A fool and his money are soon parted!
“The simple but hard to follow rule is this: Only borrow money to buy things that go up in value.”
Seth Godin NAILS it with this post – The tyranny of small debts, compounded
We seem to be in a world in which “making money” trumps morals and values.
The desire for more money (and things) clouds judgement, and many folks end up in deep tapioca (debt). Seth’s comment that debt which compounds is the real killer . . . when you’re paying interest on the interest owed, you’re losing the game.
Simple things like loyalty and integrity and simply doing the “right” thing become scarce, as “we” participate in the “BIG GRAB” with little concern for long term ramifications.
Of course, our leaders at every level (County, city, State, National, Organizational, Parental (?) are modeling this magnificently . . . Why wouldn’t we all play along. As affordability decreases, consumer debt increases . . . because we’ve all gotta eat, right?
Let’s decide now to put the creditors out of business.
Let’s deploy the element of surprise . . . and start doing that thing that we’ve forgotten . . . Live within our means.
I say lots more about this in this morning’s Drive Time video.