Cash Living by The Outlaw Micheal Tomsik

A CASH LIFESTYLE BY THE OUTLAW MICHEAL TOMSI

It has been a long while since I wrote a blog about a cash life style. As many of you that read my blogs or follow me on line or my web page, or on social media I am big on cash lifestyles.

However these days with a virus called Covid19, job losses, lockdowns, and the economy all hanging in the balance it is it even possible to have a cash lifestyle without tons on money or being wealthy?

Fist of all what is a CASH LIFESTYLE?

In my opinion a cash lifestyle is one free of any debt and only living off the money you make.

This means no loans, no credit cards, no debts!

HOW CAN A PERSON OBTAIN SUCH A LIFESTYLE?

In my opinion again IT IS EXTREMELY DIFFICULT THESE DAYS UNLESS YOU HAVE TONS OF MONEY AND CAN PAY EVERYTHING IN CASH.

IN THE WORLD WE LIVE IN MOST OF US CAN NOT BUY LARGE ITEMS WITH CASH!

Why do I feel this way because face it most of us out here in the real world can not afford to buy a home, a car or large items unless we use credit or get a loan. It may be possible to live other ways however if a cash lifestyle is really calling your name. Living in a tiny home, RV ,or off grid is always possible.

At one point in my life I was completely debt free no loans, no credit cards, no house payment, and I was paying all my bills and living within my means, but than unexpected things happened and I had to borrow money to purchase a vehicle.

It took me 5 years and it finally is paid off in full, but than my family needed a home so once again we got a loan to purchase our home.

So here we are in debt again.

However we do live everything else under a CASH LIFESTYLE but we do maintain an emergency credit line and keep our credit options open just for those unexpected things in life that happen.

I am seeking to working my family back to a 100 percent pure CASH LIFESTYLE.

HOW CAN I TRY A CASH LIFESTYLE?

A cash lifestyle is one without debt so first of all you would need to stop using any credit cards and only use a debit card or cash to pay bills, shop, or live a daily life.

I will tell you from personal experience there is a freedom in knowing you owe nothing to any credit company, or loan company and that all your bills are paid, and you have an exact idea of your budget.

So here is my challenge that I have put out in previous blogs, for 2 weeks (14 days) only use cash or a debit card to pay for everything. This means food, gas, utilities, shopping, or whatever see if you can do it. It may surprise you how you begin to watch your account, or accounts.

This is wake up call for a lot of people on what they spend on a daily basis.

I get teased from my wife Annie I check our accounts on a daily bases and sometimes several times a day.

I can tell you exactly what our budget is or what bills are coming out, what investments we have, or what bills do need to be paid. I can tell you how much money we have in savings,retirement, or in any given account we have, This may sound relentless but I really do not mind it actually gives me peace of mind knowing. We do not always see what is coming so it is nice to at least know where you stand.

Currently we have been going outside our CASH LIFESTYLE with the loan we got on our home, but this currently is the only debt we have, Though like I mentioned we do have an emergency credit limit but we refrain from using this if possible. My family only uses a debit card or cash for everything else.

DEBIT CARDS are ok in a CASH LIFESTYLE if they directly go to your bank account and money is moved immediately from bills, or daily life expenses. In my experience I found the DEBIT CARD eaiser than cash on a daily bases but if you really want to be extreme try the same challenge above but only with cash. I will just tell you from nearly 7 years of experience that paying bills, shopping, or even daily life is easier with the debit card.

WHAT ABOUT CREDIT ON A CASH LIFESTYLE?

In my prior blogs I have expressed that you should maintain your credit even if living a CASH LIFESTYLE.

These days with credit fraud, identity theft, and the fact you may need credit for a large purchase or emergency is pretty much unavoidable.

There are some ways that I feel are on the edge of a CASH LIFESTYLE.

These are ways you can do a cash lifestyle and maintain your credit.

SECURED CREDIT CARD.

Many banks a credit companies offer these cards. It is where as you put an amount of money in an account and tha use it for credit. For most purposes no one knows it is secured but you and the bank or credit card company. Using it and paying it back does a few things one it will build a credit rating with all the major credit reporting agencies, and second it is secured so you can not go past the amount of money you have in the account.

This is also a good way to build a small savings .

I feel it falls under a CASH LIFESTYLE because it really is not a debt you have placed money in an account and are borrowing against it, but it can be paid off at anytime because the money is already in the account and you will not be allowed to go beyond the amount in the account.

It also builds your credit and maintains your credit scores with all the major credit reporting agencies.

You can open these cards with around $250 and up.

You can check with your bank, but Discover, Visa, and Mastercard and most other credit card companies offer these types of accounts.

A SECURED CD ACCOUNT

I did this once. To open you can place money in a CD account with your bank and than you can take a loan against the CD. Once again I do not feel this is a debt because once again your money is being used to do the loan. Also it can be cashed out usually however most banks want you to keep this type of account open for at least 1 year. However if you borrow against it and pay it back once again it will be reported to all the credit agencies and it will increase your credit scores and ratings.

Also at the end of your term on the CD you can renew it or cash it out also you earn interest while the CD is active in the account. Usually these account require $500 to $1000 to open at minimum.

WAYS TO START A STOCK ACCOUNT OR RETIREMENT ACCOUNT:

For years I have been playing with the stock market my favorite company is TD AMERITRADE, however I found another company called STASH that I love as well. The reason I love STASH is designed for a person who does not have a lot of money to start you can literally start a stock or retirement account with as little as $5 with STASH. TD Ameritrade requires a $500 investment to start and you have to buy the entire stock, unlike Stash where as you can buy into stocks for $5 at a time.

CLICK HERE TO CHECK OUT STASH

Anyways I hope this blog helps you on your journey