The "Plastic Generation"
By Alan
Jenks
Are you a ‘Plastic Generation” Xer? If you even know what that
is then likely you are. It is people normally between 20-30 years old that
pay for everything with a plastic card. They think the space in their wallet
is for receipts not cash. Heck they pay the bill on line and never does ‘old
fashioned’ money touch their hands. It is almost like they are playing
a video game with it.
This can be a way to financial ruin and fast. The easy way to tell is; are
you broke? Do you have a credit card balance unpaid each month? Do you have
more than 4 credit-debit cards that you use on a weekly basis? If yes is
the answer then stopping playing the video game before you loose the game
of wealth.
Advertising companies have done a great job at getting many people to forget
how hard it is to earn money. They work on our need for gratification, ‘the
make me feel good emotions’. It all starts like this, “buy on
credit, nothing down, don’t pay for 6 months, instant approval.” Many
of us think, what a great deal in a few months I will have saved up the money
to pay for this and it will all be good.
The advertising people have thought of this also and trust me between now
and the 6 months they will have another great deal for you to spend your "credit
money" on. Once you get behind on payments you feel depressed. What
better to cheer you up than the latest thing? Heck you got that new credit
card and presto you are in the Mill.
The mill of debt grows more debt and you now really work for the credit
card companies. In our e-book www.winthebebtgame.com we go into how you mystically
became the credit card company’s employee and how to get out of it
in great detail that works. Because you have read this far I am going to
give you another way to get out.
Pay for everything in cash. Simple as that, because if you don’t have
the cash in your account I guess you won’t be paying for it will you.
Too many young people today just do not have an appreciation for how much
cash their credit card bills are. They see a few numbers on paper and think,
heck not so bad. When you count out your hard earned paycheck up to the same
number you quickly realize you need to get some better spending habits.
Until you have zero credit card debts on a monthly basis I encourage you
to pay for everything in cash. You will learn what the term “cash flow” really
means and will be on your way to learning a critical skill in becoming wealthy.
If you want something save up cash for it and pay in cash. That way every
time you look at what you bought you will feel the pride of ownership. Or
you can look at the stuff you bought on credit and see the anchors of debt
dragging you down.
Take the time to master this core skill to wealth building. Be smart be
wealthy.
Larry, Alan & Ward are the Three Amigos who developed simple strategies
for debt management. Learn their strategies at http://www.winthedebtgame.com.
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