed to hold off on buying a car until one year after I graduated. The high income job that I thought I had didn’t seem so high after I started experiencing life.
Between rent, bills, credit card payment, and student loan payments, there wasn’t much left over for anything else. However, I was a successful graduate and I deserved a new car.
My old Chevy Lumina was still holding on but it was definitely wearing. It wasn’t something that a college graduate should be driving. Looking back, I could have held on for a little longer but it was too late, I was already bitten. As soon as I showed up at a car lot it was over.
Since I was an educated finance major, I knew I could afford the monthly payments and went in to the dealership with a cocky attitude. I bought a brand new Nissan Xterra.
It was beautiful… a beast… with 4×4 that I would definitely use in Texas (not really). I didn’t really have any cash saved up so it was good that they didn’t require a down payment. Also, the interest rate was only 4% and the monthly payment was $508 a month. Boy, did I take them?!
It felt good the first couple of months to drive around in and be seen. Every time I opened the door, I could smell the new car scent which was the best smell in the world. It’s funny when you think about it, because the smell is actually a combination of plastic and glue.
When you buy something you should become its master, but when you buy something with a $28,000 loan it becomes your master. About a year into it, things were ok. I could faintly sense the new car smell but it was fading; along with the new car looks that I use to get (or thought that I got).
Along with the fading of the new car smell came the fading of my desire for the car. This was probably because of the payment that kept hitting me every month. I guess the towing incident was a good thing because it woke me up and I vowed to never live that way again.
It has worked so far. If you’re ready to take control of your money click here and start today. It’ll be one of the most important things you do in your life! Have you had a breaking point?