Pay what you owe, and you'll 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 couldn't 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 it'd become "OLD" and worthless. Some people today buy merchandise, for example furniture, with no money down, no interest and no payments until later. The problem with that is the furniture is getting worn out before the first payment is due, so it's like you're "riding a horse until it dies and then you have to begin to pay for it", thus PAYING FOR A DEAD HORSE.
I finally understood what my father meant when my wife and I were filling out a bank statement to buy a house. It asked us to list our total worth. When I added up what we owed, to banks and credit card companies, our debt was in black and white for me to see. However, when I added up what we actually owned and added our income, our financial situation was in the red. When you calculate your net worth, you can see that all the stuff that you are buying on credit doesn't count toward your financial worth, because you must take every creditor's amount of payment from your financial total.
Social network users, click for Christmas myspace comments. You can also use Christmas myspace graphics. For Christmas Layouts- click Christmas Myspace Layouts to add to your profile.

Pay what you owe, and you'll 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 couldn't 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 it'd become "OLD" and worthless. Some people today buy merchandise, for example furniture, with no money down, no interest and no payments until later. The problem with that is the furniture is getting worn out before the first payment is due, so it's like you're "riding a horse until it dies and then you have to begin to pay for it", thus PAYING FOR A DEAD HORSE.
I finally understood what my father meant when my wife and I were filling out a bank statement to buy a house. It asked us to list our total worth. When I added up what we owed, to banks and credit card companies, our debt was in black and white for me to see. However, when I added up what we actually owned and added our income, our financial situation was in the red. When you calculate your net worth, you can see that all the stuff that you are buying on credit doesn't count toward your financial worth, because you must take every creditor's amount of payment from your financial total.
Social network users, click for Christmas myspace comments. You can also use Christmas myspace graphics. For Christmas Layouts- click Christmas Myspace Layouts to add to your profile.