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

[FRPLG]

Originally Posted by Schneed10

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.

[saden1]

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?

[MTK]

Originally Posted by FRPLG

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.

[Schneed10]

Originally Posted by Mattyk72

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.