Myth: I Don’t Make Enough To Do A Total Money Makeover

You Don’t Make Enough Money To Manage It?

I hear this excuse all the time.  Yes, I said excuse, or you could call it a justification for not wanting to face managing your money.  Either way you look at it, it is still a myth.  Yes, it is true that you could do more faster if you made more money, but to say you can’t, simply because you think it is impossible to do so much with so little, is selling yourself short.  I would argue that it is even MORE important for you to be on a Total Money Makeover (TMMO).  If you already do not make very much then it is vital that you do not waste a single penny of what you do have.  If you are spending money at all, you make enough to manage it.

Thinking this way is unproductive and can keep you slave to the lenders for the rest of your life.  First, you must believe in yourself, and your ability to do great things, regardless of your income.  Just because you do not make much now, doesn’t mean you should just roll over and accept it as being your destiny. Start asking yourself the tough questions, and thinking about other possibilities.  What are your talents?  Figure out how “you” can make more money doing something that you are passionate about.  Sometimes this means you might have to take on more than one job.

A TMMO allows anyone to become wealthy over time.  It’s about behavior, attitude, and a desire to do better for yourself as well as your family.  It’s about leaving “broke” behind you without ever looking back.  Money is not the answer, and it will not solve all your problems if you have no clue on how to manage it.  The best proof of this fact is that in upper middle class neighborhoods across the country, 8 out of every 10 people are living paycheck to paycheck.  Money didn’t solve their problems and it won’t solve yours, but learning how to manage what you do have will lead you in the right direction.

Dreaming Is Fun, But It Will Only Keep You Dreaming

Winning the Lottery is a dream, and waiting for this to happen will certainly keep you treading water along the way.  Reality says that even if you only buy $20 worth of Lottery tickets per month, it’s still $20 that could have been saved, or at least better spent.  The lottery is such a scam and disadvantage for the people who play.

If you believe that credit cards, student loans, lottery, cash advance, title loans, and the most deceptive of them all, the Government, is your ticket to prosperity, then you really are dreaming.  As Dave Ramsey points out every day on his hit Talk Radio Show, it is your behavior that is keeping you where you are.

Of the people that I know that use their lack of income as an excuse, each of them openly admits to using debt as a tool, playing the lottery excessively, and eventually fall prey to predatory payday loan companies.  Being the Enemy Of Debt that I am, I usually speak up if circumstances permit.  The responses I mostly hear are that if they didn’t get the cash loan they would never be able to make it.  There is that word “never” again, but I digress.

Here’s the thing.  Getting the cash advance does not solve your problem, it only prolongs it.  You still have to pay the money back which means you are not only not bringing in more income, but you are now losing money in the process due to EXTREME interest rates and fees.  Using debt of any kind is risky because when life happens to someone that uses debt, that person will likely have to go into more debt to get through life’s little surprises.  Keep this in mind.  Life happens to you whether you have money or not.  Lots of money or little money, the ones that plan are the ones that survive, and the ones that don’t, continue to wonder why they just can’t get ahead.

How Do I KNOW That A TMMO Is For Everyone?

Every Friday, people from all over the country, call into The Dave Ramsey Show to scream that they are debt free.  You don’t have to listen for long before you realize that the people calling in aren’t all rich.  Some make lots of money and some make very little, but what they all have in common is that they didn’t believe the myth that in order to manage their money better, they have to have tons of it.  Instead of waiting for things to happen to them, they decide to happen to things.

Do you still think that you can’t do it?  I challenge you to prove me wrong.

About Brad Chaffee

8 Responses to “Myth: I Don’t Make Enough To Do A Total Money Makeover”

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  1. Gina says:

    I enjoyed reading your take on The Total Money Makeover. Our family have been following the plan for 5 years. We have been lucky enough to call Dave and scream “We’re Debt Free.” We are also lucky enough to be in the position that during this hard economic time to not worry so much. We are still able to save for retirement, save for our children’s college, and for that car we will need in several years. As Dave would say, try it…you can always get more debt if you don’t like living debt free. As for us, we love it.

    Gina´s last blog post..Memory Lane is Sometimes a Roller Coaster

  2. AJ says:

    Ok. This is all very inspiring and I’ve done a lot of reading, but this is a different economy. My income is currently zero dollars and I have been unable to land a job. This is a whole new ballgame. I don’t know how to integrate this plan into my life because there is actually no money to manage. At all. I understand all of the concepts, but I’m going without health care, I don’t go out, I’ll soon lose internet as well. What am I supposed to do? I know there have to be others like me. It’s so hard to keep in good spirits right now, though I am trying. Where can I start if my income is nothing?

  3. Nicola says:

    I hear this a lot, but then the examples are “only” $2,000 a month. I get around £4.5k a YEAR. What happens when your minimum payments are more than you can afford, and you have no excess a month?

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