Tuesday, 8 March 2011

The Debt Set




Debt is an easy thing to get into but awfully hard to get out of. Why? Mostly because managing  budgets is linked to our emotional psyche. Som of us have been born or raised with extravangant or modest tastes. Me? I fall into the former category; I've always believed in simple luxuries and that having it all was an achievable goal. BUT the price tags never fitted my budget.

 We all know the golden rule is to spend less than you earn but how easy is that to practise in the consumeristic 21st century? How could we afford all the little necessities (mobile phones, cable TV and those to-die-for-slingbacks) that were formerly luxuries if we stick to budgets? Politicians, bankers and money market dealers who are responsible for more intricate budgets appear to be making a hash of it too ( if the global financial crisis is anything to go by).

Money talks
No one really knows what their financial limits are when credit is so easy. It's the current generation of teens that I feel sympathy for. The X-Box / IPod / generation of gamers and web surfers do not have much idea about hardship or tightening their belts. Mummy and Daddy have operated a revolving credit facility whereby their every material wish has been granted (in compensation for the hard times parents themselves have endured). Frugality and simplicity are old-fashioned concepts and our children in adulthood will struggle to see this as a satisfying way to live.

I enjoy spending. Books, more than clothes, are my weakness. If I haven't bought a book (two or three a month) I feel withdrawal symptoms coming on. I also love to upgrade my home with a few well chosen items that won't break the bank (and some that will).  I love to treat my children and surprise loved ones with little, customised gifts. I love to travel and broaden my mind (and that costs) sometimes more than is affordable. I don't like to feel held back by budget restrictions so debt is a reality and necessity.
 To have money and spend it on others is to share a little of the richness of your heart. Sadly, if you are big hearted, this scale of generosity will land you in debt. Miserliness is not for me. Scrooges don't have any debts themselves but they are fond of assisting people into debt (and charging exorbitant interest).

Debt is a fact of life. The best things in life may be free but the next best things are not. Credit allows for a certain kind of spending freedom but it can become a yoke around your neck.
Show off your assets
 Post univeristy, students have to face up to  alot of debt for want of pursuing an education and that doesn't seem fair. Why should you spend time educating and refining your mind in order to have to sell your soul later in life to pay for it? Debt is unavoidable but learning how to manage it is the key so that it doesn't destroy the most precious thing - you!  Debt is a cruel master so it's best not to attract too much of his attention!

Debt damages relationships and can lead us down roads we'd rather not travel. The honourable way is to pay them off before it takes a hold of you. Debts should not suck your life energy and rob you of joyous living. Having a large debt is sometimes a way of forcing you to be more creative in overcoming it. Use your money wisely but always take the high road to financial security. Don't get drawn into the dramas of debt - you may have to live with some of the spoils of your over-spending but don't fraternise with the extended family: depression and worry.

Debtful but never doubtful!

Unbelievable as it may seem some of us with debts do sleep well. We dream about hearts, flowers and enough money to shower on ourselves, our family, on those less fortunate (and even pay off our debtors).  Those figures on your bank statements are just numbers on a sheet of paper - they are not a statement of your self esteem. Your true worth is the currency of your soul and that is limitless and boundless as the ocean.

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