There is financial advice everywhere we look, it seems. Well, I take that back. It seems to be everywhere when its either on your mind or you're looking for it! But the one piece of advice that has stuck with me ever since I was about 5 years old, is from my mother. Now that I am old enough to comprehend these type pf things, it means the world to me. She said, simply and profoundly, "NO MATTER WHAT, LIVE WITHIN YOUR MEANS". It seems easy enough to follow, yet millions in our nation are drwoning in debt. Why is that? I believe that is because their is too much pride and envy within our social circles and we have forgotten how to enjoy life without money being the string that controls us as puppets. Several of my friends are only 22 and 23 years old, and have found themselves with 10 to 20 thousand dollars worth of debt. And they wonder why? Because they obviously did not live within their means. In other words, spent money they did not have. Now that is going to plague them the rest of their lives. Another thing I noticed about those very same friends, is that all of them have come from wealthy parents and comfortable backgrounds. Well except for one of them. That speaks volumes as well. Another one-liner that my mother said years ago. "Always value the dollar". Simple right. If that large portion of my friends who are trying to swim their way out of debt would have simply valued and respected the dollar, I believe they would cherish what they had to begin with and never made the poor choices that have put them in the shackles of debt.
HAPPY MOTHER'S DAY!
I LOVE YOU MOM
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2 comments:
So Danny, it looks like the blog will push you over to the A grade. Hope you are pleased. I am sorry I haven't had a chance to look at it earlier but you are doing a good job of getting your thoughts out. Keep it up and you will be well on your way to financial independence. I have just a few comments:
. Your Mom is a smart woman!
. Regarding your comment about envy. Warren's partner, Charlie Munger says this is the worst sin. He asks people to think about it. At least with most the others (gluttony, lust, etc.) you some enjoyment out of it. With envy there is no upside! The other person doesn't care that they have made you green with envy.
. Regarding the mortgage - just make sure that you think about your ability to make payments when the terms change or market conditions deteriorate. You may plan on getting out in 5 years but the market conditions may not allow it. Always think about the exit plan and have a Plan B.
Take care and enjoy the rest of your classes!
Danny, ijust found this blog. You exaggerate,but thank you for the compliment.
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