1. You can't have everything you want. Even though every commercial you see will tell you that you can have everything you want, the hard truth is that you can't.
2. Financial institutions are not your friends. Banks, credit card companies and even investment firms are there for only one purpose: to make money off of you.
3. Nobody is going to teach you personal finance.
4. You are your own worst enemy.When it comes to personal finances, the state that you find yourself in can't be blamed on outside forces.
5. You need to stop watching TV. Ask anyone you know whether television influences what they buy and almost all of them will answer "no."
6. Personal finance is easy. All you need to do to get your personal finances in order is spend less than you make.
[thestreet]
Wednesday, August 20
Six Awful Truths About Personal Finance
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7 cool comments:
Try explaining #1 to a 6 y/o.. And that damn tv with those commercials kill me. Stuff he'd never know even exists and he finds out about it through a commercial.. And I totally agree with Number 4.
Easy in theory, but hard to do
I think you can have everything you want. Maybe not all in fell swoop (i.e. fresh out of college) but why limit yourself?
Even the Richest Man in Babylon, couldn't have everything he wanted. I like to share that book with young people because there is nothing wrong with accepting that principle.
A special yes to #2! Financial institutions are not our friends, but neither are insurance salespeople or investment counselors. They may be friend-LY, as well they should be in that kind of work, but remember that they are selling you something.
Jerry
www.leads4insurance.com
Totally agree with #1. Nobody can have everything they want. For example, if I want an apartment on Central Park West, there is no way I can ever save enough to buy one. Even the richest people on earth cannot have everything. Even if they can buy a lot, there are things money can't buy like happiness, health or ability to do things that require talent you don't have. Money can help a bit in some cases but not others.
I think #5 is a bit extreme. Most people who watch TV don't become compulsive shoppers. Does TV influence what you buy? Certainly. Does TV make you go out and buy stuff you don't need? Depends on you and your common sense (which I know is far from common). It is important to learn to resist advertising, not avoid it.
Donald Trump could not have built his fortune without spending money.
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