It's human nature to get what u want ASAP!! We are all guilty of it in some way.
The elephant in the room is bad lending.
Banks giving people loans that they don't need.
I can remember goin with a friend to look at a 4 wheeler back in 2007/2008..... The dealer was pushing him to finance it. Note was gonna b like 90$ a month.... For 7 years..... 0% down. And like 11% interest.
I broke down the total payments to him and it was another 1800 or so in interest.
He chose to save for 9-10 months and then paid cash.
The fact that lenders & business now finance as little as 1000$ purchases is redicilous.
I'm not a fan of credit cards; learned that lesson in college..( citibank used to set up at the student union and offer the " college" shirt and other crap if u signed up for a card) ; how this was legal ill never understand.
But anyway back to my topic, if u need a new fridge and don't have the cash that's what a credit card can purchase. Or an emergency when ur low on funds.
Credit cards are not for living above or outside your financial means.
People swipe credit cards like crazy!!
I know many people buy all their stuff on credit cards and recieve the points; that's fine as long as u pay it off each month.
When I bought Lauren's ring there was a guy in there buying a 3 ct diamond.
He had 3k on the store credit card, 5k on a visa, 5k on a MasterCard and his mama sign a loans thru thr store for the rest...... That's a true story!!!
Everyone has different circumstances and I totally understand this.
But when banks just throw money at people it's hard for many to turn away and say ; I'll wait till I can pay cash.
Here is an idea I once herd.
Save up enough money in an account/ investment so that the earnings off that money can pay for ur boat. This would b an account totally seperate from retirement. It could b a " play/ hobby fund"
That way ur money is still there and u stay very liquid for the future.
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