avoid borrowing—live within your means
Ah what an old fashioned idea. How quaint. And what a great life that concept allows us to have when we understand keeping up with or outdoing every one else is not where happiness and security comes in to play. If more people understood that, our country would not be in the mess it is today.
I saw the end of the oil boom here in the early '80s, and the 'bust' was not pretty. I had marvelled at all the people with new vehicles, nicer homes, all the toys...and I marvelled at how much of that stuff went back to the bank. My vehicle was solid, old, and nearly paid for (one payment left, private sale). I paid it off and was grateful that the adjustments I had to make were not nearly so severe as those of others. I still drive older vehicles, live in a modest home, and the Jones' can chase their tails if they want, I'm not keeping up, not even trying to.