I've observed a few people who routinely get buried in debt and I believe one problem they have is in not understanding the principles of accounting.
Another problem is the HABIT of being in debt--it's become so much a part of life that it's never thought about in the negative context. Not helping the situation at all is society's view that it's OKAY to be in debt, courtesy of credit card solicitations and easy store credit. Hell, even BANKRUPTCY is not the ultimate failure it once was; now it's heralded as a "second chance" at debt! Some people actually NEED debt to feel alive and needed.
A common denominator: no respect for wealth or savings. Too much faith is put in material things, and too much emphasis is placed on possessions equaling the person—the parts equal the whole—and this just isn’t so.
The only role models readily visible to “the encumbered” unfortunately, are the rich—festooned with glamour, high polish, and plenty of bling to go around. The truly wealthy are hidden in plain sight.
Next time the bling finds itself in a car wash or Laundromat, they should think about exactly who’s ultimately collecting the quarters…someone truly wealthy, that’s who. Someone who works hard without actually working; someone who knows that little coins add up to big bucks; someone who doesn’t need bling to feel like a normal human being in this world.
Wealth is the reward for working SMARTER, not harder. Bling is the reward for working too hard for too little money. One will get you out of a jam; the other will likely land you in jail. Once it’s gone, it’s up to you to make more—how is up to you.
The only discrimination here is knowledge. Wealth knows no color, race, creed, gender, preferred body composition, physical or mental handicap, or even IQ. I know of a quadriplegic lady who makes $60k/year from her wheelchair running an Ebay store, and a very young black man who struck it rich authoring his own book on becoming a millionaire, and is now on the lecture circuit. Three children raise money for charity continuously by running a lemonade stand in their town—had they kept any of the proceeds, they too would be millionaires by now...25 cents at a time.
Knowing how to make money and knowing how to spend it are what make the difference between wealth and poverty. Anybody can make money, but few of us know how to spend it effectively. Have respect for those who clearly do, have pity for those who clearly don’t, and try to learn about what can make a big difference in your life.
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2 comments:
This is an excellent post, because it is 100% true, I know from my own experience. Before this year, I never stopped to consider the money I wasted and the debt I accumulated. It was a habit, a nasty habit, and I didn't see it as a negative thing - almost everyone I know is in debt, what's the big deal? I also had no respect for savings. Luckily I managed to change the way I think, and have new found respect for all aspects of living more frugally - now I more than ever want to spread the same message to others. Thank you for this post.
You are certainly welcome! When I thought of the phrase "habit," I thought of my older sister, who constantly took out small loans for stuff she ought to be paying for in cash, and just "writes checks" for everything--regardless of account balance.
Consequently, her checks aren't worth the paper they're written on.
Her final solution for debt management? She married a man who makes more than she needs to cover her debts, and she relies on his credit rating instead of her check-writing abilities now.
In essence, she shifted her problems from paper to plastic.
Scores of people live so close to the razor's edge ot there, that debt is the only way for them to "survive." All they know is rollover debt, and they don't even bother to think about the day when the rollover stops. This is life and living to them. What it REALLY is: a way for them to live beyond their means without acknowledging it as such.
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