Making it Rain is the Worst Financial Decision You Can Make - Budget it Out in 2020

in #steemleolast year

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Buying expensive luxury goods on credit has wrecked our economy more than once.

Americans are in record consumer debt. We have our citizens in debt for literally trillions of dollars in 2020, and we need to stop.

"Making it rain" means spending frivolously to show off. When we make it rain, we are just showing off to others, and blowing our budget.

This year, stick to a written budget and save money for emergencies, your children and retirement only. Don't indulge in buying consumer luxuries you don't need that will depreciate in value to nothing. Send your kids to college, buy land, retire and build actual wealth in 2020.

As a nation, we need a plan to fix this issue. The root cause for overspending on luxuries is a deep lack of satisfaction in our circumstances. When you feel tempted to overindulge next, ask yourself why. Why are you spending on items that will not ultimatly improve your lot in life? If you are overspending on clothes and shoes, would taking fitness mire seriously help your need to show off? Is buying a luxury automobile a good solution to your lack of self-esteem?

Ask yourself what you need in 2020, and be mindful of each dollar spent. Spend for the right reasons, and not just on autopilot. Make it rain on your savings account instead of on drinks at the bar.

Picture from Pixabay.

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