So, I’ve decided I need to motivate myself a little more. While one would think just getting out of debt would be enough motivation, it isn’t. It’s a big chunk of motivation, but lets face it, I need more. So, I’m going to profile some stuff I want, and the goals I have to hit before I can reward myself with it.
One thing I’ve noticed is that spending money has become a very awful experience for me. So much so that I dread shopping and the anxiety it causes me. Even when I know I need to get certain things (shaving blades…groceries…etc). So, I need to get over that a little bit. Not that I’m going to spend like mad (I don’t have the money), but if I ever do and I hit my goals I want to reward myself a bit.
If my plan A business hits $15,000/mo I want to reward myself with a new phone, specifically the new At&t Tilt Phone!
Goal: $15,000/mo in new business
Hopeful Goal Date: Jan 1 2008:
Reward: New At&t Tilt Phone!
{ 14 comments… read them below or add one }
Are you for real? Dude, join me now!
http://www.beanieville.blogspot.com
Really good idea. I think that I will implement a reward plan into my life as well. Could be a great motivator.
Fantastic idea!
Reward yourself by spending more money that you don’t have.
How about your reward yourself with that phone after you hit $0 (instead of negative numbers), and also the cost of purchasing the phone itself.
You appear to be going down the Casey Serin pipeline pretty fast.
I completely disagree with the last comment. Getting motivated to get out of debt is really tough.
If the phone is a reward for hitting a milestone target that wouldn’t have otherwise have been reached without the goal, then the end justifies the means.
Staying motivate as DK has for so long since seeing the light is commendable. The odd lapse is understandable. The pace he has kept up is something to admire in the circumstances.
I, for one, believe the cost of the phone will pale into insignificance against the motivation it will bring.
Having a negative goal is one which you really have to dig deep to achieve. Something tangible is better.
It’s a light in the dark. A beacon to guide him.
I hope you get the phone – because that means you will have made progress against your goals.
this is a fine idea with one problem… you’ll have the monthly bill that goes with it unless at&t will let you have that phone with a pre-paid plan.
So would that be 15k on top of what you’re doing now?
I think having a reward is a great idea. You have made good progress but realistically there is a long way to go and setting goals and having rewards will help keep you focused. Go for it!
Sorry to be negative, but I think this is an awful idea. An expensive gadget, along with a monthly phone bill, how can this help your debt situation? I like the idea of goals and positive reinforcement, but how about something more modest, like tickets to a Mariners game or a DVD.
oh i have the previous version of that one. and honestly that’s not a big wad of money, if you get the phone contract discount. i’m a cheapskate and it’s not splurging to me. actually i put a memory stick in it (cost like twenty dollars) and it stores enough tunes to fill my day. i don’t really like the keyboard.
Ian (and DK), I see your point.
But let me ask you this.
If you had over $300k in debt, and were short selling your house to avoid foreclosure, do you think it really makes sense to spend anything other than what it absolutely necessary?
How about this instead. If they make the $15,000/month more, compare that to what it cost to make that much, taking out all associated costs for whatever products that they’re selling including commissions, etc. Then if that number is twice as high as the phone will cost him (including the service plan to go with it), then buy the phone.
After all, if all the costs are $14,925/month just to make the $15,000/month, then the fact is that he’s only up $75/month, which may possibly cover the true cost of the phone itself (i.e. contract).
Again, KISS should be the rule. If you have more outgo than you have inflow, you’re moving backwards not forwards.
Myself,
I do understand the point – when you’r in that much debt, any expenditure is money that can reduce the debt.
I do think that it will become increasingly difficult to maintain the momentum for several years without any prospect of anything positive other than a reducingbank balance.
I believe some more varied motivation is in order to ensure those goals are achieved and some tangible reward is in sight.
By maintaining his motivation, he is far more likely to move forward and keep going with some more positive carrots dangled in front. In the scheme of things, I believe an incentive will help him reach the goal quicker than without it.
And I do understand that getting out of the debt should be incentive enough. But it’s a hard, long road without any prospect of a life in the meantime.
Any minor reward for breaking a milestone will probably have more than paid for itself if it helps keep the momentum.
He aint superhuman. And I suspect the constant grind will become unbearable without “something” to aim for beyond just a reducing balance.
I agree momentum is hard to continue for a while without the “carrot” to shoot for.
My wife felt similar to this when we first moved in.
Since we kept things outrageously tight for 2-3 years, we were able to refinance our house while taking out some money to finish our basement and pave the driveway (125 feet long and 20 feet wide), and at the same time we shortened our mortgage by about 9 years.
All of those things are things we wanted to do, but didn’t think we’d be able to do it in the timeframe we set (just after I turn 55 we wanted the house paid off).
You have hundreds of thousands in debts, a hugely negative net worth, and you’re planning to buy an expensive toy the minute you start making some substantial progress towards being able to pay off your debts?
I have a two year old mobile phone on a $9/month plan, and, although I like electronic gadgets, would never waste money on such a rapidly depreciating trinket.
I’m really don’t think this is such a great motivational plan.
Regards
http://enoughwealth.com
ps. Perhaps the money the AT&T tile phone costs could be paid to one of the debtors affected by your bankruptcy instead?
hello…..
tralalala
I live in the UK, i bought the AT&T phone on pay as you go, no contract.
It's a great little thing with built in WIFI and some really great games!
It's to a lot of little "tweaks" so you can mod it if you like, it's very versatile.