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Financial Resources - Savings, Investment, and Borrowing
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When it comes to evaluatingFinancial Resourcesare you wise enough to compare?
by: Michael BehningFinancial Resources - Savings, Investment, and Borrowing
If you've never heard the sage advice that it's better to be the banker than the borrower, you're about to hear it now. Throughout our lives we will seek the financial resources to accomplish many things. We may buy or build homes, invest in securities, buy cars, etc. But Americans also have a sweet-tooth for immediate gratification, which leads us into the traps of rampant credit card debt. Once we burry ourselves we then seek the financial resources to dig ourselves out. Sadly, a good number of us fail to take advantage of momentary freedom, and we dive back into the swirling depths of financial bondage.
Financial Resources or Whirlpools of Debt
The key, therefore, if we go back to the initial statement above, is to become the bank, rather than the borrower. To do this we need to learn not only to save, but to grow and wisely manage the investments we make in the saving process. If we become as hungry to build our financial portfolios as we are to toss about hundreds of dollars per month on whimsical, unnecessary expenses, we will become the bank.
Lenders as Financial Resources
Of course, most of us will need to seek lenders, who truly are valuable financial resources. Borrowing to build a well-planned business may actually be very wise. Borrowing to build or buy a home is also wise. But we must keep in perspective why we are borrowing ..... We wish to become the bank. Manage those real estate assets wisely. Maximize their value. Don't allow the bank to use your own property to enslave you. Pay back your business loans, and grow the company with a wise financial strategy.
Becoming Financial Resources Unto Ourselves
In the long run we owe it to ourselves to use the energy and life we possess to become financial resources unto ourselves. We will thereby become financial resources to the people and interests around us, for which we care the most.
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