By VALERIE CLARK
Have you ever heard the old joke: how do you become a millionaire? Step one: Get a million dollars.
It’s silly, but it gets to the heart of something that I see come up a lot in the personal finance sphere. Critics say that no one can really build their way to financial independence by small, frugal steps like clipping coupons, getting rid of cable TV and going to the movies once a month instead of twice. To even speak of achieving financial independence through personal responsibility and small sacrifices, they say, smacks of tone-deaf entitlement and a complete lack of self-awareness about our own positions of incredible privilege.
And I’m here to say that I agree wholeheartedly.
HOWEVER, I truly believe in the principles I write about. I truly believe with every fiber of my being that financial independence IS possible, for ANYONE. And I truly believe that a debt-free existence is SO worth the sacrifice!
But first, I must acknowledge my own position of privilege.
It’s a tricky subject (and not only because I can never remember how to spell it). For those born into privilege, it can be hard to discuss without feeling defensive, as though one’s accomplishments are simply the result of good fortune rather than talent and effort. Meanwhile, those without privilege in many cases must fight twice as hard to get to the same place as others born into different life circumstances.
Privilege is an invisible force affecting our lives. It can come in the form of race, religion, sexual orientation, socioeconomic status or disability. One of the best explanations I have heard about having privilege is that it’s like being born on third base and believing you hit a triple. Let’s dig into this issue a bit as it relates to personal finance.
To start out, let me first identify my own privilege. I am a straight, white, American, Christian married female born into a stable, happy, middle-class family. I have no disabilities or chronic health problems.
My husband and I have each been able to earn a decent living that pays the bills with a little left over. After 13 years of marriage, multiple cross-country moves and job changes, the purchase and sale of four houses and many cars, and years of frugal living, last year my husband and I reached our goal of becoming debt-free and owning a house outright.
Here’s where some of the uncomfortable questions about privilege come in: How much of our financial accomplishment can we take credit for, and how much of it results from the circumstances into which we were born? Or just good luck?
It’s a difficult question, and I think about it a lot. I really want to help people through this platform to get control of their finances and experience the joy and peace of mind that I have found through simple, frugal living. I want to inspire them with my story of working toward a debt-free life and financial independence – not because I think I’m so great, but because I want people to know that it really is possible, for anyone! But I realize that there are countless circumstances that could make this goal more difficult. Family situations, health problems, high cost of living, employment difficulties – there are many uncontrollable factors that can affect our overall financial picture. I get that, and again, I understand that I am extraordinarily lucky in a number of ways.
However.
For me, the single most important factor in achieving financial freedom is one simple, universal truth that can apply to anyone, no matter your circumstances. Check out next week’s blog to find out what that is!
Your Payoff 