RE: A loss of legacy
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My father was a small business owner who started with nothing but a dream and hard work. He lived by the rule, a penny saved is a penny earned. If he couldn’t pay cash for something, he wouldn’t buy it, he refused to pay interest on it. The only debt he carried was his house mortgage and even that was paid off well before it’s it’s due date by paying extra each month. He hated paying the interest.
Some said he was cheap, I thought he was smart.
With just a high school education my dad , became a millionaire and left each of his 7 children a nice chunk of change, as well as a business that still provides us all with income every year.
Another of his often used phrases.
In God we trust, others pay
CASH
This is a very valuable lesson. Interest on consumer goods is a frivolous expense.
It's ridiculous how some credit card companies, literally steal from the consumer. and if you are part of the working poor, forget it, the interest rates alone will keep you in debt forever.
Yeah, I'm not against credit cards entirely, I use mine a lot. Although, I've never paid interest on the thing. The problem is they are confusing and difficult to use properly (from a financial sense), but they hand em out like candy.
be careful of the candy, read the fine print, it's easy to sign the receipt but difficult sometimes to pay the bill.
They will always betray you, don't get trapped into that debt world
I remember getting one with a 20k limit in Canada when I was a university student.
They function a little differently in Korea. My limit is like 3k and I have to pay off the balance every month or agree to pay interest.
Candy! Can I have some?
I think that the idea of "being cheap" is one of those social conditioning rules that keeps us spending more than we have. People don't want to look cheap, so they spend outside their means.
Your dad did well - most in the world don't have parents like that.
That was it in a nutshell, live within your means, always plan for a rainy day.
He knew that as small business owner, slow times were sure to come, so make sure you have a little cash set aside.
He was a good teacher, although mom would call him out sometimes for sounding like a broken record. But the points were well taken, even my own kids quote "pop" sometimes.
My dad was an honest and fair person, those qualities run through our family now, thanks to dad.
Have a wonderful day!!
Make hay when the sun shines, make sure you have a dry place to store it.
It is midsummer here this weekend, so 5 days off in a row :)