Who are people trying to impress with expensive Apple Cell Phones and having Cable TV with all the Streaming Channels? If people are in debt or not even half ways towards their Financial Freedom goals, do they need these two items? What lessons are they teaching their kids if they have kids?
We made this a rule for our kids to help them reach their Financial Freedom goals and not get sucked into society making it seem like you need these items to look successful. Being successful isn’t being broke, living paycheck to paycheck or living with debt.
Success can be many things to many people but in the terms of reaching Financial Freedom having debt or living paycheck to paycheck isn’t success. It is opportunity to change, to take action towards your goals.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
We showed our boys what some others have paid for Cable TV, Cell Phones and Cell Phone Service. We ask them is it worth the extra cost versus living in a debt free house and possibly retiring early?
We used to have Cable TV when we first started out but then when we bought our last house, we cut the cable. We installed a professional Antenna on the house and can get quite a few channels here in Arizona. Including all the main ones like CBS, ABC, NBC and others. We can always find something on TV without paying that monthly cable bill.
I have heard of people spending over $100 per month on Cable. Think if they took that money to pay towards their debt or if they are debt free, then invest that money towards their Financial Freedom goals. So, if they did Invest that $100 per month and if they made 8% interest, they could have $56,899.91 in 20 years. I would take that over watching Cable TV.
There are a lot, better things I could be doing with my family instead of watching TV anyways. We could be playing cards, board games, go to the park together or just talking. The list could go on and on of things we could do as a family that would be better than just sitting watching TV.
Our son wanted us to buy him the new Apple phone for like $999. We were like are you kidding us? The phones we had cost us $150 and they work just fine. They take video and photos. They can send Texts and make phone calls. They have space for many different apps on the cheaper phone. We said what makes the Apple phone worth $850 more than our current phones and he said his friends have it and it takes really good photos. I said we have a good camera if he wants to take better photos than his cell phone does. I laughed. LOL
We have been teaching the boys for many years our Financial Freedom rules. We have been stressing the importance of not trying to keep up with the Jones or purchasing wants to try to impress others. I know they are kids and we have a ways to go with them for sure.
Cell Phone Plans
We currently are with Cricket Wireless and we pay $100 per month for our four cell phones each month. Darlene back before we got married was paying $189 per month for just two lines from her old carrier. I have heard of people paying over $200 per month for their Cell phone plans. So, we are saving easily over $100 per month from what we could be spending or at least another $56,899.91 in 20 years.
For fun lets take our Cable TV savings, Cell Service Savings and pretend we buy new phones every 2 years so the savings would be another at least $8,500 let’s say with not buying those Apple phones. If we invested that money at 8% return, we could have estimated $122,299.82 in 20 years.
Let’s now pretend we take that money and invest it in some high paying dividend and made 8% interest you would get $9,783.98 a year or $815.33 per month roughly as an average monthly dividend. Pretty good for not having Cable TV or expensive Cell Phone and Plan.
We also teach them to always pay cash for their Cell Phones. No need to go into debt or have monthly payment plans. Also, they don’t need this years model of phone. It isn’t worth the added expense.
We hope our kids will learn from us all the things we teach them about achieving Financial Freedom and that they make good choices as adults since Mom and Dad won’t be there telling them what to do.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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