Think like a Viking: Twenty seven

This week's Viking quote

Better it is to have a lower position in life and be free than to have a position of power only to be subject to the will of another - Óláfs saga helga

Over the last few weeks I’ve been thinking about my future financial security and reevaluating a few things including my ongoing financial plan. I review it periodically to make sure I’m on track, however on this occasion it’s more to do with my job change and that my income has changed quite significantly. It will give me more scope to plan ahead of time and essentially bring the future closer to the present.

Many people prefer to live somewhat hand to mouth, that is to say, they prefer not to plan too far ahead and live only for the moment, however as a man who likes to be prepared I prefer a more balanced approach. I’ve heard people say, but G-dog, you might not make it to take advantage of your planning. Yes I know that, but what if I do make it, wouldn't I want to be prepared? That doesn’t mean I don’t live in the moment though, I’m an, in- the-moment-guy too, have a great life now, but also feel inclined to plan ahead so I can extend that great life into the future. I think you get the point. Or not.

With this in mind I (usually) apply a need over want ethos and carefully consider purchases, large ones I mean, before I go ahead. Do I need it or want it is a question I ask myself.

This method has generally kept me out of credit debt and whilst I don’t have as many things as some others who are happy to borrow other people’s money and pay interest to get them I don’t really miss out on much I need. Sure I might take some time to get it, make do with the older version or with an item adapted to a purpose rather than simply buy a new one, but overall I have what I need and am comfortable with it.

Using this model has allowed me to travel the world extensively, something that is incredibly important to me as it’s experiences I chase rather than things. Those experiences keep on giving, years and years later and I remember them more fondly than the things I had. I’ll admit that I’m one who prefers quality over quantity and will spend more to get it; the buy one cry once method, and not feeling the ~~need~~ want to have more and more things allows me to do this.

This scenario gives me a greater ability to plan ahead whether that’s a week, month, year or twenty years.

I was chatting with the representative of a building company yesterday who was at my home to quote on some work I’m doing and it became apparent she had the same mentality; curious considering her age as most don’t understand, or value, the concept of future-proofing one’s financial position. She spoke about slavery: Debt-slavery, job-slavery and being a slave to one’s materialistic desires all in the name of having more stuff and the perceived emotional benefit or validation that may come of it; she was a smart cookie. This prompted me to select this particular quote for this week’s post.

As always it can be read many different ways however I’m choosing to perceive lower position in life in respect of choosing not to have a consumerist nature, to default instead to that need over want option I mentioned earlier.

I don’t have everything I need or want, sure, but I have some of what I need and am happy to have what I have. Remember, for me life is about experiences and the things I have are generally angled towards creating, supporting and increasing those experiences. Do I truly have a lower position in life because of it? I certainly don’t think so. Do I feel free? Well yes, I’d have to say to some degree I do however I’m still working towards total freedom which I perceive to be the ability to choose what I do and when I do it.

Am I subject to the will of another? Hmm, this is something I pondered long and hard when composing this post. I have a job, go there when required and report to the Director. He employs me and so I’m subject to his will to some degree. Can I resign? Yes of course I can, and I would resign should things reach a point I found to be untenable; so I wouldn't say I’m subject to his will. I have a mortgage though, albeit it a reasonably small one, and I’m subject to its will. I have to pay it or they’ll repossess my house.

Credit debt is a terrible weight around one’s neck and whilst there’s things that are incredibly difficult to obtain without it, (like a house), I believe it should be avoided where possible. I speak generally here of course. It chains one to it, places a yolk around a person’s neck, often for many years, and to me it doesn’t make a lot of sense.

I have a friend who wanted an electrical item that was going to cost $5,700 however she didn’t have the money. She ended up getting credit to buy it and at the end of the five-year term will end up paying $8,300 for the item. The problem is that it’ll be obsolete in two years (if that) and she’ll roll the remaining debt into a new credit loan and get the latest version...So she’ll owe even more. It doesn't seem worth it for a bigger flat-panel TV. That’s what I mean by a yolk around one’s neck.

This quote isn’t just about consumer purchases. It relates to a savings plan, to being frugal, clever with one’s money and of course certainly relates to investments and financial planning. The Vikings had the right of it. *Money isn’t everything, material possessions don’t make the man or woman and it’s better to be the master of one’s own destiny, to enjoy the freedom of choice and the ability to fill one’s life with valuable experiences, relationships and moments rather than amassing material things that probably just won't matter in the future.

So, that's it for this week's Viking quote, a one-thousand-year-old quote that is just as relevant now as it was back then. The world has changed dramatically and for some reason society wants more, more more but it is a wise person who tempers that want, finds some balance and plans for the future as well. This is what I believe.

Feel free to interpret this quote as you choose and let me know in the comments below. Maybe you've had some experiences yourself or know someone who has gone one way or the other in respect of financial matters, a consumerist nature or simply has allowed themselves to become subjected to another person's will in some way and to their detriment. I'd love to hear your thoughts below.

Skol.