Friday, October 26, 2018

Fear of Economic Insecurity

So the big book has a promise that fear of people and economic insecurity will leave us. This would lead one to think that otherwise normal people do not have this fear. They are secure with what they have and what will come. But listening to podcasts and reading blogs there are a great many people who live with this fear. Many taking effective action to combat it and still others doing nothing to prepare for the future.

In his latest podcast Dax Shepard said something about the holiday and Snickers Bars, the Snickers tree produces so many Snickers and in my mind I must consume all the Snickers because I do not know when I will get so many Snickers again. Even though there are Snickers everywhere and I can get one anytime. Scarcity. Listening on to Brene Brown it stems from shame.

So the truck broke down last month. The head gasket blew and radiator fluid was leaking into the spark plugs and fouling the system. The dealer said $4000 to replace the head gasket. The truck is not worth fixing for $4000, or why put $4000 into a vehicle worth maybe $6000. I started looking for new trucks. I have been saving about $200 a month for a new truck for a while. I have $26000 saved, not enough for a new Tacoma. I started calling around and found a great dude at JJ’s that could fix it for $2000. The water pump was leaking so the bill came to $2700.

Anyway, this triggers me into worry about finances and saving and having enough. Obsession of the mind for the past month or so about money.

The house is paid for. It is a nice little house. It is in a rough neighborhood. It is a $50,000 house. I was able to pay it off in about seven years. It has one bathroom. Will need a new roof, new siding, and a new detached garage in the near future. Beginning to look for a new place with some land and space.

The glass studio needs a makeover. New shelves, a new glory hole, rebuild of equipment. It is doing well on the month to month but tight. There is always what we need, when we need it.

Accounts are in good order. Retirement is building, slowly but surely. With stock market up and down it does not pay to check balances but trust in the process. With retirement from teaching in nine years or so there is not a lot of time to save, purchase, and secure the future.

How to invest? Find a professional. Check out the FINRA analyzer to see true cost of funds. Open a Roth IRA ($5000) a year. Save every month. Open savings accounts to squirrel away money for various objectives (house repair, new truck, travel account...)

So I think the prospect of having to purchase a new truck set things in motion, along with needing a new house or update the current one triggered a new wave of questioning if I am doing the right things. So process, what I am doing? Where is income going? What are the monthly bills?