Eight Spending Habits That Lead To Debt Problems
DEBT 8 HABITS THAT LEAD TO CREDIT CARD { DEBT PROBLEMS MISPLACED PRIORITIES They choose consumption and current lifestyle over investments and freedom. Their consumption decisions reflect the underlying belief that happiness is connected to more-better-different-stuff. It's not. VIEW CREDIT AS MONEY They use credit to extend purchasing power. It doesn't work that way (except in the short run). EMOTIONAL SPENDING They buy for ego and emotional satisfaction instead of utilitarian value. Self is emotionally connected to stuff. INSTANT GRATIFICATION They choose instant gratification over delayed gratification. They generally operate from the perspective of "today" and "this year" but fail to connect those actions to results 10-20 years later. ENTITLEMENT They are entitled to the good things in life. Why shouldn't they have designer clothes, a big LCD and a nice car... everyone else does? Answer: They can't afford it- that's why- but neither can most of the other people. NO PLAN Spending and earning are disconnected. There is no budget, no system for growing assets, no tracking of numbers, no plan for leverage and no strategy for increasing earnings. In short there is no discipline. PROCRASTINATION Instant gratification leads to putting off the hard stuff until tomorrow. This multiplies short-term inconvenience into long term disaster. VICTIM They don't own the source of their problems as caused by themselves. Someone else or some unfortunate event did it to them.
Eight Spending Habits That Lead To Debt Problems
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