There’s a trend among people I’ve talked to and coached about financial planning. One thing that almost everyone I talk to has in common: they don’t start with the right question. It took me a long time to catch on, and I still don’t always start with the right question.
We love to eat out. When we plan a vacation or a weekend trip, one of the most important parts is planning where to eat. But we also have five kids. So we’ve adjusted to make it more affordable, and now frugality is our default. It’s easy.
Our family of seven has stayed in more than 20 different homes through AirBNB, across 12 countries, and over 40 days. It’s our preferred form of lodging. No other other type of lodging we’ve used has compared, and I’ll explain why.
Could you imagine not spending money for 30 days? I’m not talking about paying your bills, and keeping the lights on… keep doing those things. But what if you weren’t a consumer for 30 days? Or even 60? We’ve done 90.
I love when people ask me how many kids I have. When I say “five,” there’s always an expected humorous reaction. Sometimes we get the typical, “don’t you know what causes that?” Other times it’s, “wow, you have an entire basketball team.” Originality is not a requirement when responding to someone who just told you they have five kids.
The average car payment is over $500/month, according to an Experian report from late 2018. Another report, from the US Public Interest Research Group (PIRG), shows that auto debt has risen 75% since the Great Recession of 2009.