Is money the root of all evil? I guess it depends on who you ask. If you ask the man with all the money he’ll sing you a happy tune and do a little dance. If you ask Mr. Bojangles on the other hand, you may still get the dance, but he’s just dancing for your spare change.
In recent weeks I have been preaching the power of discipline the rewards of time, but I know my target audience doesn’t want to hear that. You want the Wii, iphone, and whatever the latest gadget is right now. And I can’t say that I blame you – I want them too. The problem with having everything now however is that you have to pay later, and pay dearly you will.
Let’s say you purchase the iphone and Wii without any of the frills. That will run you about $1,000. That’s a lot of mucho dinero. Now let’s say you put them on your credit card earning 9.9% (many of my friends have cards around 13%). If you make minimum payments it will take you about 5 years to pay it off and it will be double the cost!
Waiting use to just apply to your wedding night, but not anymore. So wait to make that purchase. Throw down the cold hard cash after you’ve saved up; you’ll save yourself hundreds of dollars in the process. Leave the credit card bills to the fools – you’ve got a different game plan.
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