Let Money Work For You Do Not Let It Work Against You
Below is a MRR and PLR article in category Finance -> subcategory Other.
Let Money Work For You, Not Against You
Word Count: 801
Summary:
Young individuals starting their careers should avoid falling into debt. Debt can be a heavy burden, dragging a person down both financially and emotionally. Unfortunately, many young people find themselves in debt early on, jeopardizing their future financial stability.Keywords:
debt, pay, interest, money, credit, creditor, purchase, habitArticle Body:
Starting out in life, it’s crucial for young people to steer clear of debt. Debt can be a significant obstacle, pulling you down and trapping you in a cycle of dependence. Yet, it’s all too common to see young individuals, barely out of their teens, struggling with debt.A young man might boast to a friend, "Check out my new suit; I got it on credit." He might see it as a gift, yet this habit can lead to a life of poverty. Debt can strip away your self-respect, leaving you feeling diminished.
Working hard to pay for things you no longer have, and having nothing to show for your money, is what’s known as "working for a dead horse." I'm not referring to merchants who strategically buy and sell on credit, but to individuals who do so for things that don’t provide returns. As an old Quaker wisely advised, "Only get credit for things that will help repay the debt."
Some suggest going into minor debt to invest in land in rural areas. "If a young man buys land and gets married, these commitments may guide him," said Mr. Beecher. While this might work to a degree, debt for everyday consumption should be avoided. Some families habitually buy on credit, acquiring unnecessary items.
The thought might be, "I have sixty days to pay, and the creditor won't mind if I'm late." However, creditors have exceptional memories. Once the credit period ends, payment is due. Failing to pay suggests broken promises and might lead to more debt.
Take Horatio, a sluggish apprentice. He was reminded by his employer that his creditor will catch up and demand payment. When you can't pay, you might have to sign a promissory note, incurring interest that works against you?"another "dead horse." Your creditor profits even as they sleep, while you incur increasing debt.
Money, like fire, can be an excellent servant but a dreadful master. When it controls you, and interest accumulates against you, it feels like an unending chain. Conversely, if money works for you and is well-invested, it becomes your most loyal servant. Money, when placed at interest, works tirelessly, regardless of the weather or time.
Growing up in Connecticut, I saw firsthand how the Puritans, despite their strict laws, had money earning interest every day, including Sundays. They attended church and performed their duties, yet their investments continued to grow.
Don’t let your money work against you. Ensuring it works for you is the key to financial success. John Randolph once said in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go." This approach is indeed as close to a financial philosopher's stone as one can get.
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