For millions of families and individuals their lifestyle choices are consuming their financial future. Why? Because they are only able to support their lifestyle through the use of credit cards and consumer loans for automobiles, boats, RV’s, etc. As a result of their personal debt and lifestyle choices, they are unable to save any of their hard earned money for themselves to their fund retirement accounts, pay college tuition for their children or even fund a simple savings account.
Therefore, the real question that each of us should asking ourselves is “Who are we really working for, ourselves or the banks and credit card companies?” It is easy to say “ourselves” because we receive a paycheck from our employer. However, how much did you pay yourself last year and put in a savings or retirement account vs. how much did you spend last year?
A 1st century B.C. Roman author, Publilius Syrus made this statement approximately 2,000 years ago “Debt is the slavery of the free”
How much more true is this statement today? It is our debt that keeps us trapped in our jobs and keeps us from pursuing our hopes, goals & dreams for our lives. Ultimately, it is our debt that keeps us from ever being able to retire. Unfortunately, millions of seniors are facing this reality today in their lives and are forced to continue working.
This does not have to be our reality. We need to take control of our own personal finances. We need to understand and accept that our choices have consequences. Ultimately, we are responsible for the outcome of our lives.
Therefore, the most important question we must ask ourselves is “when will we step up and take control of our personal finances?”
The answer cannot be someday. Someday is a day that never comes until it is too late to do anything to change the course of our lives. Someday robs us of today. Someday is a convenient way for us to settle for less in our lives and hold onto our dreams. We tell ourselves and others that someday we will make it happen. Someday we will take action to achieve our hopes, goals and dreams for our lives. We use this convenient excuse because it allows us to rationalize settling for less today. It allows us to believe that the timing is not right in our lives. That “someday” the timing will be better, we will have more money, more time or resources. The truth is there will never be a perfect time.
Therefore, the only answer is ”Today.” Today is the day you must be willing to step up and start taking control of your personal finances. Today is the day you start working on becoming debt free. Today is the day you take control of your financial future. You can do it!
I hope you have benefited from this post on Financial Literacy. If so, leave a comment. In addition, please forward this to anyone you think might benefit from this short lesson on personal finances.
I hope you will follow Fiscal Literacy on Twitter & Facebook or subscribe via email to receive personal finance, news and updates.
Copyright © 2011 FiscalLiteracy.com, All Rights Reserved
