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This is a guest contribution from Bill Hazelton, CEO of Credit Card Assist where he provides tips, news and advice on credit cards, balance transfers, rewards programs and all things credit-related. While it’s not yet officially the end of free checking, consumers are finding it harder and harder to find banks that will waive fees on checking [...] Evidently, the only thing worse than being broke is to suddenly become wealthy. [...] When I was younger, most Americans took the future seriously. Now, it seems like people are living for today and neglecting the future. [...] One common thread between most people who are floundering financially, is that they don’t keep track of their finances. People can’t improve their financial lives, unless they know where their money is going. [...] Last weekend, we had some of the neighbors over and we were talking about the way some people act. One of my neighbors, who is a salesman, used to live in the new upscale part of town. He told us he was invited to a barbecue and his neighbor had almost nothing to eat or drink for 20 guests. My other neighbor, who owns a landscaping company, told us he has customers with two or three multi-million dollar houses that have a Camry or an old Mercedes station wagon in the garage. We all agreed most of the truly wealthy people we knew were some of the nicest and least pretentious. Most of the people flaunting their money, complained about being broke whenever they got a bid or had some work done. This is the fifth post in a series of Money Fails. Money Fail: Broke on Thursday All Show and No Dough
A couple of years ago, I was sitting in Big O Tires, waiting for them to put some new tires on my wife’s Jeep. A doctor drove in with a new Mercedes and needed some tires. The reason I knew he was a doctor was because he made sure everyone in the waiting room knew he was Doctor so and so. Anyway, he tried to get some tires with their 90-Day Same as Cash, but his credit was declined. Honestly, I felt really bad for the guy. I’m sure he worked very hard and had a high income. He probably has a nice house to go with his new Mercedes, but he couldn’t afford tires. It left quite an impression on me. Let’s face it; looking wealthy isn’t the same as being wealthy. It’s a lot easier to look successful than it is to actually become successful. To some people, image is everything. But, image doesn’t buy you much in the financial world. The irony is that some people spend themselves so heavily into debt to look successful, that financial security becomes almost impossible. Instead of living the dream life, they are living with the bills for the things they really couldn’t afford to buy. Security is the RewardMost of the wealthy people I know are more concerned with financial security than material possessions. Sure, they have nice cars and houses, but it’s knowing they could live for many years without an income that makes them happy. I believe it’s one of the reasons they are so down-to-earth. They don’t have the stress and worry that people on the debt treadmill have. They aren’t worried about losing everything, because it would take a catastrophic event for that to happen. They have a surplus of income and they can enjoy most of the things that make them happy.
Continue reading Money Fail: Spending to Impress |
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