This week I am sharing a more personal topic. Sometimes in life things will happen to you that become pivotal moments for the rest of your life. I want to share one of those moments for me, which was the time I bounced my first check. WATCH NOW!
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VIDEO SUMMARY
This story happened about 20 years ago, when I bounced my first check. And to be perfectly honest, I bounced a few checks before I figured out how a checking account worked. You have to realize, I started working when I was really young. I had my first job when I was 15 years old. I have always had my own checking account and savings account. I do not know if anyone remembers how things were done back then, but everyone used paper checks a lot more. People did not even have bank cards. You would just write checks.
But for someone like me who did not know how a checking account works, it was very complicated. When you deposit money, it takes a while for the bank to let you use it. When you write a check it takes a while for that person to cash it. So even if you check your account balance, you still have to keep track of all these moving parts. And if you screw it up, you all know you get massive fines from the bank.
The problem was that no one taught me how any of this worked. My parents did not teach me about money. The school system did not teach me about money. I had to figure this all out on my own. And I screwed it up a bunch of times.
Right around this same time, my Grandmother found out that she was dying of cancer. My grandmother smoked a lot. She was one of those people that smoked all day long. So she developed lung cancer. It was one of those situations where she went to the doctor and the doctor told her she had two months to live. The cancer had spread and there was nothing they could do.
I do not know if you have ever experienced this with someone you are close with. It is very interesting what happens to someone who knows they are about to die. It is like they get an instant clarity about life and everything that comes out of their mouth is so brilliant. And I am so grateful I got to spend some time with my grandmother during her final months.
So this was all happening at the same time I was struggling with my checking account. To give you some context, my grandparents lived out in the wilderness in Oregon. Their town was 1,000 people. They lived in the middle of this beautiful forest. So here I am, surrounded by nature, hanging out with my Grandmother who is dying, and I am sharing with her all my problems. How I am bouncing checks, I do not understand why it is happening, I do not understand how banks work, and I do not understand why they charge all these fees. My money was a mess.
My grandmother is listening to all of this, and she says something very simple to me. “Zach, if you can figure out the money part of life, your life gets so much better.” That was a moment that changed the rest of my life. It was a really simple idea, but it changed my relationship with how I think about money. It gave me power over my money situation, because I realized that all these money issues were solvable with a little bit of education. But even more powerful than that, it drew a connection in my mind. If you figure out money, you live a better life. You not only solve the problem, you enable even more positive outcomes.
I know there is a lot of people struggling with money these days. I wanted to share this story, because I post a video on YouTube every week and talk about money. And it is easy to misunderstand that I am an expert about money, when in fact I am just like all of you. I am not perfect. I have made all the same mistakes that everyone else has made. So if you are struggling with money, I have been there. I know what you are going through. And I can tell you the same thing that my grandmother told me, “If you can figure out the money part of life, your life gets so much better.” Your struggle can also become your path to an incredible life.
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Neither Zach De Gregorio or Wolves and Finance shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.