For those that don't know, I use to ride a motorcycle. I guess I would still ride a motorcycle if I didn't sell it years ago when things got financially tight. Car VS Motorcycle was a tough decision for me since I LOVED my bike and it saved me TONS in gas. However, given the seasons here and the fact that I occasionally like to buy build it yourself projects that are impossible to get on a bike, I had to make the hard choice of selling it.
I tell you this story because it's part of my financial journey and even I have to make the hard decisions. Those that are logically are probably going "PSH... that's not a hard decision, it's only logical to sell the motorcycle." Yes, of course you're right and I made the logical decision, but that didn't make the decision any easier. I had put time and memories into that motorcycle. I had my first wreck on it and then built it back together myself. It wasn't a horrific accident, just dirt and gravel around a curve and threw me off in a field. 95% of the fairings had to be replaced because they were shattered, but I was fine. I had put money, effort, and time on my first motorcycle (it will not be my last) so having to make the decision to sell it was hard.
We come up with issues everyday that require logical decisions to be made but emotions will linger. Many times when I'm talking to my clients the basis of each decision is because of finances. Things we have to cut back on, find alternatives for, or eventually decide to sell. There are memories, time, and finances wrapped into each decision. Having to make the decision to sell car because it has payments to purchase a used car instead can be a logical one, but it doesn't make it any easier at times.
Another reason to reference motorcycles and money is that there is another correlation that I can thank my friend Dawn for. We often discuss financial dilemas and brainstorm about marketing. She mentioned that many people don't respect the money they make and if you don't respect it, it will ruin them. For those that aren't motorcycle enthusiast, it's the same concept. If you don't respect the bike and you think that you are invincible on it, it will eat you alive. When you ride you have to respect the power that is underneath you, just as you have to respect the money that you have coming in. The moment that you think you know EVERYTHING that the bike can do, it will surprise you and it's typically not in the way you would like. Once you think you know EVERYTHING about money, it will eat you alive and possibly bury you. Having the understanding that there is always more to learn about a motorcycle or money will keep a healthy balance of respect to either.
Moral of the story is make sure you understand that there will ALWAYS be more to learn about money no matter what position you may hold, including myself. Keeping yourself open to learning more keeps a healthy amount of respect for growth.
As always, I would love to hear your thoughts. Do you have a story where money has eaten you alive or the lack of respect on something has caused detriment to your life?