Wisdom Words / Debt is Slavery
 

so, after perusing The Simple Dollar (a great personal finance blog) and it's list of 8 essential books, I got this nifty little book called Debt is Slavery: and 9 other Things I Wish My Dad Had Taught Me About Money. Great book! Among the advice:

Possessions are a Prison: All that STUFF is a burden. We bury ourselves in possessions, and succumb to the Giant Marketing Machine trying to separate us from our money.

This is indeed something I have a problem with. I've lately been finding things I've purchased--and never used. They sit, unopened, in my drawers and hallways. I watch tv, read magazines, look at ads--all pushing stuff for me to get. I spend my money needlessly on stuff. :(

The book makes the point, that possessions cost money and worry. You spend time and money maintaining, fixing, storing, cleaning, etc. ; and that the best times of your life are time spent doing enjoyable things, spending time with your loved ones, going places, experiencing things, not fondling or caring for STUFF.

Here's another part I like:

Accomplish and Achieve, don't accumulate: (Okay, besides the fact I think "accomplish" and "achieve" are synonyms.)

Yabbut, stuff is soooooo much fun

Not if you have to pay to maintain it. Not if you have to step around/over it, or clean it. Not if it prevents you from moving, or having people over. Not if you're arrogant and superior about your possessions.

And not if you go into debt for it.

I was going through old papers on the way to the trash and I came across SWMBO's student loan bill from 1996, she owed about 11k. I looked at a current one and she owes, get ready, about 11k. I'm guessing she's just paying the interest, ya think?

Ha! We have known a few SWMBO's, thank God none of them are my spawn. :D

education expenses are one of the few "good" debts. There are also some necessary debts--like a car loan, if you need one to purchase a car. Interestingly, this book contravenes the conventional wisdom of buying a used car to avoid the instant depreciation. It recommends buying a new car, because you can start off maintaining it properly right away, and keeping it 8 or 10 years or "until the wheels fall off."