The fact that millions of Americans are broke has little to do with the failed economy in many cases. The national norm is to spend as much as you can and then as much as your credit cards will allow. When people get a raise, the majority of the time it helps to pay down some of the credit card debit so they can spend more or the excess is spent before it gets to a bank account to use as a payment. The more we make the more we spend. But it is true that the extent in which you save and handle money can be an indicator as to how serious people are or are not about their lives and their success.
If you take a good look around, a society that does not save or invest for the future does not believe that it has a future. So why not get it all now while we can. Live for the day, eat, drink and be merry for tomorrow we shall all die anyway. Problem is we all do not die tomorrow so we wake up with the results and are severly in debt. While in much of the industrial world, they are building up savings accounts, we in the United States are building up our credit card accounts. Or at least till recently. Many, many Americans have lost their credit and their accounts have gone belly up because without some sort of savings there was no resources for that rainy day. Sound familiar?
As a nation we need to get back to the fundamentals of handling money. We must think of accumulating and managing our money as a process and not an event. Sacrifice and saving are two essential elements for peace of mind and long term success. We must learn to implement delaying immediate gratification for greater tomorrow. When you set aside a small protion of your income regularly the first thing that you realize is that you do not miss it. The second thing is that people with money tend to attract more from other sources. With a little preparation, a large number of Americans could have avoided the downfall of the economy and been able to maintain their lifestyle until the nation got back on its feet again.
Later, we may regret what we did, and wish we had remained cool-headed long enough to have thought more clearly and slowly about the consequences.
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