Trade The Journey

Trade The Journey

There will be mistakes!

Its always a smooth ride until it isn’t. I pride myself on being on top of my finances, watchful of my bank account balance and a constant monitor of my credit score. About 6 months ago, I begin using the library as a frequent resource for information on finance, investing and other business topics that interest me. The best library is in the downtown area and is pretty difficult to get to.

Because I am able to read at a quick pace, I thought it would be great to check out multiple books at once. Looking back, I had to know that I couldn’t read all the books back to back but I thought I could. For a while, I was on top of things, returning the books when due and in turn renting out more. The late fees weren’t that much but they begin to add up and of course, I begin to get busier and busier. Soon I begin putting off for tomorrow what I should have done today. The library fees begin to add up and soon the bill ballooned to over $100. Luckily, I’ll be able to get down.

You may be wondering why I’d mention something like this on a personal blog about Finance. It is moronic and its common sense, return the books on time! However, I wrote it because we all have the library account that we let slip or the account that we’ve waited too long to cancel. It seems that we always provide opportunities for the debt collector to become richer and I allowed them to do so.

Although your fees may not show up as they did to me, in total, they do accumulate in other ways. The $360 you spend yearly on a gym membership in which you have only been once or the account that withdraws only $10 for something you never use.  I waited to cancel a meetup membership for almost year because I really believed I’d start the meetup up again. Everything adds up and as we progress in life, it is probably preferable for the amount to accumulate in our accounts instead of the bill or debt collector.

Although I am embarrassed, it provided me with a couple of lessons.

  1. Never bite more than you can chew. If I had been taking my time learning the information, I wouldn’t have been in such a rush to rent out books at such a fast rate.
  2. Sometimes speed slows up the process. In fact, my speed reading probably slowed down the advances I thought I was making.
  3. Everything adds up. Those small late library fees that I put off paying, added up over time. I kept thinking it couldn’t be that much and I wanted to avoid looking because I did not want to pay. Reminds me of my bank account sometimes. Avoid looking and keep spending.
  4. Always practice the fundamentals. Personal finance seems so simple to understand that many of us neglect its simple yet powerful ideas. Even though many of us may move onto more complex investments, it is always good to have a shock every now and then to remind us that we have to think “how can we save?”

Hope this was helpful. Thoughts?


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