Saving for the future!

[paulnoel]

In the house of the wise are stores of choice food and oil,
but a foolish man devours all he has.
(PROVERBS 21 vs 20)
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Many people are living on the edge of bankruptcy. The desire of many people is to keep up with their friends, wanting what they have and wanting more.and so this pushes them to spend more and more, and once they have spent all they have earnt then they start to use credit until that credit is streached to the limit. Verse 21 in proverbs tells us it is wise to save for a rainy day instead of spending all we have now. Some times we need to eximine our life style to see whethere our spending is God pleasing or merely self pleasing.
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A few years before I became a christian all I thought about was what I could have. A new car, the best of clothes, holidays, But of course this all needed money and I was not earing enough to cover this life style, so what I did was borrow on credit cards, take out bank loans until I owed over £35,000 and all because I wanted it now. hence to say I could not afford to pay this back and was made banckrupt. God has taught me some valuable lessons and one of those lessons comes from vs 21 of proverbs (THIS IS A TRUE STORY)
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[johnd]

In the house of the wise are stores of choice food and oil,
but a foolish man devours all he has.
(PROVERBS 21 vs 20)
​

Many people are living on the edge of bankruptcy. The desire of many people is to keep up with their friends, wanting what they have and wanting more.and so this pushes them to spend more and more, and once they have spent all they have earnt then they start to use credit until that credit is streached to the limit. Verse 21 in proverbs tells us it is wise to save for a rainy day instead of spending all we have now. Some times we need to eximine our life style to see whethere our spending is God pleasing or merely self pleasing.
.................................................................................................
A few years before I became a christian all I thought about was what I could have. A new car, the best of clothes, holidays, But of course this all needed money and I was not earing enough to cover this life style, so what I did was borrow on credit cards, take out bank loans until I owed over £35,000 and all because I wanted it now. hence to say I could not afford to pay this back and was made banckrupt. God has taught me some valuable lessons and one of those lessons comes from vs 21 of proverbs (THIS IS A TRUE STORY)
​

Agreed. People do live beyond their means. There is no doubt about that.

I would only like to add that there is an element of diminishing returns in effect here. For example, "buy now, pay later" or credit has made people vulnerable to usurious interest charges. And in most cases, waiting mere months typically enables purchasers to buy what they desire with cash (paid in full).

If one gets on the credit card exercise wheel for a minimum of $700 (I am not sure what the exchange to the Euro or British Pound is), making only the minimum payment per month keeps one on the credit card wheel virtually forever. The initial purchase will eventually be paid off (in several YEARS) but those who are on this wheel make more than one purchase.

The companies behind this scheme can essentially count on their paying cardholders as financial assets. All these things also have the effect of driving prices up by artificial means making credit purchases more in demand.

Interesting to note that not too many generations ago, people used to save up to buy a house.

Today, the non-wealthy masses must save up to pay for down payment and closing costs alone to purchase a house on time (usually costing the buyer at least THREE TIMES the original price in interest over 30 years).

 

[bluemarkus]

theres a good book:

earl pitts: wealth riches and money

great guy !

MB

PS: (sorry, i normally am not of the "by the way i wil give you this book"-fraction )