But, but, I bought a Bitcoin t-shirt...
There are a LOT of people "gone crypto" evangelizing the space and dissing financial institutions, but how many still regularly support banks?
If you're going to blog, vlog and publicly promote the cryptosphere, you should probably make sure you're not being overtly hypocritical with your financial decisions, or at least making strides to transition from dependence on these centralized institutions.
For example, if you post or Tweet about how crypto is everything now, but still charge your purchases... YOU'RE HELPING THE BANKS EVERY TIME. If you carry a balance with interest, then you're REALLY helping the banks as much as possible.
The quick solution: halt credit and loan use to remove banks' grip on our lives. Stop borrowing. Attack their revenue stream. Opt out. It's possible. Tell me if there's another way.
As a double-edged sword, credit cards hit merchants with sizable transaction fees you don't see. Credit card transactions cost merchants money which is paid to the banks. You also obviously get charged interest if you get behind on payments, and the banks get even more money (far more than the 1% unlimited cash back you think is a win). Think about it. That's bad.
Alternatively, cash can often get you a discount if you're willing to sacrifice some convenience or rewards perks designed to keep the you swiping left and right. But who wants to carry cash these days? If this entire big picture important to you, stop whining and carry cash to make a stand. Oh you shop online, pay with your checking account.
So... owning crypto as an investment isn't going to stop the central banks. Not using the banks is going to stop the banks.
Let's be real...
Crypto won't be a powerful part of our GDP if people are still buying and borrowing normally with the help of banks THAT TRACK EVERY PURCHASE, AND CHARGE INTEREST THAT CAN BURY YOU UNDER THEIR CONTROL. If you're pro-crypto, isn't that enough writing on the wall to see the mission ahead?
^--But of course everyone knows this and still consents/fuels the problem.
Ambitiously holding tokens or blogging about them doesn't make you a crypto revolutionary. You're sort of just a glorified investor, no?
On that note, I personally haven't used credit cards for anything in the last year except two small grandfathered monthly memberships (which reminds me that I need to fix), and a handful of small expenses from the card linked to my Apple ID and a car service. Everything else I've bought has been with my checking account, debit or cash. I don't need to use credit and hate the thought of using it now. The only loan I've ever had was from college, and I paid that off a long time ago. While debit cards do cost merchants fees, they're much less than credit cards. As I've grown into a crypto mindset, my hands are not clean yet, but they will be in time. I'm aware and taking steps. Everyone can and should consider the same out of principal, even if it's a little more work.
Thinking ahead:
I understand that few people want to spend their crypto as it's hopefully going to appreciate in value, but something has to give eventually. In the meantime, we can stop borrowing and reward ourselves with healthier financial habits that reduce our need to do so in the first place.
As I learned long ago when I charged a huge engagement ring I thankfully got back before the wedding was called off, you DO NOT spend more than you make. That's how you avoid burying yourself in debt. I got out of it years back, but it sucked. It was like diving in the deep end of life lessons all at once.
"But, but... I need stuff and have never missed a minimum payment..."
- Great, then find ways to make more income to buy those things. Don't be entitled and lazy. Earn things.
- Paying your minimum payment is just about the worst thing you can do outside of not paying it at all. Stay trapped in their web of interest if you prefer, but I think that's a fairly bad idea. Pay as much as humanly possible, as fast a possible, and watch the lifetime of your debt shrink faster than you think.
If you've previously or are currently living beyond your means, is the answer getting more credit? God, what a terrible idea, yet millions of people want easy street... which will royally screw them over later. Forgive me, but unless it's an emergency, it's borderline stupid. Instant gratification has its cost. You will pay a lot more than $1,000 for that flight when it's finally off your tab in 3 years.
Aside from those in poverty or unable to earn income for a valid reason, that there are likely two simple solutions. No, ask Mommy and Daddy for more money is not one of them.
- Attack your spending habits by prioritizing, budgeting and cutting back what you buy. Easy answer. Say hello to less of everything except stress.
- INCREASE YOUR MEANS. The right answer for long term growth and financial freedom. I'm biased, but I get the sense that many people in my culture seem to be too fucking lazy to approach this stepping stone.
Both of these theoretically reduce the need to borrow, which reduces bank leverage. But, so many people seem to think they've at their limits with their current situation or career. FALSE. Perception and the path of least resistance is often reality these days.
Get on your horse and push some PERSONAL limits, not your credit limits...
Hell, I quit a really comfortable corporate job I was working full-time at to pursue a home business I built AROUND my full-time job. It's not impossible. It takes vision, passion, effort, dedication and consistency. These components pay off over time if you don't quit. Sadly, I feel that many people quit too soon because they don't know what it's like to push through discomfort and resistance to get to the next level.
With two income streams for about a year and a half, I was making far more money that I ever needed. I just stashed it away. I'm frugal, so it was just excessive. I got my business off the ground and then quit my corporate job to pursue my passion on my own. ~5 years later, here I am, still completely free and proud of every dollar I've earned the right away.
My main point here is that if you need more means to cover your costs, GET MORE MEANS. DON'T INCREASE YOUR EXPOSURE AND COSTS. Doing so might mean finding another income stream, but so be it. Maybe your partner or children need to help too. Would you rather elevate your lives or stay in a rut? To get out of the rut, you have to build and do more than you were doing, which got you there in the first place... or really strip things down and rebuild more wisely from scratch.
To overtake the banks, it will be a battle. We all need to do our part and lead by example, or else we'll be very disappointed.
For once, we're the 1%.
That's my two cents for now... my biased and passionate personal views for motivation, and certainly not qualified financial advice.
