Living Within Your Means – What Do You Own Or Does Debt Own You- Part 1
Pay what you owe, and youll know what is your own. ~Benjamin Franklin. What a great quote to remember in a time when credit is at its highest. Credit is so easy to get, that many, especially young, people have gotten themselves into deep water with serious debt. There was a time in my life that I thought it was great to have anything that I wanted.
My father used to tell me that during the depression, people would only buy things that they could pay for because so many people were going bankrupt. He said that people were losing their houses because they couldnt even afford to pay the mortgages. His generation was raised in a time of extreme desolation and held onto the knowledge and values that if you really needed something, you saved for it.
He used to tell me, every time that I purchased something on credit, that I was paying for a dead horse. I was enjoying something that I did not own but I was still making payments long after itd become OLD and worthless. Some people today buy merchandise, for example furniture, with no money down, no interest and no payments until later....
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