Dec 20, 2014

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Do You Rent or Own Your Money?

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money managementEditor’s Note: Enter today’s giveaway! Information is below.

And no, I’m not talking about houses here.

I’m talking about your money.

I’m talking about my money.

Do you own your money? Or do you rent your money?

For the past 19 years, I’ve been renting my money.

For the past 19 years, I’ve been in debt in one way or another. Car loans, students loans, credit cards, mortgages, equity lines, business loans, and personal loans.

For the past 19 years, I’ve been paying other people for the privilege (seriously makes me want to gag) to rent their money.

Chase United Mileage Plus card offered me a deal to rent their money. And as a bonus for renting, I got a few miles and ended up taking a few trips that required me to rent even more money.

Fannie Mae made me a deal to rent their money. I rented their money and lived in a house. I used to call that owning a house but the truth is: I never owned it. I rented the money so that I could live there. Fannie Mae owned the house and they owned the money that I used to stay there.

So here’s what is interesting about renting money…

Until I am debt free – I’m still renting.

Even though I’m no longer using credit cards.

Even though I’m paying off my debt.

Even though I’m kinda militant about the evils of finance charges. And tell every checkstand clerk that offers me 15%-off-if-I-open-a-card-today my opinion of what they are doing.

I’m still using.

Just like a junkie in tenament housing.

I’m still using someone elses money. Paying to rent.

The dollars in my bank account are owed to someone else. They are not mine. I do not own them.

This gives me a very honest perspective on whether or not I should pay money for something or not.

I don’t want to rent money anymore.

I want the dollars that I earn to be mine.

I want to own them.

I want to be able to determine what I do with them.

I don’t want Bank of America or Chase or anyone else in the private life of my money. These institutions are the financial equivalent to a slumlord.

Slumlords get their name by offering a crappy place to live and making money off of other people’s misfortune. (No different than credit card companies.) Slumlords offer initial low rent to lure tenants who will not or cannot pay high rents due to lack of funds or faulty background checks. Slumlords then profit off the dependancy of the tenant while continuing to raise the rent. They prey on tenants who believe they cannot live elsewhere.

Credit card companies prey off of our weakness when it comes to instant gratification. They offer us nothing except an offer to pay for renting. They profit enormously from the dependancy that they create.

I’m done with this.

If I want to buy something right now – all I have to do is remind myself that the slumlord is paying for it. And that immediately sets me straight.

I don’t want the slumlord to pay for my stuff anymore.

I don’t want the slumlord to be in my life at all.

I’m paying the slumlord off. And I’m moving out.

To a place where I own my own money.

Talk about emancipation, baby.

Freedom.

There’s nothing better.

GIVEAWAY TODAY AT 8PM (EST)!

Editors’s note:  To celebrate New Latina’s first birthday we’re teaming up with a special guest contributor, Meadow Devor, financial expert and master money coach!  This week, Meadow will be sharing a new article on New Latina and giving away one FREE COPY of her 30-Day Starter Kit (a $49 value) each day (Monday through Friday) at 8PM EST!  That’s five free Starter Kits shipped out to New Latina readers!  And if that wasn’t enough, we’re also giving away 100 downloadable copies of Meadow’s Money Love ebook ($9.99 value) from 12pm to 4pm EST on Saturday! Giveaway information is below!

One FREE copy of Meadow Devor’s 30-Day Starter Kit (a $49 value).

How To Enter the Giveaway!

It’s simple: Just share what you liked about this post, or what resonated with you.  Leave a comment below.

For additional chances to enter (only after you answer question above):

1. Like New Latina fan page on Facebook and leave a message letting us know that you “Liked” the fan page.  If you have already “Liked” the page, leave a message letting us know that you’ve already “Liked” us.

2. Like Meadow Devor’s fan page on Facebook and leave a message letting us know that you “Liked” the fan page.  If you have already “Liked” the page, leave a message letting us know that you’ve already “Liked” us.

3.  Subscribe to New Latina updates via email and leave a comment letting us know that you subscribed.  If you’re already a subscriber, leave a message letting us know that you’re already a subscriber.

4.   For 1 additional entry:  Tweet the following and leave 1 separate comments with a copy of your tweet.

Giveaway today @ 8PM EST! 30-Day Money Starter Kit by @Meadow Devor ($49 value) via @NewLatina http://wp.me/p132np-2wn #latism #latinabloggers

This giveaway ends tonight, at 8PM EST.  Winner will be randomly selected via Random.org. We will notify winners via email and Facebook.

Buena Suerte!!

Disclosure:  New Latina is not an affiliate of Meadow Devor Money Coaching products. This is just another effort by New Latina to empower our readers and followers.

 

 

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Meadow Devor

Meadow Devor

Meadow DeVor is a Master Certified Money Coach who has devoted her practice to helping her clients create a healthy relationship with money. She believes that everyone has the power to transform their lives, find their own financial freedom and create a better relationship with money by changing the way we think. She has been a guest on The Oprah Winfrey Show and her articles have been featured in Women's Day Magazine. She is known for her 'take-no-prisoners' approach to coaching, her radical authenticity, and most of all... for her giggle. She is committed to doing serious work while making it as fun as possible. She writes a popular blog about money. You can read more of her work at http://www.MeadowDeVor.com.

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Comments

  1. Meadow, what a fun way to present a terribly serious problem that so many of us have!!! OY!!! I am renting my money in the worst way! For shame!

    I cringe to think about my higher education debt- I mean I am still growing this freakin’ DEBT as we speak with another 2 years of school for this goshdarn PhD- AY AY AY !

    I remember a a few years back, a creditor calling me and my response is I can’t pay right now because I’m in school. The creditor rep said, “You can’t afford school.” …hmmm…. wow… I mean I guess there was truth to that in that I am not affording higher Ed but renting my time in higher ed…. or something like that.

    Thank you for your comment in response to a note I wrote on the first article in this installment- about have a healthy sense of self-worth, love, and appreciation in order to be able to be able to say I love, claim, and own that money- it is really and truly mine! Thank you for that.

    This comment is coming in a little late due to some political and social debates today that have had the attention of many so I am hoping that maybe for today there can be a possibility of extending the giveaway!

    I am loving this installment and taking it all in to really shift my ongoing long-term committed relationship with money! ;)

    Vicky

  2. Mi-Ra Sane says:

    Interesting way of looking at our relationship with money and debt!

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