Quote:
Originally Posted by rob62521
They say when folks are on a diet and do without, it makes them often fall off the wagon and eat even more. You have to ask yourself -- is this an opportunity I may never have? Will you go back to being the good saver and pay off your bills? Sometimes you have to do a nice thing for yourself to make all the hard work and sacrifices worthwhile.
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I would use this experience as a learning moment. It can show you how easy it is to give in to temtation.
The whole purpose in living debt free and paying cash for wants is so that you can live life with less stress and have more wants. Just like being on a diet, you have to resist the sweets, to keep the weight off. (Sweets in this case is debt) You can have anything in life you want that your income can provide, but having it with debt, is like dragging a ball and chain behind.
Debt freedom and saving for for your wants, gives you more funds to use and with less stress. Also, using good judgement on the things you buy, so they have less value loss will help.
One thing that sticks in my mind that I read in Rich Dad Poor Dad was that you should buy assets and let them buy your wants. Basically what that means is, you should invest your money and let it earn you more money to spend later.
Bad:
Borrowing to buy wants and paying interest. Especially, spending most of your money buying things that loose value.
Better:
Being debt free and saving,(Earning Interest) then paying cash.
Best:
Sacrificing and being debtfree and investing money early on so later your money can buy you much more.
Ultimately, having a good plan and sticking to it, will serve you well.