“The experts” tell us to save first, to pay yourself first. They tend to recommend 10% or so. Then they offer advice about retirement, college funds, emergency funds, etc. Until I entered my 40's I never thought I could actually do it. Oh sure, I knew it made sense but when you're in you're 20's you want it all, now, and nothing else will do. So you know you should save, but it doesn't happen.
So I was no different than the rest of America. I spent. I spent all of my money. Then I arranged with some friendly banks to spend some of their money and promised to pay them back someday.
Of course I had paid some attention in high school and college and I knew that the stock market crash of 1929 had a lot to do with margin, buying stock on credit. But that was stock. And I wasn't ready to play in those big kid games yet. So my use of credit, like most Americans, was obviously different in the 80's and 90's than what had whacked everyone in the 30's. Obviously.
So I wasn't buying stock. Want to know what I did buy with all my money and all that credit? Must have been something good because here it is 2009 and I'm still paying off my last credit account. I've spent hundreds of thousands of dollars. Want to know what I bought?
Me too. Not frakin much, that's the harsh reality. Oh sure, I've got color TV's, a car, an SUV and a nice suit. My kids have some cool video game systems. But when you look at what I've spent, there isn't anything impressive in the list. And the list is fairly random, you can tell it's without purpose or goal. I really am like most of America.
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