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9.10.08

Let's Talk Money Shall We?


This post is only somewhat clothes related so check back tomorrow if you just want a straight fashion post.

(start of soapbox rant)

I had an interesting conversation yesterday with a colleague. He works for me and My Guy at our non-vintage related endeavor, but he does read my blog. During a conversation we had he mentioned that he had read that I had bought shoes at Holt Renfrew and mentioned that I should remember that the people I work with read this blog. Basically it was a comment to say that with things getting so tight in our industry (and all industries for that matter) maybe I should not be posting that I am buying expensive shoes.

Now I realize it was somewhat said in jest but I think at the same time it was not.

We all know the economy has taken the most dreadful downfall.

My own personal stock portfolio is down substantially and I have taken a loss straight across the board. If you are even half aware of what is happening in the world you know that everyone is in debt, people are losing their houses and things have just generally gone amuck.

It is bad in America and its not so far behind here in Canada.
It's not like we where not warned - link here to read an article written a full year ago about Canadians running up their credit cards. And I heard recently on the news that the credit card situation a lot of Americans have gotten themselves into is even worse then what is here in Canada. Off the top of my head I believe the numbers where something crazy like the average Canadian is $10,000 in debt due to credit cards and has 3-4 cards, while the average American is $30,000 in debt and has up to twelve.

That's just scary

And you know what? If you are in the position where you need to tighten your belt and start being responsible because you owe a shit load of cash to everyone and their mother, then you should not go and drop hundreds of dollars on shoes. I full heartedly agree.

When I was working my way through college and then University after that, (all on my own dollar, whether borrowed as student loans -repaid now- or worked for, on top of a full class schedule I might add) and doing BOTH WHILE raising a child on my own, well shit, buying shoes came under the -need them for my child and I will have to do with what I have-category.

And I was still stupid with my money even when church-mouse poor.

But I grew up

A lot of people assume that because I am with My Guy - who is very successful - that I am on the kept woman plan. Yeesh I wish. I work my ass of running two very successful companies and am involved with half a dozen more.

BEFORE I even got involved with My Guy and we became really seriously, I made it a priority to learn how money works. Why should that only be guy territory? Why does no one ever assume that I make more money and pay for My Guy? huh huh?

I already had a stock portfolio and a damn good career going and was very well paid. I paid off every debt I had as soon as I could turn some of those stocks into a nice lump sum of cash and consequently owe absolutely nothing at all to anyone. And then I stayed that way.

Think about that. If you no longer paid your mortgage or your car or credit cards or any other type of loans.....well even a modest income would feel pretty rich to you would it not?

I can buy as many pairs of shoes as I please as long as I generate enough money to pay my monthly bills and help support FIVE children and 2 dogs. One of which is very very large and eats a lot. And I do mean a lot.

When you have no debt hanging over your head you are free to do as you please.

You have earned it because its not easy to get there and its sure as hell not easy to stay there.

So I decided to write about all of this, even though it will probably piss that person off, but so be it, because there is a SUPER Important lesson here to learn.

Girls, and especially the young ones out there reading this, don't fall into the trap.

Don't get yourself into so much debt you can't get out.

Buy quality, buy lovely, obnoxiously expensive things but buy them when you can afford them.

Because when you have earned the things you love to own
(and yes I do know that there are SO many lovely things to tempt a girl),
when you have earned them and worked for them, with no strings attached,
by yourself,
for yourself,
then you are free from people opinion's, the state of the economy (to a degree of course) and from ever having to explain yourself to anyone but your Mother and Your Guy.
Both of whom deserve your full respect.
Other people have to earn theirs

(end of soapbox rant)

4 comments:

Anonymous said...

I hope lots of girls read this and learn that lesson! I wish I had learned it early.

And why is a guy reading a fashion blog anyway - what does he expect you to talk about - tools? Oh actually you did in todays post *giggle*

Keep buying your fabulous debt-free shoes and letting us see them!

Step Right Up said...

Good stuff! People need to learn the saying "If I don't have the money, I can't have it." Credit cards should be for things like reserving hotel rooms, airline tickets, etc. And even then, one needs to have a plan of how will I pay this purchase off and in how long of a time frame and STICK TO IT! Sure, that thing you wanted sooo bad might look great on your wall or in your drive way or on your feet but if you're in debt is it really worth it? Just my 2 cents. (found you via WendyB)

Sharon Rose said...

Hi there-a fantastic post and very well done to you too! You fully deserve to get on your soap box when you are in the position you are in now, full credit to you. I do love buying designer vintage, but I have to buy from Ebay at ultra low prices or thrift from the boots sales and charity shops. At least I have a gorgeous wardrobe that is not on the credit card, thank God. What you said about it not being easy staying out of debt is too true. I thank God I pay down my mortgage and loan debt every month and don't add to it, but it can be soo tempting sometimes! I really enjoyed reading your post-good for you!

WendyB said...

Let's hope the people who can afford to keep spending do so, because I'm not interested in going out of business.

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