ANYBODY can make the choice, but NOT EVERYBODY has the discipline to follow the necessary steps.
I am a wealthy person, who is not yet financially opulent or filthy rich. When I say I'm wealthy, I mean in terms of my social life and how I spend leisure with close friends of mine. It is a social wealth, but there is also the financial wealth that I seek with determination. That takes strategy. That requires a certain degree of aptitude and sense of responsibility of how one deals with their money. Not only their money, but their DEBT.
Browsing around on the Internet this morning, I came across a Marketwatch article that made a lot of sense and serves as a blueprint that many folks should try to follow. In order to attain financial wealth, or at least financial stability, one must truly pay one's self and pay pay off one's debt at the same time. The less you owe creditors, the more you can save for yourself. In the words of Marketwatch journalist Chuck Jaffe, "Save more, spend less, and work off debt." In previous years, I never used to be so financially conscious, but I believe it is incumbent on me to heed the advise that the Jaffe's article preaches because it makes sense.
Some of you folks who are reading this right now might be inclined to say, "Duh, that's common sense you idiot!" Well if its such common sense, why haven't more people in this country followed through on the blueprint and gotten themselves out of the debt that they are in? Because its common sense that is way too easy to comprehend, but not quite so easy to follow. Many of the folks walking around in stores and markets have wondering eyes that are greater than their budgets! Their eyes instantly spot products and goods that scream "Buy me! Buy me! Buy me!" Certainly it is nice to treat yourself to luxuries, but in this day and age when we're going through a recession and a time of economic uncertainty, it behooves you to know your spending limits.
President Barack Obama even spoke at a town hall meeting in New Mexico a couple days ago, declaring that "enough is enough" in regards to credit card companies raising interest rates and charging excessive fees for outstanding balances. Thankfully, I recently chose not to be a part of the credit card mayhem that Obama spoke of in New Mexico on Thursday. Such practices on the part of the credit card companies have grown increasingly problematic throughout this deep recession. This makes it even more difficult for people to pay their way out of credit card debt.
I must honestly say out of relief, it felt sensational to pay off my Capital One credit card debt. Paying $305 of my auto insurance balance last weekend was also a tremendous feeling of achievement. Whenever I complete this blog post, I will proudly pay the remaining $95 of the balance and not have to worry about paying for my auto insurance until January! Trust me, it's a fabulous feeling. Clearly I do not make the most money, but I am growing wise in terms of how I save it, spend it, invest it, and move it around.
Ladies and gentlemen, family, friends, and fans:
I choose to be a wealthy young man from all fronts who is filthy rich.