That's right...it's a all about the Benjamin's...Benjamin Franklin, that is. Ben was pretty smart in his own right, and had many thoughts - often humorous - on a host of issues. Money was no exception. Check out some select quotes and thoughts from Ol' Ben, and you'll soon realize why he is on the $100 bill.
A penny saved is a penny earned. Any money saved, is money earned...but Ol' Ben was on the right track.
Beware of little expenses. A small leak will sink a great ship. Things like that coffee latte, cable tv, eating out for lunch, that new pair of shoes, etc...these are little expenses. The great ship is your financial life and freedom.
Buy what thou hast no need of and ere long thou shalt sell thy necessities. Keep buying stuff you do not NEED, when you do not have the cash in hand to buy it, after all other necessary expenses are met, and you'll be selling that stuff to make ends meet...either voluntarily, or at a sheriff's sale.
By failing to prepare, you are preparing to fail. This applies in all areas of life, but if you don't plan on how to make your money work for you...like having a budget, and "pre-spending it" through the budget...you will fail at being debt free, and financially free.
Content makes poor men rich; discontent makes rich men poor. Being content with what you have is the key...whether rich or poor. Desiring bigger and better things, is not bad in itself...it is when you want it so bad, you get those things when you can't truly afford them. Putting them on a loan doesn't count. This is why so many are in debt...they are not content with what they have now, and can't wait to save to buy what they want.
Creditors have better memories than debtors. Do I need to say more? Well, a little bit. Very true words, but when you do pay off a debt, keep a record of it. How long do you keep it? FOREVER!! Sometimes creditors have memories of things that haven't happen. Not to mention they forget sometimes, too.
He that can have patience can have what he will. PATIENCE...the key to saving and building wealth. If you can wait to save up the money to buy something, you can pretty much have what you want, without going into debt.
If you know how to spend less than you get, you have the philosopher's stone. Can't say it any better than that...spend less than you make, and you'll never be broke or in debt.
It is the eye of other people that ruin us. If I were blind I would want, neither fine clothes, fine houses or fine furniture. Keeping up with the Jones'...take a second to evaluate where you are in life right now, financially speaking. How much of your "stuff" and debt stem from things you bought, in order to impress other people. Be honest with yourself. I was, and I realized just how much I was letting what I thought other people would think of me, dictate what I bought. Funny thing is, most people are busy enough with their own lives, what you thought they were thinking about you, they weren't thinking, because they were worried about what other people were thinking about them. Ok, there is to much thinking going on right now...my head hurts.
Our necessities never equal our wants. The "wants" will keep you wanting, financially speaking.
Remember that credit is money. Just very expensive money, and money in the lender's pocket. Don't look at it as a way to get something now, and pay for it later. Look at credit as a more expensive way of buying things. Think about the interest, and how much extra you are paying over the term of paying off that item. Either way you are paying cash for it...either upfront for the actual cost, or long-term, to the lender...with interest.
The Constitution only guarantees the American people the right to pursue happiness. You have to catch it yourself. Not to get too political here, but I think this is a key point. many people here in the US have an entitlement mentality. They feel they "deserve" something, for which they have not worked. They think because they want it, they should have it...NOW! Sorry, folks, but we are not guaranteed happiness in any form...just the freedom to pursue it. Whether we catch it or not, is up to us.
The definition of insanity is doing the same thing over and over and expecting different results. Keep living the way you live, keep getting what you've got. Eat bad food, get bad health. Spend money foolishly, get in debt. If you do not like where you are in life, whether it is money, work, or anything else, it is up to YOU to change...no one else can do it for you. Complaining about it, or blaming other people for you problems will not solve your situation. Only you, can improve your life. Make a change...even a small one.
Wednesday, February 20, 2008
Posted by Steve at 9:15 AM