The American system of economics is certainly something to be proud of. The technological innovations of the last 100 years allow us live in a way that no one in the history of the world has been able to. Not even kings live as good as the average American. And even today, about 2/3 of the world lives no where near the way we do.
All that is great. The healthcare, transportation, living, safety, and education are all amazing. But there is something we have to be careful with; we've come to rent everything. That's right. Everything we have is rented. Think about it.
Our homes, cars, purchases, and even our education are all procured on credit. So really, we live really well, but we don't actually own anything. And not only that, all that renting saps away at the wealth that we earn. We've traded the security of property ownership for creature comforts today. That new car that costs 50k, most people don't own them, they finance them. And when it's paid, they trade it in and do it again. If we're not careful, we'll run this loop our entire lives.
So who cares? Well, you should. And I do. Because the reality is, the American Dream is now financed. And that's expensive. Ever think about adding up all that interest you pay for your mortgage, car, credit card, private loan, and student loan? Probably not, but it's a lot of money. And that money is probably best served in your hands. But, the current of life has led you to financing. Hey, it's ok, me too. That's why I'm writing this.
Now that you care, and now that you've started to think about your future. Ask yourself some tough questions. Do you really need the 50k car? Or that watch? or whatever? Or can you live with less? I understand that debt can be a tool to achieve your goals. Maybe you want to be a doctor, or lawyer, and student loans are necessary. I understand that you have to get to work, and financing a car is your best option. But if you're not careful, you'll trade necessity for luxury, and find yourself surrounded with really nice stuff, and a mountain of debt. And personally, I don't think it's worth it.