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Short Term Gain, Long Term Pain

Credit Cards

If we think long term, most of us wouldn’t be in the financial predicament that we’re in. Think about it. You get a new credit card; you go out and purchase a ton of items you had been dying to buy. Now that you have the items and a maxed out credit card, you’ve got to pull in the belt in order to pay off the whopping credit card balance.

Monday Morning Quarterback

OK, you’ve already spent the money and you have a house full of items, let’s look back over your purchases. Ask yourself the following questions:

  1. Did you purchase the items because you really needed them or because you wanted them?
  2. Will the items stand the test of time or will you have to replace them in the next 12, 18 or 24 months?
  3. Did you buy any of the items because they would impress someone else?
  4. Now that you have to find a way to pay off the credit card bill, if you had the option to do it all over again, would you purchase the same items?

It is my belief that if we begin to think for the long term when purchasing an item, we’ll get more value for our money. In the book “Stop Acting Rich” by Dr. Thomas Stanley, he spends quite a bit of time and effort explaining how the truly rich think and spend.

The truly rich (not the glittering rich), purchase items that will last generations. They buy quality furniture that lasts for a minimum of 100 years. How does that measure against your furniture?

What about clothes? Do you get the two for one sale on a trendy inexpensive item that shrinks after one washing rendering it useless, or do you hold on, save a little more money and purchase one quality item that can withstand 100’s of washings?

Being Realistic

Thinking long-term is tough to do in today’s disposable society. We tend to purchase items that allow us to “get by” or “hold us over” until we get more money to buy something bigger and/or better. The cycle never ends.

There comes a time when you have to filter out all outside influences and get real with yourself. Find out what you truly need, purchase it and be satisfied with it. You may not sport the latest fashion, but if you are satisfied with who you are and what you’ve purchased, that’s all that matters.

That’s my 2 cents and I’m sticking with it!

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