Debt is neither good nor bad: it is the stewardship of it that is important to us as individuals. Private debt is the responsibility of individuals, enterprises, and banks. Public debt is the responsibility of no individual, enterprise, or bank. However your debt is your responsibility and ultimately, it is a manifestation of your mind-wallet [see photo].
My mind-wallet is a work in progress because the Covid-19 era has led to an explosion of public sector debt around the globe. What is the correct mind-wallet for me, and you, in 2021 and beyond? That might be an important question to mull over as you begin to create your unique version of a mind-wallet.
My mind-wallet is shaped by my commitment to minimalism. At the core it is based on my commitment to being frugal. To being frugal based on my individual needs and to shun many of the collective wants that fuel contemporary debt levels. Today the collective has removed all the shackles on debt expansion at both the public and the private level so my mind-wallet is extraordinarily out of sync with the current mood around the world.
Here are five basic principles which shape my mind-wallet:
- be frugal yet generous
- use credit sparingly yet sensibly
- limit exposure to any debt that outpaces future cashflow
- be mindful of rising inflation [or spirals of deflation] and rising interest rates
- curate a mind-wallet which is expansive based on personal needs.
Richard.
The mind of a minimalist is developed on a unique sense of you which, in turn, is based on individual needs not collective wants. For instruction on how to establish your sense of you: go to minimal-you.com and hit the "become a minimalist" button in the banner heading. This will take you to a payment scheme for a 10 day programme that will teach you how to design, enforce, and live with mind filters: these help you to be the best person you can be.
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