http://creditdebtlife.com/782/desperate-people-selling-grandmas-rings-for-gas-money Money Tips, Credit Advice, Debt Advice, and Debt Wisdom. A Little Eclectic. A Lot of Fun. Tue, 02 Dec 2008 14:29:50 +0000 http://wordpress.org/?v=2.6.2 http://creditdebtlife.com/782/desperate-people-selling-grandmas-rings-for-gas-money#comment-742 Steve Odierno Wed, 30 Apr 2008 17:57:49 +0000 http://creditdebtlife.com/782/desperate-people-selling-grandmas-rings-for-gas-money#comment-742 My father and I were just discussing the sad trend of people trudging to the pawn shop to sell items merely to pay their bills. I agree with you that the strategy is flawed, but I suppose those in the situation are using the “any port in a storm” approach. And you could not be more correct with regards to income versus expenses. People simply have this burning desire to live beyond their means. I abide by a financial philosophy passed along to me by my father-in-law. He said, “Never buy anything that you cannot afford.” This sounds overly simplistic, particularly with the exotic forms of financing available on everything from furniture to homes. But I apply it to each major purchase-decision that I encounter. I ask myself, “Can I afford to buy this right now?” Not if I hit the lottery. Not if I make more money next year. But can I purchase it outright (or very comfortably afford a reasonable payment plan while still saving money) today. If the answer is an emphatic “yes,” and my family and I need (or really want) the item, I will make the purchase. But if the answer is anything but, I simply keep the money in my pocket. My father and I were just discussing the sad trend of people trudging to the pawn shop to sell items merely to pay their bills. I agree with you that the strategy is flawed, but I suppose those in the situation are using the “any port in a storm” approach. And you could not be more correct with regards to income versus expenses. People simply have this burning desire to live beyond their means. I abide by a financial philosophy passed along to me by my father-in-law. He said, “Never buy anything that you cannot afford.” This sounds overly simplistic, particularly with the exotic forms of financing available on everything from furniture to homes. But I apply it to each major purchase-decision that I encounter. I ask myself, “Can I afford to buy this right now?” Not if I hit the lottery. Not if I make more money next year. But can I purchase it outright (or very comfortably afford a reasonable payment plan while still saving money) today. If the answer is an emphatic “yes,” and my family and I need (or really want) the item, I will make the purchase. But if the answer is anything but, I simply keep the money in my pocket.

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