Benjamin Franklin said, “When you run in debt, you give to another power over your liberty.” Living within your means is simply not going into debt for any purchase. It means you purchase only things you need, not what you want, and you pay cash for things you need instead of trapping yourself in debt by using credit.

The good news is that everyone can become debt free! By not doing so, you are robbing yourself and robbing your future. Instead of going into debt, would it not be better if the money you pay in interest went into a savings account to help you reach your personal financial goals? By purchasing things now on credit, you are limiting your choices and continuing the unfortunate situation of paying for yesterday’s unwise decisions with today’s income. You are borrowing from tomorrow to satisfy the whims of today.

Have you made this choice yet? Your comments appreciated!

Content © Rich Brott, 2011

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