Spend like you have it!!
That's the American Mantra when it comes to money. And when you don't have it, you move on to, "buy now, pay later."
It's sure biting us in the buttocks, at least for many of us whom lack the know-how of a good financial management. It is sad, because you can't take a course on personal finance management in school; you'll have to pay for it for some money-robbing fat cats to tell you.
In this economic state, it's a lesson to many people that you can't spend the money you don't have, and living within one's mean is very important. I made the same mistakes during my college years, dropping cash like cow dungs. It was so easy--you'd think you'll make back the money the next month. It's hard to live a life as a young 20s when you see your friends or strangers partying and buying up the latest electronics. Peer pressure.
Missing the big picture.
That's why this Tax Rebate/Stimulus Package is so ironic-- because on one hand, the government wants the consumers to spend the money, to put more liquidity into the markets. On the other hand, the government wants to enforce the idea that savings is a good idea for long term. So I'm caught between a rock and a hard place: should I spend the money to help stimulate the economy or should I save it in case the economy tanks and I need it for some emergency? At this point, seeing how the economy is tanking and gas prices rising, I'm putting my money away for a rainy day.
That's the American Mantra when it comes to money. And when you don't have it, you move on to, "buy now, pay later."
It's sure biting us in the buttocks, at least for many of us whom lack the know-how of a good financial management. It is sad, because you can't take a course on personal finance management in school; you'll have to pay for it for some money-robbing fat cats to tell you.
In this economic state, it's a lesson to many people that you can't spend the money you don't have, and living within one's mean is very important. I made the same mistakes during my college years, dropping cash like cow dungs. It was so easy--you'd think you'll make back the money the next month. It's hard to live a life as a young 20s when you see your friends or strangers partying and buying up the latest electronics. Peer pressure.
Missing the big picture.
That's why this Tax Rebate/Stimulus Package is so ironic-- because on one hand, the government wants the consumers to spend the money, to put more liquidity into the markets. On the other hand, the government wants to enforce the idea that savings is a good idea for long term. So I'm caught between a rock and a hard place: should I spend the money to help stimulate the economy or should I save it in case the economy tanks and I need it for some emergency? At this point, seeing how the economy is tanking and gas prices rising, I'm putting my money away for a rainy day.
