Posted on 04/17/2016 5:29:35 AM PDT by stars & stripes forever
...In his Poor Richard's Almanac, May 1757, Ben Franklin wrote:
"Work as if you were to live 100 years; pray as if you were to die tomorrow."
Benjamin Franklin cited the Spanish Empire's downfall in The Way to Wealth, 1758:
"If you would be wealthy, says he...think of saving as well as of getting: the Indies have not made Spain rich, because her outgoes are greater than her incomes."
Franklin expounded the dangers of debt in The Way to Wealth, 1758:
"God gives all things to industry. Then plough deep, while sluggards sleep, and you shall have corn to sell and to keep, says Poor Dick.
Work while it is called today, for you know not how much you may be hindered tomorrow, which makes Poor Richard say, one today is worth two tomorrows; and farther, have you somewhat to do tomorrow, do it today...
(Excerpt) Read more at campaign.r20.constantcontact.com ...
Debt Slavery sucks.
The people next door to me have been gone since last summer. Up and skedaddled in the middle of the night. I didn’t even notice it for about 2-3 months.
Their former house has been empty since then. Last week a man and woman were here looking at it. I guess the bank has it up for auction now.
Mortgages are a great evil, normalizing deep debt and construing the unattainable as the only thing worth making.
What's happened simultaneously since then is an increase of debt to the point of a lifetime of never paying it off while our freedoms erode. At the same time, education about Economics and personal finances has withered away. It's at a point now where most people pay their bills by automatic withdraws from their accounts....they don't even scrutinize where their money goes. Recently added to the mix is having to think real hard about where one travels, especially in unknown places away from home, because of safety issues. Medical care ties us to the location where it's provided.
We are no longer a free people. It's by design.
(my Sunday AM meander)
I have a student loan I’m struggling to pay off. It’s my only debt, but I feel it every time I inhale. It’s a psychological burden and I cannot wait to be done with it.
I don't know how old you are. Even if it's a struggle now to pay off that student loan, it's something you'll than yourself for every day. If it means giving up Starbucks and buying clothes that you'll wear for a few years, or stretching out technology's life, do it. You'll thank yourself, EVERY DAY!
At 36 years of age, I have a car loan, and mortgage as my only debt. I’m not married, and have no kids, so I’m paying off my debt as quickly as possible. 7 years ago I owed $68,000 on my house. Today I owe less than $5,000, and I’ll be mortgage free this year. I can’t wait to be debt free.
This nation has been enslaved by public unions, politicians, banks and illegal aliens per that quote.
When reading the article, look for the section dated March 23rd, 1790. The Religion of Pieces gets a mention.
Bkmrk.
My daughter and son-in-law paid off $63,000 in student debt in 3 years. They are gunna be really pi$$ed if Obama starts forgiving student loans.
I view interest as an amplifier.
If you are in debt, your debt is amplified by interest, making it harder to reduce.
If you have money, interest increases your money, accelerating your savings.
Interest can work for you or against you. It’s your choice.
That's why the banks don't pay you interest, any more. :)
“Debt Slavery sucks.”
The Bible says it pretty clearly:
The rich rules over the poor, And the borrower becomes the lender’s slave. Proverbs 22:7
I have been debt free since 1986.
No credit cards, a debit card, and an occasional atm fee,yes.
Everything i own is mine, and not the banks.
If i do not have the money for it, i save until i can.
Yes, i have the expenses of food, power, and the roof over my head. Those are necessities.
My cable and internet, are a diversion from books and the battery powered radio i also
own.
Yes America, it can be done, but isnt easy at first. The gottahaveitnows will scream at you.
Just be diligent and you will succeed.
I’m 50 now, and I’m still paying because I didn’t go to college till later in life, and I was silly enough to go into a Ph.D. program in a useless field. I realized it eventually, dropped out and started teaching, but that means I started earning late in life (38) and with a huge loan (80k). But I have been paying 2 and 3 times the minimum payment for some years now, and I’m farther ahead than I would be if I’d just stuck to their schedule. Oh, those first couple years were depressing, though. I’d send $600 and see $385 go to interest. Horrible, horrible. But I’ve gotten it down to about the halfway point. Now that the interest bite isn’t so dramatic, and my pay has gone up, I’m hopeful of paying it off in 3 years and being debt-free at just about the same age you did. I cannot wait.
The other part of that balancing act is that you really can't think of retiring until that loan is paid off. That's another reason to get it out of the way.
On the plus side, when you're retired, the money might actually be better than it is now, having had to pay off that debt!
It's good to hear that you thought it through and are on target.
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