This morning I revealed that I had lied to you. I’m sorry. But I learned a lot between 1:00 a.m., when I discovered I lied to you, and 8:00 a.m., when I clicked “publish post.” And I’ll learn a lot more before I’m done sorting out this mess. Hopefully I’ll end up stronger personally and financially because of it.
First, I learned that I should proofread my posts a little better. 
Sorry about the typos… they’re fixed now (I think). But hey, I’m sure no one is coming here for grammar lessons. If so, all I can tell you is “I before E except after C or when it says “A” as in neighbor and weigh.” Not bad, huh? I’m pretty sure that’s all I remember from elementary school. And I know that’s spelling, not grammar. So I guess you probably won’t learn anything about grammar here…
Second, I remembered that I have a fairly fragile ego. I’m generally viewed by my friends and family as confident. I have a strong personality – and hopefully will have strong biceps and abs to match pretty soon – see here (yes, I’m going back for more). But I was very hurt when I was denied a checking account. A checking account?!?! It felt like I just got dumped the day before Senior Prom. I’m not entirely sure why it felt like that. But it did. Ouch.
Third, I learned that for me it might be easier to get a $400,000 mortgage than a checking account. Let me explain.
My wife and I have been struggling with our buy v. rent decision for quite a while now. I’ve mentioned it before, but each of us owns rental property so we’re in no crazy rush to jump into the real estate game. But we both like the idea of home ownership and having a “yard” (whatever that is) and “drive way” (novel concept). Also, having more “rooms” instead of “areas” would be nice. So I e-mailed a copy of my credit report to a mortgage broker I trust, along with a brief explanation that I may be looking for a mortgage and would be comfortable going up to $400,000.
(In case you’re wondering, that mortgage amount would require me to increase my commute from 40 minutes each way to an hour and a half each way or live in a box. We were going to increase my commute.)
I don’t remember his exact response, but it was something to the effect of: all set and with an interest rate that will make you feel like you just robbed the place.
Fast forward a few weeks and I was denied a checking account?!?! That didn’t make any sense to me. One company was willing to hand me $400,000 and another one wouldn’t let me open a checking account. Wow.
Fourth, I learned that blogging can be therapeutic. (I also learned how to spell therapeutic.) I felt much better after I “talked it out.” So thanks for listening. And two posts are even more therapeutic. Yes, in case you’re wondering, I’m really excited that I now know how to spell therapeutic. I’ll probably use it more often… let me know when it gets annoying (too late?).
Fifth, I reminded myself (again) that it’s not a good idea to link emotions with money. I didn’t realize I had, but when I was rejected by the new cute girl in class, it hurt quite a bit. And for what? A 2% cash back debit card and $100 to a financial literacy program?!?! That’s all very nice – don’t get me wrong. But I’m happy to donate the $100 myself. And I can get 2% cash back in other places if I want (or save more than 2% by paying cash and negotiating the price down in quite a few places).
I got emotional. I got so emotional that I almost included “opening a PerkStreet account” as a goal in my post. Then I realized that it is not the PerkStreet account that was important. That is not a goal. It was figuring out what information was out there on me and making sure to correct any errors. It is to learn. It is to be financially stronger at the end of the day than I was at the beginning. I’m glad I caught that before it was too late.
And sixth, I learned that if you remove emotions from money decisions you’ll think rationally and possibly find decent (or better) alternatives. So I paused and thought. I didn’t feel. I don’t need the 2% cash back. I don’t know of anyone who got “rich” off of debit or credit card rewards. But I remembered that there are credit cards that give 2% cash back and, because I use my credit cards responsibly and don’t spend more when I use plastic, I didn’t need the PerkStreet account. I could always just apply for one of the 2% cash back credit cards and use them responsibly when it made sense.
Oooh… combining the third and sixth things I learned gives me an idea. I haven’t actually “applied” for credit in quite a while (probably in mid 2008 when I opened a credit card to get $150 towards my honeymoon with the first purchase or a few months later when I opened a new cell phone account). Maybe I would just get a 2% cash back credit card (there are one or two out there). I will likely wait to do that until I get to the bottom of my ChexSystems “report” though. Baby steps.
But wouldn’t it be interesting to see whether one company would just hand me their money while another one would even let me spend my money? I’ve wanted a 2% cash back card for quite a while now, so I’m confident that this is not based on emotions. I’m not on the rebound just looking for plastic and cash-back companionship I promise.
I’m sure more lessons will set in as my wounds heal…. Thanks again for listening I’m very blessed to have you around.
Until next time, put your credit card down and slowly step away from the mall!
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