22 January 2014
Keeping Up With The Jones Isn't The Best Financial Strategy
Have you ever wondered what the Jones's have? Are you trying hard to keep up with them? Don't bother! Trying to keep up with other people's expectation will only get you into financial trouble. I don't know how many times I've seen and heard people talk about their finances, and like most people today, they are struggling a little bit to keep up, especially when an emergency or last minute expense comes up. However, despite their financial struggles, they have a nice car, nice clothes, buy the latest gadgets, have the newest fads, and I have to wonder why they are doing it. It's not that important to be keeping up with the Jones if it isn't the best financial strategy for you.
For example, I've got a brother, who has a decent job and makes good money. However, he does have a big family and lots of expenses. He isn't hurting, but occasionally get short some cash if too many things come in all at once. Needless to say, I was very surprised when he decided to buy a brand new Lincoln Navigator. It's not that he couldn't afford, but rather why he bought it to begin with. I asked him what made him want to buy it, and he told me it was a good deal and that a few people at his work have them. I could see right through it as a way to keep himself on the same plateau at his co-workers, but for what. Now, he has a brand new car, with huge payments, as well as huge gas expenses, but now has to park his car sometimes because it's not practical to drive it everywhere.