Saturday, November 29, 2008
What is wrong with Americans Financially?
One thing that I have noticed with the families I've worked with is their is no system in place to track their money. Budgeting is key for any family trying to get their finances in order, so a few years back I started to put my clients on a budget that i created. Once I notices how it was impacting my life and my clients life I began to write about it. A few years later I came up with a workbook I like to call Ready...Set...Get out of DEBT. The workbook is a good tool for ever household to have for tracking the monthly in flows and out flows. Do you think budgeting will help more Americans get their finances in order?
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Here's my thought on the subject: Americans today never think about the future. They always think about the here and now, and often get into situations that may solve the problem at the time, but always wind up costing them in the long run. Such as the case with credit cards. How often would you get a card which starts with a low introductory rate, you spend all you can on the card, ususally on stuff that you either don't need or can wait to get when you have sufficient funds, and then the card goes to a much higher rate? On top of which, you KNOW that the rate would be that high after the intro rate passes. That's sort of the same thing that's happening to the economy. This didn't happen overnight, It took a great deal of time to build up, even before President Bush took office 8 years ago. I'm sure there was a time in which you simply HAD to have that brand new car that you knew you couldn't afford, or had to go out to an expensive restaurant and use your credit card for a steak you could've made at home, but we as Americans have always had a problem with living beyond our means because we were always bailed out when we can't make ends meet. This thinking has to change.
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