A few weeks ago, a friend and I were talking. Then out of the blue he blurred out like someone who was about to be tortured. “I am afraid that I am going to have to file for bankruptcy.”
I could see the pain in his eyes. He was the type of person who did not have a lot of money. He paid his bills. He took pride in providing for his family. The mere idea of bankruptcy was the worst possible thing that could happen. He believed that if he could not provide for his family he was the scum of the earth.
How many people are living beyond their means? How close are people to filing bankruptcy? Far too many are just a paycheck away.
According to Dr. Thomas Stanley, the author of “Stop Acting Rich,” most millionaires are millionaires because they live frugal lives. They have been saving money their entire lives. The majority of millionaires don’t live in million-dollar homes or drive top-of-the-line luxury cars.
Any idiot can spend money. It takes planning and discipline to save for the future.
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