wizardZofwealth.com home                             November 21st, 2008

Consumer Debt Cycle

Thanksgiving Dinner is over, but the after-effects of it linger on, prompting us to ask a rather personal question:

Did you consume too much food (again) this year?

Why do we constantly give ourselves “permission” to break our well-intentioned rules, thereby sabotaging our goals?

Over-indulging is made easier because “everyone is doing it.” But now our goal of losing ten pounds may need to be “adjusted”: We may have to lose an additional three pounds before we can lose the original ten pounds.

The holiday season is now upon us, and soon we'll be shopping for presents for our family and friends. Will we need to pay off an additional $1,000 in consumer debt on top of the $5,000 we have already accumulated on our credit cards?

Why wait until January, when the bills arrive in the mail, to complain about our lack of financial restraint? Why not set up a realistic budget for holiday gift-giving, and stick to it? Why not know exactly where the money will come from to pay off those bills, so that our plans for financial independence are not once again delayed or sacrificed?

Whether referring to our diet or our family fortune, we alone are the only ones that have the power to determine our destiny by constantly disciplining our habits and actions.