- Personal Finance
Would We Be Better Off If We Listened to Some Old Wisdom?
In these times of austerity, high unemployment and recession it might be time to stop and think "how did we get here", "how did it come to this" or perhaps "how can I make sure that this doesn't happen to me."
I am sure most readers will remember a grand parent or some other elderly family friend spouting the old cliched line. Lines such as "never go to sleep on an argument" or "a stitch in time saves nine". Perhaps we can apply some of these pearls of wisdom to our current situation to help guide us back to happier times.
Fools rush in where angels (or wise men) fear to tread. Okay this might be a bit retrospective but perhaps if we had a few more angels a few more wise men the whole sub prime GFC thing might never have happened. A few less cowboy bankers chasing the next bonus and a few less people borrowing beyond their means to secure the house they could never afford.
Neither a borrower nor a lender be fairly self explanatory this one. The more money you borrow the more interest you have to pay which reduces your disposable income making it more likely that you will borrow more for your next purchase. As for lending? an individual does not have expertise in assessing risk much less charging a risk premium. If a bank won't lend someone money why should you? Do fools rush in where bankers fear to tread? I would add to this thread never ever go guarantor no matter who asks. Even your own children.
Froth is not beer Thank you Denmark for giving us the answer to Internet touts promising us untold riches for a mere 50 bucks.
Time is Money three words that summarise the time honoured tradition of working for money.
A fool and his money is soon parted. Hmm We shouldn't really point the finger at world leaders and central bankers. Should we?
A penny saved is a penny earned. Ahh saving. Its what people did before easy credit. It's what we tell our kids to do when we are not so good at it ourselves.
Birds of a Feather Flock Together and dance around a pile of handbags in nightclubs.