DAY 090 – Hey Big Spender
An old rule that we learned as young adults was to never spend money that you do not have. Then while in college, the credit card companies sent reps to the courtyards. Before we knew it, we had one of each credit card including Discover and American Express and before we knew it, we all had more than just student loan debt. We forgot the most basic financial rule. Never spend money before you have earned it. It took decades for me to pay off the debt and still student loans camp out on my credit profile. I explain to borrowers that they create a cycle that’s hard to break when consistently borrowing from paycheck to paycheck. For a while, credit cards felt like real money. They were so convenient to spend. Then we learned about predatory interest rates. Where paying the monthly balance only led to a never-ending cycle of debt. Once freed from that, it is on us to teach the next generation about debt, interest, and financial stewardship. This is especially important for those leaving high school entering adulthood.
#8robinsons #untamedcreativebeings #financialStewards #debt #creditcards
