F.... Keeping up with the Jones's

It's no real surprise that 1 in 20 people carry $2,000+ in credit card debt and the average savings rate is somewhere below zero. Way too many people living well beyond their means.

I started making pretty good money recently (after I quit the police department) and I'd love to get myself a nice big plasma screen, but I just can't afford it. Rather than racking up $2500 in credit card debt and hoping I can pay it off, I'll just wait. I guess I don't see why that's so hard for some people to understand.

I worked with a guy about five years ago who had $21,000 in credit card debt and he was only 20 years old. His monthly minimum payment was something like $1,200. And he'd still go out and buy video games and computer hardware - just blew me away.

When I was in my early to mid twenties I'll admit I racked up some credit card debt. I think everyone goes through that to some degree. But once I finally wised up I put my cards away and paid as much as I possibly could every month until they were all zeroed out.

It took me about 2 years to pay everything off but man I was damn proud of myself when I made that final payment. Now I only charge what I can pay off right away. I think it just takes a certain maturity level and a basic understanding AND acceptance that you can't have everything you want, when you want it.

Now I find that paying for something that I saved up for with cash is far more satisfying.

This phenomenon is a big reason so many Americans are in debt and financially ruining themselves. Too many people tie their self worth to the size of their salary or their spending.

What really sucks is when there are kids involved, and the parents continue to spend spend spend without saving for college. The kid will have the equivalent of a mortgage payments' worth of student loans when 22 years old, all so the parents can keep up the impression that they're wealthy. It's downright criminal.

Exactly. The number one trait of all millionaires in America is that they don't spend money.

Those who take on debt are in for some pain. Debt means you bought something you couldn't afford. If you can't afford it then don't buy it. Outside of a house one should almost never incur debt.

Man, I feel for you guys. The whole gift giving thing has become an epidemic. I don't even know why one has to give and receive gifts. I don't get it. I mean, I do get giving something to complete strangers but why family members?

Gift giving isn't a huge deal in my family. Not to be too sappy, but really it's about spending time together and creating new memories. My mom has been instrumental in driving home that point.

Don't get me wrong, we all exchange gifts. But they're simple gifts. Especially for the adults. My 1-year old niece will get showered with gifts of course.

This year, I'm getting all noble. My gift is my sig, and last Friday I braved the elements and spent the evening volunteering at a kids museum

Honestly, I hate Christmas. I have to spend forever agonizing about what to buy people. Once I decide what I want to get them, I have to go into a horribly overcrowded mall and fight my way through seas of people and it takes me forever to find what I'm looking for. Then I have to wrap them. I'd rather Christmas be just like Thanksgiving, get together, have a meal, enjoy company. The present aspect isn't something I really enjoy (that includes giving and receiving). And then when people ask me what I want, and I say like kitchen utensils, they get mad.
Sage Wisdom! Could not agree more. I have problems trying NOT to hate Christmas, or at least what it has become.
This year I am trying some diffesnt things to try and regain some Christmas spirit.
1) I was at a place that had a Christmas tree for a Battered womans shelter. The kids and mom's had put stars on the tree for "Very Basic" things they would like to recieve for Christmas-NO frills. I grabbed about six of them and had a lot of fun buying the stuff on the requests. I am going to let my family and friends know that they are going to get less from me (that they don't need anyway) so people that really need it can get......something they REALLY need.

2) I am going to cook 6 briskets for a men's halfway house that I know of. It's a good place doing a good service for the residents and the community as well. They probably get tired of eatig turkey during the holkidays. I know I do.

3) I am going to go to a midnight mass on the Eve.

Not sure what else, but still thinking. Hopefully, this will restore some of the good feelings Christmas is really about

Exactly. The number one trait of all millionaires in America is that they don't spend money.

Those who take on debt are in for some pain. Debt means you bought something you couldn't afford. If you can't afford it then don't buy it. Outside of a house one should almost never incur debt.

I agree, but I'll add education to the short list of "good" debt.

I agree, but I'll add education to the short list of "good" debt.

Yep. A good way to look at it is if the federal government allows you to deduct the interest on your tax return, it's "good" debt. Definitely true for mortgages and student loans.

Gift giving isn't a huge deal in my family. Not to be too sappy, but really it's about spending time together and creating new memories. My mom has been instrumental in driving home that point.

Don't get me wrong, we all exchange gifts. But they're simple gifts. Especially for the adults. My 1-year old niece will get showered with gifts of course.

This year, I'm getting all noble. My gift is my sig, and last Friday I braved the elements and spent the evening volunteering at a kids museum

Nothing against how your family does things in the least bit, but my wife and I decided this year that we were putting a $20 limit on what we get for our 18-month old daughter.

She already gets mountains of clothes and toys from grandparents and aunts and uncles, we just decided we'd get her a few small things and stuff her stocking and whatnot with empty boxes to rip paper off of.

When it comes down to it, she'll have just as much fun shredding wrapping paper as she will playing with some new whizbang toy which she won't remember and will be shelved in two months anyway.

I think equally as criminal as the parents who blow the money on themselves without saving for college are the parents who rack up debt buying their kids toys and clothes. There seem to be parents who define their identity on how much they spend on their kid's entertainment, as if it's virtuous to go into debt to buy your kid an Xbox 360...

I think equally as criminal as the parents who blow the money on themselves without saving for college are the parents who rack up debt buying their kids toys and clothes. There seem to be parents who define their identity on how much they spend on their kid's entertainment, as if it's virtuous to go into debt to buy your kid an Xbox 360...

Well said. And it's parenting like that which probably leads to so many young adults living well beyond their means and going into debt. If they grow up getting everything they want, they have a hard time refraining from buying everything they want when out on their own.