It was Shakespeare who wrote, “Never a borrower or a lender be, for loan oft loses both itself and friend.” These words, although written for a play (Hamlet) are wise and prove often to be true. Borrowing can lead to unwanted consequences. But, is borrowing and taking on a measure of debt always wrong?
Recently a primetime special, “Back in the Game” aired on CNBC. Hosted by Alex Rodriquez, the former baseball player, the show focused on retired pro-athlete Joe Smith, who although earning over 6o million dollars over his playing career has little to show for it. To most people, it seems unimaginable to end up this way, but a large majority of those who think so would end up in the same place if given the same opportunity.
High stake financial decisions can have a significant impact on your finances. Whether it’s an expensive car repair, a large medical bill, or a major house repair, these type of expenses can wreak havoc on your finances. Make the wrong decision and you could be financially crippled for months or even years.
If you’ve been reading this blog for any amount of time, I assume you care about how you manage your money. As a good money manager, you hate waste. You avoid anything that robs you of your hard earned money and do everything to keep it safe and protected. But, there’s one thing you might have overlooked that could cost you dearly!
Just a few weeks before my sixteenth birthday, I remember my mom driving me around to pick up applications at different stores and restaurants. I reluctantly walked into each place while my mom waited for me to come out with yet another form. I did this a number of times until I found myself sitting in a booth with the assistant manager of Spring Creek Barbeque. Finally, I got a job!
Regardless what age your child is, funding higher education is something you should be thinking about now. With the cost of higher education growing between 2 to 4 percent per year for the past 10 years, it’s best to start as soon as possible. This expense can be daunting, but with a little planning and some practical wisdom, your child can have a great education and pursue their path to career success.