Aug 4th, 2008
Thrift: What a Concept!
A CNNMoney article a few days ago brought a sadly stunning thought into my head:
What if people started being thrifty?
What if people became more frugal? What if they started paying attention to their finances and spent less than they earned? What if they avoided fees and interest and late charges and paid their bills in full and on time?
What if instead of a negative savings rate the people of America actually put away 10% (or more) of what they made?
What if people actually figured out how to fend for themselves and only relied on the government in the most dire of circumstances?
What if the message people get from rising gas prices is not, “I have to find $50 more for gas this month somehow,” to, “Why am I $50 from the edge of the financial cliff every month?”–and they do something about it?
Perhaps the silver lining that is happening with the tough economy, struggling stock market, and dismal housing market is that people may be getting the message that living beyond your means and spending money you don’t have, getting mortgages you can’t afford and praying for huge increases in equity are, in the end, fool’s games and they’re not fools.
Perhaps.
I’m doubtful but hopeful.
How about you?
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