Facing your own mortality has a stark way of forcing you to reassess your own place in the world, how to improve it, and how to protect it. In 2010, I was diagnosed with a rare form of skin cancer called Dermatofibrosarcoma Protuberans. It first manifested as a pimple-like growth on my right shoulder the prior year.
I stupidly ignored it for over a year. When it was diagnosed, it was hard for me to fall into a deeper depression than the one I was already in. I had already been recently divorced, lost my job, lost my apartment and worst of all, I implored my ailing mother to allow me to come back home. I was broke, emotionally defeated, and didn’t know what to do.
It took two surgeries to excise the cancer. I never talked about it. In fact, I have close relatives who have completely forgotten this hell I went through. Talking about it made it real. (It’s like talking about Freddy Krueger after you’ve been awake three days.) One thing this experience taught me was that I didn’t want to be an average Joe flailing in the rat race anymore.
A Promise to Increase Self-Worth
It took a decade, but I am now trying to make good on a promise I made to myself as I healed from cancer surgery so long ago. I wanted to be wealthy, to work on my own terms, and to start a collaborative business structure based on my creative endeavors as a writer. However, wanting and doing are two different things.
There are many rules to becoming wealthy that I will address in future articles on this site. For one thing, you must revise how you view money. You must accept your own culpability for the current status of your life. And, you must appreciate the advantages of budgets: you must make money, shrewd investments, pay down debt until eradication, and live significantly below your means.
Leaving New York City
Like many people, I wanted to believe that just because I was a good person, good things will happen. I had to accept that I was responsible for the status of my life. In truth, I didn’t know how to handle money. Becoming wealthy is a journey of enlightenment, sacrifice, and determination.
I spent over a decade living on the good graces of my family and I had to stop. It was time to start over. The cost of living in New York City is astronomically high. I decided that I had to live somewhere else where the currency exchange rate, and my income as a telecommuting writer, could work for me. So, I moved to Manila, the Philippines.
I rent and work out of a small apartment that is part of a larger condo complex. My backup plan is to teach ESL, if necessary, in nearby countries. Starting my own business is still my goal, but that will take years and a good business plan. Right now, I am still mastering the art of the budget.
Advantages of Budgets
Before I can even think of my new business aspirations, I had to develop a budget based on my needs and stick to it. I now live in a foreign country with no family or friends to lean on if needed. It doesn’t make any sense in the world to repeat the same financial mindset that got me in so much trouble in New York City.
Just to survive in my new country, I had to have a sense of my newfound financial responsibilities and stick to them. As of now, I am divorced, have no dependents, and I’m living on my own. The currency exchange rate is about $1 USD to 52 Philippines Pesos. Here is a rundown of my monthly budget:
• Rent: $500
• Groceries: $120
• Internet and cable: $19 (The internet is notoriously bad in this country. Depending on the service provider, you could be without internet for weeks. Some months, I have to haunt the local internet café for 6+ hours daily to finish assignments.)
• Water: $5 (There is a very cheap water service for residents here. I pay about $1.25 for 40 liters of water. However, potable water can cost $1 for 5 or 10 liters locally.)
• Transportation: $5 to $10 (I don’t get out as much as I’d like. For now, I am focused on working, business plans, and raising funds for my business ambitions.
• Medical: Varies (I am having a checkup soon. At the moment I only take blood pressure meds. In this country, you must pay for medical treatment, billing is not an option. So, I do my best to eat well and exercise.)
• Visa Renewal: $600+ annually (This is a big part of my budget. I am basically the equivalent of an alien resident and need to pay regularly for a visa to stay here.)
So, my direct expenses right now is about $655 a month, or just under $7,900 annually. When I add in my intermittent visa renewal expenses, that comes to just under $9,700, or about $800 monthly. So, as long as I make over $800 monthly, which I do by a very comfortable margin, I am fine. I work 12+ hour days writing for multiple clients.
This is my only source of income. I write all the time, sometimes 6-days a week. However, time management skills and keeping to my budget is only part of the journey to achieving wealth.
Wealth Acquisition is a Journey, Not a Destination
I need to make more money to invest in my own business plans. For one thing, I can’t directly or solely own a business in this country. I almost snagged a producer willing to finance one of my low-budget film scripts, but the deal fell apart. My naivete used to be very palpable. I have a lot to learn.
To start a business, you need a well-defined business goal, attracted investors, a bullet-proof business plan, and a business budget, or a proposal with a tentative budget. There is absolutely no way to become wealthy without appreciating the advantages of budgets.
In future columns I will be detailing my prospective business plans and how I will budget for them. This is something that I want to do within the next four years since I am already in my 40s. For now, I have managed to take care of myself and budget for my needs for over two years in a foreign country.
I think that is a good first step in learning the advantages of budgets. Am I learning enough to fulfill my dream of launching my own business? I will keep you informed of my process for the next few months as I try to build my wealth. The only people who say you should never launch a comic book company are those too afraid to try themselves.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.