2008 is just around the corner and it is always fun to look back. Do you remember when only really wealthy people owned a Mercedes or BMW? The wealthy were also the only people with 3000 square foot houses, boats and vacation homes. They went on extravagant vacations and stayed in luxurious hotels. Now in 2007, most of us treat ourselves like we deserve what the rich and famous have.
Our generation eats out more often than previous generations. We also purchase more vacation homes, buy more expensive cars and waste money at luxurious hotels while on vacation. Our generation also has less money saved for retirement and more debt than our parents' generation. Is it time that we look in the mirror and say this is getting to be too much? Should we slow down all of our spending and save for retirement? What is a good way to invest and save for the future? Have you thought about the future? Is it time to consolidate your spending, sell your boat and downgrade your vehicle? Is $800.00 a reasonable car payment? Do we really need that boat?
The only commodity that is worth your hard-earned money is a house. This is because a house will continue to go up in value. All of the other stuff is just stuff. A home is something you can enjoy and prosper in. It is something that can help you build wealth and help you save for retirement. Do not fall into the toy trap. You do not need to buy little Johnny a Nintendo Wii this Christmas. You need to save for his college education and for your retirement. Plus, the Nintendo will be half-price by January and nearly free in two years.
Have a great holiday season and spend wisely!
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