I started reading a book at my open house this sunday. It is called the Richest Man in Babylon. It was given to me by a loan officer who wants my business. What amazed me as I read it was that the principals in the book were news to people. I suppose that it is really, if you look around at the economy and the credit situations people are in.
As a Realtor, I have met many folks in the throws of financial disaster, but they look good. They can't pay their mortgage, but they are planning a superbowl party with their plasma big screen. They have collection agents calling, but their son just had a huge birthday party at the trendiest kids party place. Why do we as a society feel the need to impress others at the expense of our own future? The biggest concepts that society needs from that book, or any other money management course are ...
1. Spend less than you bring in
2. Invest the extra in safe invesments and allow those profits to go to work for you.
3. Make yourself more valuable so that your earnings can increase- get an education, learn a skill, or become better at what you do.
I was fortunate to have a great set of parents who taught me these values when I was in the hand-me down clothes from my older cousins and when I was playing a made up game with my neighbor, and making a pool out of sheet plastic, a picnic table and some rocks. I am the mother of two wonderful, smart girls who get told "no" alot when it comes to the extras in life. It can be hard in this society to do without what others feel are necessities, and ask your kids to do without. Tell me. Why does a third grader need a juke phone, or a razor, or an Ipod? Why do children who can't spell properly or read at their grade level need ps2's and Wii's and guitar hero? Why do elementary age children need to wear Tommy Hilfiger and Abercrombie? Maybe we are in the economy we are in, because america's value system got derailed.
I have been and will continue to be an advocate for family budgets, credit repair and living with limited debt. Those of you who haven't read the book, you might want to check it out of your local library and recommend it to the credit challenged folks you encounter. To the lender that sent it to me, thanks. I plan on purchasing more and giving them to folks I meet who just haven't been taught the laws of money and the relatively simple way to reach financial security.
Here's to a safe, productive, financially rewarding 2008 to all of you.
Della
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