115 - Why is Living Below your Means Courageous?
115 - Why is Living Below your Means Courageous?
Courage Cast Podcast - Faith, Inspiration and Motivation for Today
Hosted by Eric Nordhoff - Christian entrepreneur, encourager and leader of the Courageous Community
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This is Courage Cast, faith, inspiration and motivation for today. Hey friends, this is Eric Nordhoff and you're listening to another episode of Courage Cast. I am so happy to be here and to be with you. I literally just sneezed and blew my nose, so my ... I sound like I am just coming out of a major cold, but I really am not. I decided you know what, I'm going to do this podcast anyway because I really don't need to impress anybody, and neither does Jim Riley. Jim Riley is the drummer for Rascal Flatts. We all know who Rascal Flatts is, right?
Major country band, artists, inspirational people actually. I was pretty blown away by what all of the band does.
This one particular ... Hold on. I've got to blow my nose. This ragweed this year has been awful. Middle Tennessee, sometimes in the middle of the ... The end of the summer, beginning of fall, man, it is just coming down hard and raining down. All right, today I'm going to talk to you about a post by Jim Riley, the Rascal Flatts drummer. This is what he wrote, and I think it's pretty courageous actually and I thought I'd share it with you guys and then I'll talk a little bit about it afterwards.
Living Debt Free
Jim writes this, "I've been very intrigued by the response of me posting the fact that I drive a 2004 Toyota Corolla. I guess people feel like I should drive something more becoming of my level of success. I get that, but here is the deal. I don't feel the need to drive a new, expensive and rapidly depreciating car to convey to the world that I am successful and doing well. I am successful and doing very well in my opinion. That is mostly due to the good financial choices my wife and I make. I pay more than double house payments every month and will own my house outright in less than three years. We contribute the max amount to my 401k and both mine and my wife's Roth IRA. We also put additional money in our investment portfolio for retirement and have college funds for our kids.
"On top of that, we have a separate emergency fund. We ditched Direct TV, which I loved, for Sling. Look it up. We ditched AT&T for T-Mobile. When we had to get a minivan for our family we got a three year old model. It wasn't the brand my wife wanted, but we decided together that the one we got was one we could afford within our financial plan. Why am I telling you this? Because appearances can be deceiving. You may think because I drive an old car that maybe I'm not doing as well as you thought I was. I will say this. Rascal Flatts treats me very well and I work my butt off outside of that gig to make a great living for my family.
"Don't give in to the temptation to live above your means to impress people. I've seen too many people make great money for a short time and feel like they had to show the world that they made it by buying stuff, only to be broke in the future. Don't fall into the trap of I work hard, I deserve a new car. You don't. Either the purchase makes sense or not. My family is living within a plan that makes us happy now and financially secure in the future. Feel free to share this if you feel someone else needs to hear this message. Maybe I'll see you at our mortgage burning party in a few years."
Money and Temptation
That is so good, so good. I think he's had a little bit of Dave Ramsey influence. I would bet there's been a Dave Ramsey influence. If you don't know who Dave Ramsey is, he's my financial mentor. He doesn't even know it, but he's on my board of advisors when I make decisions, my virtual board of advisors when Krissy and I make decisions. I really try to follow the baby steps and ... I also can understand and empathize with the people he's talking about or the people he's talking to when it comes to money and the temptation to want to spend, especially when money gets good.
When Krissy and I hit Diamond in 2014 in our doTERRA business, not only did that happen at the same time, but we started to experience some financial success from a convention that I ran that I mentioned, Walker Stalkers, the Walker Stalker convention, and Krissy's songwriting career really took off. A lot of people actually who come to our house might think that we bought that house since we had all this success, but in actuality we bought that house based on faith and maybe a little bit of craziness that we did it, but we were able to do it on a really tight budget. We were able to get the land ... We bought the land in our development when it was basically bankrupt. The bank took it back and we were able to get the lowest price on a piece of land in our neighborhood.
