Let the Booby welcome you to the first official posting on his site. Here you will find news, opinion (the Booby’s opinion, of course), and advice for fellas in our modern world. Most of you don’t even know you need help. You probably do. Click on “About the Booby” above if you’re not sure.
There is much we need to discuss. But this first post is about your money (it will be the first of many), and how you can turn it into a tool to make you freer, increase your power, and better position you for whatever the world throws at you.
Look, most of you know that money is power, but too many don’t know how or why. Unless you’re already a multi-millionaire you need to get to work turning money into a tool. These are the crucial first steps you must take:
This is about spending less than you earn. Simple to say, but for many it’s damn hard to do. Do it. The Booby doesn’t care how.
Keep reading the Red Footed Booby for hints and tips on how to save more and spend less.
Turn your savings into an income.
Let me explain. It’s not enough to have money socked away somewhere. It needs to grow, whether by paying interest, paying dividends, or earning some other income, like rent. Even if you’re not rich you can still do this, slowly but surely, year after year. A small investment that earns $20/month may seem insignificant until you view that investment as the first of many.
The Booby will help explain the basics of certain investing options that are available to you, so stay tuned in the weeks and months ahead. Of course, how you invest is entirely up to you. It can come with risks and rewards. The Booby will only make you aware of your options. Since everyone is different, he cannot tell you which option is right for you.
Make Your Investment Income Off-Limits to You.
Whether it’s a term deposit from your bank that only yields $75/year, or a rental property that yields $1000/month, don’t touch that income except in extreme situations, like unemployment or a medical emergency. Going to a friend’s or relative’s destination wedding in Hawaii doesn’t count, and neither does that new dirt bike. If you continuously make spending decisions like these, prepare for a life of debt-slavery and powerlessness.
In the weeks and months ahead the Booby will share some of the mistakes others have made, so you can make better decisions.
Avoid marriage, Including Common-Law.
This will be difficult. You may believe you’re in fairy-tale love, you may fear you’ll never have sex again if she gets away, or you may be so utterly whipped and manipulated since childhood that your life has no direction of its own. These are not good reasons to enter into a legal contract that is stacked against you. No one who truly loves you should ever demand you do so.
It’s perfectly possible to have a relationship with one of our female friends without the legal handcuffs of marriage (including common-law), or in many cases the lifetime of debt-slavery that goes with it. If she’s a good woman, and if you’re a good man, your companionship is enough. If she cannot be happy unless you submit to a self-defeating legal contract then you should heed this red flag, for it is a red flag.
Living separately doesn’t mean you’re not in an exclusive, loving relationship. It means you retain your personal dignity and sovereignty (and so, too, will she). And should things go awry you can go your separate ways in peace, with your assets already divided. You can even maintain some sense of chivalry if that appeals to you. Living separately doesn’t prevent you from providing assistance, financial or otherwise, to your love.
Hell, in this day and age it’s quite possible she earns as much or more than you do. If she’s a better earner or saver than you, then she deserves to have her assets separated from yours, just as you do from hers.
Raise Your Own Children, And Yours Alone.
OK, we live in the 21st Century, and an overwhelming number of women enter relationships with one or more children already in tow. It’s with sadness that the Booby advises to avoid these situations. It truly is. Unfortunately, neither the Booby nor you yourself make the rules in our society, and the rules are designed to potentially take you down financially and personally should you enter into one of these relationships.
If you have your own children you must do everything in your power to provide for them. The fact that another man, in some other relationship, did not do this is tragic, but it’s not your fault, nor your problem. Taking on that problem may only punish you for someone else’s irresponsibility. I say “punish” because that’s exactly what the current laws are designed to do, and the powers that be aren’t particular about whom they punish. If you enter into a relationship that involves someone else’s children, don’t be surprised to get punished sooner or later.
Just as importantly, remember that it is the powers that be (politicians, judges, academics, lawyers) who make these rules. The young lady you’re speaking to at the bar did not make these rules. Don’t punish her. If you’ve resolved to avoid relationships that involve children you must make that clear. Do not lead her on. Not for sex, not for any reason. Leave her be to find someone else. You can avoid child-laden relationships and still be a decent man.
Do Not Rush Into Parenthood.
The Booby can’t tell you whether you should or should not have children. However, be warned: Our modern economy makes children extremely burdensome financially. If you knowingly wish to accept the burden then all the power to you and to your future family.
Half a century ago one breadwinner could provide for his wife and children on his salary, and still hope to one day retire. Those days are gone. Today, to raise even one child and still hope to retire before 65 will require two breadwinners bringing in well over a combined six figures per year. Most people can’t do this.
If you choose to have children, and you earn the median annual salary or less, you will not be able to retire. Ever. Worse, you will not get out of debt before your senior years.
Take this into consideration, especially if you’re taking on the burden of someone else’s children (see above).
Learn, Learn, Learn
This doesn’t mean run out and get a degree in comparative literature, though feel free to do so if you’ve thought it through.
The Booby wants you to acquire skills, practical skills, skills that you can convert into income. Even if you already have a job, you still need to learn. You won’t have your current job for long. You will change, the economy will change, the world will change, and before you know it that regular income you take for granted will be taken away, whether by your own hand or by someone else’s.
When that day comes you will have to rely on your skills. These come in many forms. Dabbling in trades is a good one. If you can do carpentry, are mechanically inclined, or know how to manipulate electronics you must be prepared to turn these into income. Other skills can be acquired, too. Cooking, for example, has practical value both for employment or for day-to-day life. Learn to type. It’s not difficult, and in the computer age you will have a great advantage over your hunting-and-pecking peers.
The more skills you have, the more employable you are, and the more power you have to decide where you work, for whom, and for how much. Do not rely on just one skill or one small set of skills. Skills are knowledge, and knowledge is… well, we know.
Until Next Time
I know this is a lot to digest, and it is short on details. Don’t worry. Details will follow in the weeks and months ahead. Between weekly posts re-read what the Booby wrote previously; all the better to digest it.
Best of all, fellas, The Red-Footed Booby isn’t just a financial education site. The Booby will try to show you how to educate yourself about the world you live in. That is something your so-called “educators” stopped doing decades ago.
Until we meet again, stay strong, stay disciplined, and question everything you have believed until now, and everything you have been told.
Quoth the Booby.