Everyone has seen the TV commercials with slogans like “Buy now, pay later” and the like.

You don’t need to save your money to buy that new car, a widescreen TV, the latest smartphone or a vacation on a tropical island when you can have all of these things now.

Instant gratification is a very expensive habit; one that will lead you into a life of financial challenges.

There have been misleading statements in some of the advertisements; one I saw said, “Helping you get ahead.”

That kind of slogan suggests that the finance company is doing borrowers a favor that is far from the truth.

Loan sharks and finance companies thrive on financial ignorance; a person with a basic foundation in personal finance will avoid loan sharks as if he had tested positive for covid.

One must determine if the item is a want or a need before signing on the dotted line.

Many people get into debt because they want to live a champagne lifestyle on a lemonade budget just to impress their friends. They are not content with living modestly.

An expensive lifestyle is expensive in the long run.

The parable of the prodigal son is a perfect example. Here was a young man who squandered his inheritance in a wasteful life and ended up living in poverty because of his lifestyle.

Not only did he squander his inheritance, but he most likely lived on credit.

It is debt that really kills a person’s chances of financial success. That interest rate is dead money; is the cost of borrowing.

Paying interest on things you’ve bought on credit increases their cost, and many things bought on credit are worth less as soon as you take possession of them.

“If you don’t have the money, don’t buy it” is a simple philosophy to adopt.

What you think you can’t live without is something others have learned to live without.

It all comes down to the choices we make.

There are some circumstances in which it may be wise to borrow, such as when the value of the item you are buying is going to make it worthwhile financially, such as a student loan. This may or may not mean you’ll get a well-paying job, but you must be absolutely clear about what you want to do, otherwise the course will be a total waste of money.