Upload
others
View
8
Download
0
Embed Size (px)
Citation preview
Teaching a Debt Perspective to 12-Year-Olds
A presentation given to a youth group on January 29th, 2014
Joe Mihalic
nomoreharvarddebt.com
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Today, you’re going to learn about a perspective on life that people hardly
ever talk about.
It’s sort of a secret.
But if you adopt this new perspective, it could change your life.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Fact: Success is important in our society.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
We automatically consider somebody successful if they have a lot of cool
stuff.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Success = cool stuff
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Which twin do we automatically consider successful?
Bob Ted
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
We think people will be automatically happy if they have a lot of cool stuff.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Cool stuff = Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Successful people have cool stuff.
Cool stuff makes people happy.
Success Cool stuff Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Question: I’m not successful yet and I want to be happy, but I don’t have the
money to pay for cool stuff.
What should I do?
Success Cool stuff Happiness
Success Cool stuff Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Answer: Borrow money to buy cool stuff.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Answer: It’s easier than you think. Turn 18. Get a job. Get a credit card, get an auto loan, get student loans,
get a payday loan, etc.
Question: How do I borrow money?
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Did society automatically consider me successful?
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Did society automatically consider me successful?
Owed the bank: $90,000
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Who is actually successful? Money in the bank: $500,000
Owes the bank: $0
Money in the bank: $5,000
Owes the bank: $1,000,000
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
How do you define “success”?
Narrow definition: Make lots of money. Buy a lot of cool stuff.
My definition: Have an impact. Contribute to society in a positive way. Make a positive difference.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Who is actually happy? Money in the bank: $500,000
Owes the bank: $0
Money in the bank: $5,000
Owes the bank: $1,000,000
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
How do you define “happiness”?
• Moment-by-moment • Long-term
Is happiness something that happens to us?
Or do we create our own happiness?
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Owed the bank: $90,000
Did any of this cool stuff actually make me a happier person?
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Money doesn’t buy happiness. And going into debt trying to buy cool
stuff will make you absolutely miserable.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Debt is a prison sentence.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
So how did I get out of prison?
I stopped trying appear successful and own cool stuff to be happy.
• Sold my car • Sold my motorcycle • Shared my house (got roommates) • Zeroed out my savings so I couldn’t buy more stuff I didn’t need • Stopped spending my income on things I didn’t need and put it
all towards by debt
And I just decided to be happy.
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Success Cool stuff Happiness
Level 1 Perspective
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Level 2 Perspective
Success Cool stuff Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Level 3 Perspective
Success Hard Work Cool stuff Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Level 4 Perspective
Success Hard Work Cool stuff Happiness
Positive mindset
Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Level 5 Perspective
“New” Success Hard Work Cool stuff Happiness
Normal stuff
The 5 Rules of a Level 5 Perspective 1. Love yourself. Don’t measure your self-worth based on what you own. 2. Create your own happiness. Don’t expect stuff to make you happy. 3. Say no to IOUs. Live within your means. Don’t borrow money to buy cool stuff. 4. Be free. Save money for an emergency fund and retirement. 5. Have an impact. Define success on your own terms.
Positive mindset
Happiness
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
• President of Uruguay since 2010 • Donates $130k of his $145k annual salary to charities
that benefit poor people • Lives on $15k a year • Nixed presidential mansion with its staff of 42 and lives
in a small house he has owned for years
Level 5 Leader
Jose Mujica
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014
Does anybody else think like this?
Joe Mihalic • nomoreharvarddebt.com • Copyright 2014