SMS 168 – I’m Just Not a Saver, is that OK?

I’m just not a saver, is that ok?

A long time ago I was visiting a relative and was admiring the comforts of life they had accumulated and commented that they appeared to have done well and “had it figured out”. Their response was that all this comes at a cost. They said “I am not a saver, but I am great at paying back”. At the time I thought, well that’s great, you have the skill to pay things back.

Recently I had a very similar conversation with an acquaintance and they proclaimed they were “a terrible saver, but a great payer backer”. Twenty years later I have a very different perspective on this.

The problem with not becoming a saver? This is a skill and discipline that needs to be developed.

How do so many people end up going down this road?

  1. We often start out life in the hole
  2. We need to acquire things to create a comfortable life
  3. Societies expectations and timelines are unrealistic

The problem with using debt to advance though life:

  1. Debt requires income
  2. Debt has a ceiling, savings does not
  3. Debt adds risk to everything
  4. There is no wealth building opportunity

The solution:

  1. Get to a place where you spend less than you earn
  2. Always spend money that is at least one month old
  3. Become in love with a process that will lead you to saving
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