“The time has come to set aside childish things.” Whether you agree or disagree with the policies of our newly inaugurated president, he really nailed it on the head with that line from his inaugural address. Let me explain.
I think one of the moments when our country and culture came off the rails, in terms of personal financial responsibility, was when your local arenas and convention centers started hosting the “Big Boy Toys” shows. I am talking about the RV shows, boat shows, and auto and motorcycles shows that tailor to those seeking instant gratification. “Buying stuff that is just fun and costs a lot of money is no longer for kids, I am now going to do it as an adult!” Wow! Great if you could afford it. But according to national statistics, most of us couldn’t.
The idea of saving 10% of your paycheck became totally ridiculous. Instead, living with credit card debt, and living in the red every month, became the norm and NOT something to be embarrassed about, like it was with past generations. Instant gratification is a very childish thing and now that our economy is in a recession it is time to set aside such childish things.
The solution: “Hey, Mr. Jet Ski, spend less, pay off debt, and start saving!” That is the only solution, as I see it, if you want to have a nice life as an elder. If you are in your 20’s or 30’s, don’t count on social security to be there to help you out. The time has come to help yourself, your financial future depends on it.
That is how I interpreted the line from President Obama’s speech. Do you agree or disagree? I look forward to your comments.
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Photo by MarkLeo.
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{ 7 comments… read them below or add one }
These adult toys are littered on lawns with for sale signs everywhere I go. These are luxuries that should be paid for with cash only after other important things are in order.
The important things? Retirement, educational, and emergency savings, as well as insurance.
I wrote about this issue a few months ago:
http://divorceddadfrugaldad.co.....ately.aspx
DDFD at DivorcedDadFrugalDad.com’s last blog post..Side Business Ideas (Part VII): Educational Oriented
Said as you hand your wallet to idiots!
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I absolutely agree. I think spending like there’s no tomorrow is one of the best ways to ensure that there won’t BE a tomorrow with any financial resources to meet your family’s needs.
I totally agree with giving up these big boy toys for the financial security of your family, and your future. As I’m typing this I’m listening to a local car dealer ad offering 72 month financing on their extended cab trucks. While I’d like to buy a new truck (mine is 19 years-old) I couldn’t imagine tying up hundreds of dollars a month for six years for a pickup truck!
Well I did bite the bullet and buy one of those extended cab (room for the grankdids) pickup trucks this week…. but it’s a used 2004 at 1/3rd the price of a new one with only 54,000 miles on it…. so I actually felt good about my purchase.
This however was NOT a whim… I’ve been looking for a truck for my primary vehicle for over 3 years – looking for the right rig at the right price – I had the cash to buy it – and my 35 year old datsun truck is no longer reliable as every bump I hit another rusted piece falls off…last month I lost the rear lights to rust and a bump. And it’s probably the last pickup I’ll ever buy as at some point this older body will not want to be climbing up into it :) , will be low mileage use as my work commute is only 35 miles per week, and will be used for firewood, hunting, fishing, and my son the farmer will have me hauling calves and hay in it, I am all too sure :)
And most important in this flood prone area, it’s high enough to drive thru the water covered roads to get to work – which I cannot do right now when we get our little floods! Of course, there’s the flip side to that – I cannot play hookey from work anymore :)
So – I don’t think that qualifies as a luxury toy…. but the toys are also to be had at fantastic bargains around here now – you name it and it’s for sale at a rock bottom price here!
Speaking of coupons:
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Enter promo code HALFOFF at checkout.
Most of these sales aren’t too hot, but I’m a plus size woman, and it’s hard to find comfortable, fairly conservative, inexpensive clothes. I buy a lot from Old Navy online, because their plus size in only online. This was a good sale: I spent $30 on items that originally cost over $125, and are classic items that I can wear for years.
kyle, I just loved this post! That’s exactly what I got from the President’s speech, along with many other things. It’s sad that I know people, family members, heck parents of my own, who love those big boy toys and totally disregard saving. Ssaving for college for me(they said that all of that money went into the house they couldn’t afford) and my sister’s college fund(she’s 13 and they haven’t even started one for her yet).
We get teased because we still live in an apartment and have one, yes one, USED car that we share. Hubby and I are grown enough(at 26 and 28) to know what we can afford, what we can’t, and what we are aggressively saving for. It’s time for America to grow up.
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