I'm not saying that to brag either. I'm just saying that we were frugal and we built a very nice house on this land. Even still, I was scared to death when we were buying it because it really was a big step of faith and a big leap of faith. I'm not downplaying anybody that takes leaps of faith and is bold to believe that God is going to provide financially, I'm also going to say to you that you have to live below your means. Why add more stress onto your life by trying to impress others? The people that really matter in your life are the ones that really don't care what your driving, they don't care what house you're living in.
Your kids really don't care either that you get them the latest gadget. They might whine as they get older that they want something, but it's good for them to hear no and it's good for us to tell ourselves no every once in a while. We need to hear no from ourselves because no is a very good answer. It's an answer that leads us to maybe think differently. It leads us to get creative about maybe what else we could do, because we cannot go past that boundary, even if it's a self-imposed boundary.
Keep Good Financial Boundaries
Sometimes when I put a self-imposed boundary onto myself and onto our finances and onto a decision and tell myself, or Krissy and I tell ourselves no, we just can't go there, it's amazing the creative options that come to mind for us when we actually say no to ourselves. Here's an example of something that we should have done if we had told ourselves no, but we didn't tell ourselves no. We went ahead and bought a nice photo shoot from a professional photographer. It was a wonderful photo shoot, but on the way to the photo shoot we said our brother-in-law, Krissy's sister's husband, has a professional camera and he would have been glad to sit with us for an hour and we might have just had to buy him dinner to do that. We could have saved ourselves several hundred dollars by going with him, and he's probably just as good as that professional photographer.
It's not like we were disappointed. We were very happy with the professional photographer, but if we had told ourselves no we might have saved ourselves the two or three hundred dollars that we spent. There's all kinds of choices and decisions that we make differently when we tell ourselves no. How I find encouragement from this is that it's okay to live below your means, that it's very courageous to live differently in a very affluent community that we live it. It's very courageous to live well, well, well below your means and be just as happy, because all of this world is passing away and material things are passing away.
You know that new car that you buy is going to look pretty ratty in ten years and it's going to look really decrepit in about twenty to thirty years, and so is our body and so are the possessions that we have today. What only matters is our relationships. Relationships are the thing that we take with us into eternity. Our friendships, our family relationships, our kids, our wives and husbands, all of those things are not going to pass away and those will last eternal, our relationship with God. These are eternal relationships. All this other stuff is going to go away, including our body. We're going to get a new body when we get to heaven, amen. For me who has a cold and who's struggling to make my body work right with an injured leg, I like that. That's good news, and I pray it's good news for you friends.
Take encouragement from Jim Riley, the drummer of Rascal Flatts. Maybe you're deciding to buy a car right now. Maybe you're making a financial decision and maybe this choice that Jim made and this episode might make you think twice about spending so much money and begin to live below your means. Who knows? I'd love to hear what you decide and what you think about this episode in the Courageous Community at courageouscommunity.com. Also when you go to that website you'd be able to sign up for our email list and you'll get a free one-hour download of Who I Am in Christ. It's my gift to you for joining our email list. I'm not going to bombard you with emails, but I would like to stay connected with you outside of Facebook and I would like to do some things to build community with you outside of the Facebook group.
You can connect to the Facebook group straight from courageouscommunity.com and you'll be able to interact there. That's the place where we all socialize and talk and we talk to one another about what God is doing in our lives and the challenges that we're facing and the victories that we're having, all of that combined.
Courage Cast Ratings on iTunes
Lastly, please give a rating and review on iTunes. I'm really trying to push our ratings and reviews right now and get more of those, because when we get more ratings and reviews this podcast gets pushed up the ranks and I would like more and more people to find us on iTunes and hear about us, and iTunes is really the number one place where most of you listen. Wherever you listen, if you have the ability to give a rating and review ... Some of you it's Google Play, some of you it's Stitcher, others use Podbean. Wherever you listen to this episode, please give it a rating and review because that way more people will find it.
I appreciate you and I thank you for listening to this episode of Courage Cast. I'll be back with you again on the next episode. I'm Eric Nordhoff. Have a great day everyone.
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