Posts Tagged ‘more income to pay debt’

Getting More Income To Pay Debt

Frugal Dad wrote this article on his blog today about how the most important thing you can do to get out of debt was to bring in more income to put solely toward paying off that debt. I can’t argue with with his logic. After all, if  you develop a plan to bring in more money and you also commit to putting those funds towards your debt, well, you’re going to reduce your debt load more quickly.

Having said that, I do take issue with some of his suggestions as to how you should get more income. For one, he suggests that you need to work 70 hours or more a week. While getting out of debt quickly is good, it is not worth the health costs associated with overwork.  There are other costs to think about, and health is the most important. After all, if you lose your health, then all your income will be gone and then where will you be? 

Furthermore, Frugal Dad does acknowledge the weak economy as an impediment to finding “more work” but then dismisses concerns about the economy as “your excuse to staying in debt, limiting your opportunities and stifling your dreams of financial independence.”  I don’t know where this guy has been living, but most people these days would be happy to settle for a life where they can earn a secure, if, modest living. Financial independence is something few ever attain and it is just part and parcel of that stupid Horatio Alger myth that so predominates American culture.

Frugal Dad, newsflash! We’re in a depression. Yes, I said depression because that’s what you call it when there are millions and millions of people out of work and there are five applicants for every one job that exists out there. For those who are lucky enough to remain employed, (and are scared to death that their job may disappear at any time,) their hours are being CUT. If their hours are not being cut, then their WAGES have been reduced, so that even if they are working more HOURS, they aren’t seeing any net increase in income. Please! Optimism is fine, but at some point, you’ve got to face reality.

Frugal Dad has other suggestions on bringing in more income, one of which is blogging. He blogs himself.  While blogging for a living (I do the same thing) is a decent way to make money, it does take time to pick up steam. It can take a solid year before you see any appreciable income from your blogging efforts. You can’t expect to start a blog, throw up some content, and watch the cash start flowing in. To give FG credit, he doesn’t suggest that this is the case, either, but at the same time,  he does make it sound like a panacea for debt.

Look, I understand where FG is coming from, I just think that at this juncture in time, with the economy as bad as it is, his post just comes across as pollyanna-ish and smug. I don’t know about you, but I am finding that my patience has been worn thin with useless platitudes and smarmy tough talk.

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