Daily Money Minute

Fotolia_54867638_XS_7“Earn it before you spend it.” ~Author Unknown

With respect to money, this is probably the best piece of advice you could give to children and young people. Far too many people today do the exact opposite. They spend money they don’t have to impress people they probably don’t even like. The result is a burden of debt from which it is very hard to escape. Want to buy that big ticket item? Save the money first and then buy it. Don’t accept the financing arrangement. The ‘buy now, pay later’ deal will come bearing a high interest rate. Go down that road and you end up paying a lot more for your item than you would otherwise. In what way does that make sense? You may get the item quicker but you enrich someone else at your expense.

© RJ Sutton and Mann Island Media Limited 2014. All Rights Reserved.

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