Title pretty much says it all. Didnt succumb to GAS, and crushed the remaining $42k in student loan debt I had and $15k in credit card debt in a little over 2 years.
I ended up selling a bunch of gear I had acquired over the years...had a '76 P, about 15 guitars and several vintage Fender tube amps, a vintage Sho-Bud pedal steel, and an old National lap steel. Made a nice chunk off all of that, and that's what allowed me to pay off the credit card debt and put the remainder in the bank. I moved out of a nice house I was renting and into an in-law cottage that cut my rent about 35%. I didn't go on any vacations that involved flying (only local road trips, camping, etc.) and didn't snowboard for the last two seasons, because that's darn expensive. The only thing I didnt skimp on was food. I wont buy crappy food, but I do cook for myself, which also saves a bit. I also didn't work any overtime. I just lived below my means and put what was left over after paying my bills and contributing to my savings and retirement toward the debt.
I still bought and sold and have been through quite a few basses, but the rules were if one comes in, one goes out. I started this with 2 basses, and ended with 2 basses!
Some might come in and say "life's too short", etc., and "money only has value if you spend it!". But as someone who hasn't been the most financially savvy over the years and bought whatever I want, when I want, I will say that, for me at least, that way of living only affords quick bursts of happiness and leads to lost sleep at night. I also was honest with myself and admitted no matter what gear I had, if I didn't practice I wouldn't get better, and decided to do more with less, which again, has paid off in spades! Not allowing myself to buy new stuff and sticking to the one in, one out rule forced me to focus more on actually playing and practicing!
Funny thing, I told myself once this was all over I'd buy myself something nice, like a really nice bass or a motorcycle. But I currently have no desire to get another bass (or a motorcycle). The financial lessons I've learned over the last two years have inspired me to continue with this, and have no desire to go back to where I was before financially. My credit score also skyrocketed to 796!
I just expected to get out of debt, but a fun side-effect was actually becoming a better bass player as well!
I ended up selling a bunch of gear I had acquired over the years...had a '76 P, about 15 guitars and several vintage Fender tube amps, a vintage Sho-Bud pedal steel, and an old National lap steel. Made a nice chunk off all of that, and that's what allowed me to pay off the credit card debt and put the remainder in the bank. I moved out of a nice house I was renting and into an in-law cottage that cut my rent about 35%. I didn't go on any vacations that involved flying (only local road trips, camping, etc.) and didn't snowboard for the last two seasons, because that's darn expensive. The only thing I didnt skimp on was food. I wont buy crappy food, but I do cook for myself, which also saves a bit. I also didn't work any overtime. I just lived below my means and put what was left over after paying my bills and contributing to my savings and retirement toward the debt.
I still bought and sold and have been through quite a few basses, but the rules were if one comes in, one goes out. I started this with 2 basses, and ended with 2 basses!
Some might come in and say "life's too short", etc., and "money only has value if you spend it!". But as someone who hasn't been the most financially savvy over the years and bought whatever I want, when I want, I will say that, for me at least, that way of living only affords quick bursts of happiness and leads to lost sleep at night. I also was honest with myself and admitted no matter what gear I had, if I didn't practice I wouldn't get better, and decided to do more with less, which again, has paid off in spades! Not allowing myself to buy new stuff and sticking to the one in, one out rule forced me to focus more on actually playing and practicing!
Funny thing, I told myself once this was all over I'd buy myself something nice, like a really nice bass or a motorcycle. But I currently have no desire to get another bass (or a motorcycle). The financial lessons I've learned over the last two years have inspired me to continue with this, and have no desire to go back to where I was before financially. My credit score also skyrocketed to 796!
I just expected to get out of debt, but a fun side-effect was actually becoming a better bass player as well!
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