This, in many ways, could be a thought provoking post (imagine that). Chew on this for a second:
“The only reason a great many American families don't own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.”Guess who said that? No, it wasn't some federal monetary guru or best selling author. Mad Magazine said that! Yes, a magazine designed to make fun of people summarized our spending habits in a great sentence.
So, as I consider the major financial dilemmas that my friends (and family in some cases) have, does this statement apply? Well, yes. Impulse buying, grabbing all we can, overbuying, and just being dumb with money has caused a ton of pain. In fact, I know of 3 friends facing foreclosure on their homes simply because they were ignorant to reality and subsequently spent thousands in equity to finish their basements, go on vacations, buy cars, etc. Eventually, their equity sank and their variable rate mortgages increased - just in time to crush them.
Are you buying "stuff" just to buy things to make yourself appear higher on the financial food chain? I used to spend a ton but now I save a ton. Where are you?
Let me know in the comments on the site (not via email). Remember that your story will most likely help someone else fix their situation or avoid a nasty one.
The best advice, story, or criticism, as judged my me in a random and special way, will get a $50 Amazon Gift Certificate. The winner will be chosen on 11/15/07 after 6:00 PM Chicago time. If you want in, don't wait.
READER NOTE: In the future, all DLM contests and/or award posts will have a $ in front of the title.
