Beyond Debt-Free: Overspender, Miser, Wise Money Handler


It is said that a person is what he or she is because of the experiences that he or she went through.

True enough being buried in debt also transforms a person into a new being and even after getting out of debt it is funny that the past has an effect on how they handle money. Let’s dwell on these three after effects and see where you fall.


Spending money to the max


Do you have a friend or co-worker who always buys stuff for his or her use or love one’s use? Are they that type who buys the latest gadget for their kids or for theirself specially when it’s on sale. Are they that kind who search the internet for great buys or deals?

Most people don’t realize this: even if you can afford whatever you are buying it is a sign that once you experienced the lack of money and thus when you get a hold of it in abundance it is easy for you to buy the things you never had before even if it is actually unnecessary. I know most of my age group who now have kids who buy sort of things for their kids. When ask why they bought such they reason that when they were young they never had such and thus they don’t want to see their kids experiencing that feeling of lack or that feeling of envy when they see their playmates playing with the latest gadgets.

At times also we hear of people who after achieving financial success started buying collections like cars, expensive watches, signature bags, or signature clothing. It is not bad to have these luxury goods but having a collection of Rolex watches as a collection or having luxury race cars like a Ferrari is a manifestation of such past.

To simple put it you now overspend because you can. The question now is until where will your money be if all you do is spend? If you don’t watch your spending you might end up the way you were and worse is you start to sell the things you collected.

Again it is okay to have one or two the things you never had before but always watch your spending. Avoid going back to you being buried in debt.




Back in my high school seminary days we were studying a novel, Silas Marner. He was a weaver who made lots of money doing his craft and one day got rob and from that experience turn into a miser. As he saves his money he tend to keep it and not buy anything unnecessary. With that also he shunned the people in his community because of the distrust he had.

Yes people who experience poverty and been buried in debt have this such trait as well. After fixing their finances they now shun credit cards, loans, insurance agents, and even social gatherings thinking that it is just a way where people will steal their money.

Because of such reaction such misers who are actually savers live a poor life. Instead of growing their money in banks or investments or enjoying the fruits of their labor they still live that poor life they have when they were poor or buried in debt. Have you ever seen or heard of a person who died of a simple fever because he or she refuses to be admitted to the hospital even if he or she has the means to pay it? Yes that is how sad the state of people who got out of debt and became misers.

Avoid turning into a miser by having a positive outlook. Yes you may be cheated in an investment scam or by your best friend or your business partner but never ever clasp money tightly in your hands because in the end money is not the most important in this world. You got to make money work for you to avoid that feeling of it being stolen away from your hands.

Wise Money Handler

A truly rich man doest work for money, he makes it work for him and also gives it away to those who need it most


Lastly there are those who like a phoenix rise from the ashes of being buried in debt.

What makes these people better than the overspender or the miser? It is that they gained knowledge from being buried in debt. People of this kind has seen the bad effects of being buried in debt and from it they have this driving force in them; one not to go back to such state and two to make money work for them instead of them working for it.

Practically they now understand how money works and thus they continually educate themselves on how to keep and make money grow on its own for them.

Ever heard a friend who already have a successful and profitable business asking you if you have any good business idea which you can partner with? Yes this kind of people even though they are wealthy still want to find ways to grow their money. You might even envy them because they now have a well maintained household, a quality car, and from time to time they are able to go on a holiday in places you dream of like a European tour and yet it seems that the money they are spending is not even a pinch of what they already have. Also when they buy things they don’t just buy, they actually scrutinize the quality and the price of the things they are buying. They weigh in things like the price, the quantity, the durability, and the quality of what they are buying before going to the cashier but only if they need to buy such stuff.

Also these people don’t shy away sales person with a good product. They sit with the sales person to see how good the product is but don’t promise to buy it right away. Again they compare it to other things they already saw and then decide. Unlike overspender who will surely buy it or the miser who will say no even before  the sales person  open his or her mouth to demo the product.

Wise money handlers learned their lesson when they got buried in debt and now turns that experience into the driving force to be better at handling money. Also they seek help through available resources or to a one on one mentoring either with someone who has a sound financial status or through a group who share and discuss how to better at handling money.

So which of the three do you think you fall in?

You may have paid off all your debt but falling into the overspender and miser category is still not good. Be a wise money handler and be truly financially free until you reach your golden age.

Financial Freedom Advocate About the blogger

Louis Delos Angeles is a Certified Public Accountant, blogger behind Investing in Philippines, and author of Investing in Stocks: Preparing for the future small amount at a time. Check him out in Google+ Learn more about Louis and his financial freedom advocacy here.

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2 comments for “Beyond Debt-Free: Overspender, Miser, Wise Money Handler

  1. May 20, 2013 at 8:03 pm

    I think I’ve been all of them at some point. Thank goodness I’m a wise(r) money handler now! :D hehe

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