Consumer spending in the U.S. rose in January even as incomes dropped...showing households were weathering the payroll-tax increase by socking away less money in the bank.The rest of the article goes on saying that this type of spending is helping support the economy, but it doesn't point out that people are living beyond their means. I remember a few years ago during the recession that one talking head said the economy was rebounding because credit card purchases were increasing. The economist who was speaking with him said that was because people were using debt to pay for the basic necessities.
Living beyond your means is a death sentence, a terminal cancer, for your finances. It may not happen overnight, you may keep the boat afloat with debt for awhile, but it will fail, it will sink.
Unlike the government, individuals cannot print more money (legally). We can only work harder, sacrifice, and cut expenses to keep our income balanced with our spending. It sucks. Its no fun, but its the only way to prevent keep you away from that debt beast.
Honestly ask yourself.
Would you sacrifice your future, soul, child, or wealth to Moloch back in ancient times for wealth and a good harvest?
No?
Then why you sacrifice your wealth, your family, your children and your future to credit card companies in exchange for instant gratification?
No comments:
Post a Comment