Daily Money Minute

Fotolia_54867638_XS_7“We have to relearn the virtue of financial prudence.” ~George Osborne

Far too many people today will freely spend whatever money they earn and then borrow even more to enjoy a lifestyle they can’t afford. They think they can live the way celebrities do but forget that they don’t earn the vast sums of money that many celebrities enjoy. The result is a burden of debt from which they can never escape. Eventually the cost of servicing the interest payments on that debt will consume most of, or possibly all of, their earnings. In short, they will get into a complete mess financially. The finances of many countries are like this now too. If you don’t control your spending and moderate your lifestyle choices then you will have a very difficult old age.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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