MAKING NEWS

Fri, 02 January 2009
Do we save or spend?
People are nervous, should we keep trusting the banks or should we go back to the old days and keep our money at home?

I don't think so.

There is a distinction between spending money and spending money wisely.

We've been brought up in a consumer world, aquiring our lcd screen televisions, new and beautiful homes and receiving a letter in the mail informing us have we forgotten about the bank.

The Global Financial crisis of 2008 has made people realise that something needs to change and raised awareness of world debt.

I've been taught to only buy what you can afford and save the rest.

There is no need for luxurious items when your young and free or old and wise for that matter.

However, the pressures of everyday living get to us and it gets harder and harder as we go along and that bank card saves the day to buy that nicety to live comfortably, or so you think...

So ask yourself, what do the wealthy people do?

They use credit cards but why aren't they are debt?

Well, they may be in debt to a certain degree, but this is referred to as 'good debt' and is managed properly.

Credit cards are simple tools used by the rich whereas the poor use them as instant money and this is where we, as a nation go wrong.

We have developed this mindset of using someone else's money to stroke our own greed and not using our own.

More or less, to have now and pay later.

Sure, credit cards are great - in fact, they are one of the best tools you can use, however many aren't taught this and get swooped into spending what's not theirs.

Technically, money is worthless but what it represents, makes our world go round and until you inhabit the fact that money means nothing, you will always be emotionally attached, therefore money controlling you and your life.

So what do I suggest:

* Spend what you can afford - never overbuy

* Don't skimp on important necessities like fresh fruit & vegetables.

* Think abundance, believe everything is within your grasp but don't be greedy

* Put money aside when you can but don't be a scrooge.

Enjoy your money and relax at the same time. It can bring happiness, but that's up to you.

The worst thing you can do now is pull all your money out of the bank.

Our Australian banking industry & economy is strong by all regulations that have been put in play over many decades. If everyone pulled out their money, how would the economy survive, on bread and water?

At the end of the day, you will do what you want though I would recommend just thinking about your current situation. Sit down outside, enjoy the sun and fresh air and think of what to do next.

Thinking on emotion is the worst possible way, it will always lead to mistakes...



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