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YMYL Challenge – Step One

Home Forums OVER THE BACK FENCE ALS Challenge Series YMYL Challenge – Step One

Viewing 15 posts - 31 through 45 (of 79 total)
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    As one who do this challenge a few years ago, I feel like I can give some advice (oh the lofty heights!). Above all, don’t panic! I was really put off by Step one and I really didn’t do it very well. BUT IT DIDN”T MATTER. I got more out of the rest of the steps, so if adding up all you’ve ever earned sounds as appealing as completing your tax return, make a really good guesstimate and move on to assessing your net worth. The point of doing the two together is to see how money comes and goes from your life and for you to make an assessment of how happy you are with where you are now. View it as a “making peace with the past” step, not as a rod to beat yourself with. You may find that if you spend 10 minutes thinking about the true answer to this question (not the BS we often sooth ourselves with) you’ll get to the same place regardless.

    Do not use this step as a procrastination task!

    Do it fast, do it now and get ready for the more interesting steps to come. Suz is not going to come around and mark your work:D.



    I have done my calculations and am quite pleased as my assets minus my liabilities is more than I have earnt over the years so I think this is pretty positive. 😀


    deee wrote:

    View it as a “making peace with the past” step, not as a rod to beat yourself with. You may find that if you spend 10 minutes thinking about the true answer to this question (not the BS we often sooth ourselves with) you’ll get to the same place regardless.

    Do not use this step as a procrastination task!

    Do it fast, do it now and get ready for the more interesting steps to come. Suz is not going to come around and mark your work:D.


    Quite right Deee! It is about making peace with the past and getting on with the next bit! So lets get cracking.

    If you have done the two steps – how did you go (no personal info, please) and if you are looking for more to do – don’t forget to work on that decluttering!


    Thanks Suz and Dee, I feel a little more motivated now. 🙂


    Just a quick note aside, my DH found that AAMI insurance has a lot of calculations on both contents and house itself – so it could be an useful tool for the step 2? We were blown away that we’ve been under insured for many years!! Scary thought that we’d find ourselves shortcharged, but then again a bit of liberty to know that we probably will be happy then being just! 😆

    Good inputs from others. I like to read it all here – food for thoughts, like what authors state repeatedly there’s no need for guilt or blame here, just acceptance and ‘move on’… :tup:

    Cheers! :hug:

    Burra MalucaBurra Maluca

    OK – who’s gonna come clean and own up to their gazingus pins? For anyone who hasn’t come accross the concept before gazingus pins are any item that you just can’t pass by without buying so that you end up with a whole collection of them that never get used.

    I thought mine were books, but I’m not so sure now as apart from the odd one that turns out to be no good, they are all useful, or educational, and I love them all dearly. My other half isn’t convinced as I do seem to have rather a lot of them… 😆

    My other half’s gazingus pins are seeds – if there’s a seed display in a shop, he’ll be there rummaging through it, and he’s always buying them off ebay. In theory it’s a good thing, but our soil still isn’t brilliant and we don’t seem to have enough time and energy to nurture everything. On the other hand, he seems to have cut back a bit this year and only bought stuff we know will actually grow and will be used.

    So what about everyone else? Anything to declare? :shy:


    Hi Everyone. My first post here. I’m doing this challenge without the book so far, because as ‘Barra’ puts it above, I do have a small issue with ‘gazingus pins’ and books. My non frugal friends would think i had no issue at all, but i can’t stand buying a book that i will only read once. I have it on hold from the library, so i should get it soon.

    I have completed steps one and two, very roughly (as in 20 minutes to do both, no research just a guess). It wasn’t a huge shock that my net worth was only about 10% of what i have earnt. I’m in my early 30’s, and while i am frugal now i have many years of happy alcohol/take away etc night in my past, and only just purchased a house a few years ago so also many years of renting.

    And my other ‘gazingus pins’ – op shop clothes for my 1 year old!

    Looking forward to the next step


    Ok, I have the book, and need to get reading. I love this idea Suz, thankyou for starting it. I stopped paid employment 25 years ago, so how do I work this out? I assume half the assets are mine, are half his earnings mine too? Or did I earn nothing (except the welfare when he lost his job) yet gained quite a few assets on the way? Can I do this for just me? dh doesn’t want to (no time haha, yes I get the irony)

    Gazingus pins? Must be glass jars, I must have a thousand of those.


    right done. not too shocking


    Gazingus pins: seeds AND books (but I do love them all and they are not entirely useless).

    Hubby’s gazingus pins: bikes. We got heaps of them, but he doesn’t buy them, he picks them up from the side of the road.

    My net worth is reasonably healthy given that DH and I have never been big earners, but I’m sure this has more to do with the buying at the right time in the Sydney housing market, cos its sure as hell not due to frugal spending habits over the last 20-odd years.



    ok, so am doing this without the book also. Have no way to look at what i have made,even though it is only over a few year so just took a guess. as for what I own,,,, nothing. I dont acually own anything, everything is DHs. I do have some savings but thats it.:shrug:


    Hi Dianne,

    what about clothes, books, general household stuff? Just use what you’d get if you sold it all at a garage sale. If it amounts to $2.50, thats fine. Its about seeing where your money has gone and having a good think about whether or not you are happy with this. There is no right or wrong.

    I probably copped out a bit with my last post, so now I’ll come out with the self-judgement. All our assets are joint owned. Our net worth is good, but we’ve wasted a lot of money over the last 20 years. Some of that was conscious enjoyment-based waste, much of it was unconscious. I used to think that not giving a stuff about money made me better than people who were obsessed with it. Now I know that most of this theory was a justification of my laziness. Money is a tool and conscious, ethical living requires that I look after my tools so I can use them, not just for my own good, but for wider projects. So enough with the waste!

    Please don’t feel that this bout of self-flagellation is required of everyone :shy:



    Wow Im so glad I took part in this challenge! I am going to try and get DP to read the book as it explains why we are different with money:tup: I was lucky growing up and didn’t want for anything really however DP’s parents struggled. So now he is obsessive with saving, has trouble buying things he needs even though he has the money because he is fearful of the ‘what if’. I spend my money recklessly because deep down I feel that there will always be some more……which there isn’t:( It is the major thing we disagree on. I hope after reading it he will understand how saving is a struggle for me the way spending is for him:tup:


    mmm, interesting exercise. Result not as bad I thought it might be, but always lots of room to improve.

    My gazingus pins – magazines! its a challenge to go in the newsagent and not walk out with one. I subscribe to two (sharing the Gard. Aust with mum) and thankfully am able to get Grassroots and Earthgarden from the library (I reserve them so usually get them within a 4-6 weeks of release which isn’t bad).


    I always find this process a bit painful and can’t help thinking of the “what if’s” but I have learnt to let go of past mistakes and look forward to better decisions.

    Our net worth is not too bad but this is mainly beause of the massive rise in the value of real estate rather than any smart investments we have made.

    My gazingus pins would have to be my grandsons, I find it really hard to not buy them cute stuff when I see it even though I know they don’t need it.:|

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