Ask the Readers: What Could You Not Live Without?

Update: Hank Coleman of Money Q & A wrote a great post on why athletes go broke and why you are too. Check it out!

If you were broke and everything was being taken away from you, what is one material thing you could absolutely never give up?

This question was brought up by Heidi and Frank from a morning show I listen to on the local radio station. They were discussing Allen Iverson and his financial situation. Iverson is a famous basketball player (that’s the extent of my knowledge) and I guess he’s broke. Despite the money professional sports players make, some of them – *snicker snicker* manage to outspend themselves. According to the news Iverson spends over $360,000 a month while making only $62,500. Damn, I wish I could make only that amount! :)

Anyway… he’s spending $10,000 a month on clothes and $10,000 on groceries not including the $10,000 on restaurants.

What the hell? Who eats that much?!

Obviously the earnings are not enough to support the spending which will only lead to bankruptcy. His house is being auctioned off yet he plans on keeping his $400,000 Maybach luxury car. I guess for ‘players’ cars are more important than homes. Oh well, that’s really not for me to judge – I’m just trying to point out the facts.

No Life Without an Internet Connection

For me, if I were losing my possessions and there is a good chance I’d be left without anything very soon – the one thing I would absolutely never give up is my laptop.

It may sound silly, but a computer is all that would keep me alive if I were broke. With a laptop I could use free Wi-Fi to get online and make some money no matter what happens. Sure, I could probably do this in a library or something, but I’d rather chill at a coffee shop instead. I’d freelance for others through writing, web design, SEO services and consulting to start a new life.

What about you? What could you never give up if you were losing it all?

Allen Iverson

What Your Loyalty Means in Light of the Fiscal Cliff

Everyone is talking about the fiscal cliff. I don’t have to tell you about our current situation in this country, the debt ceiling issue, expiring tax cuts and the fight between Democrats and Republicans. You know all of this.

But what does this mean for you – a working man or woman who has dedicated your life to a promising career?

It could mean everything.

The difference between having a job and becoming homeless. Between feeling happy and ending your life. That’s what’s at stake.

The fiscal cliff means uncertainty – in the economy, and our personal lives. If politicians can’t agree on extending the cuts with “certain provisions”, we may be in for one hell of a ride.

For starters, we may repeat 2008. I’m sure you remember that year well. It’s when we went into a recession. Millions lost jobs.

Those of us who are employed could be next. Our companies won’t keep us around for being “loyal” for x amount of years – that’s wishful thinking. When it comes down to staying in business or going under, we are nothing but numbers.

If the Market Panics, People Lose Jobs.

But don’t take my word for it. Pay attention to what’s going on at work. Are there talks of delayed raises? That’s just code talk for “we have to see what happens in January to decide whether to keep you or let you go.”

Hearing rumors of mergers or acquisitions? You better know that means cuts.

Are you asked to train a new hire? That’s your replacement.

Money is all that matters. So when you feel nice and cozy at your job, thinking nothing is going to happen because you’ve been loyal for many years, don’t. The fiscal cliff may sound like a politician’s problem to worry about, but it affects us more than we care to think about.

With that I will end my random blabbing. I couldn’t help but say something about this issue seeing how the news is bombarded with fiscal cliff this, fiscal cliff that and nothing mentioned about what it means for American jobs. Yeah, taxes are important, but without a job there’s nothing to tax.

Are you tired of hearing about the fiscal cliff, or is this something that truly concerns you?