Thursday, September 4, 2014

Wait For "It"

Capturing the perfect image of the ocean splashing onto the rocks requires patience.  When you wait, you get the perfect snapshot.  This scene sends an important message: “Wait for It.”  Wait for the things you want in life.    The blood, sweat and sacrifices (and of course, discipline) you pour into savings will pay off because you’ll have a greater appreciation for the things you purchase. 

BUT do we? Do we “wait for it"? Most times the answer is “No!” We’re bombarded with marketing ads.  The advertisement tells us, “Why wait when you can have it now?  The advertisement tells us,  “It’s easy! With these low monthly payments, it’s yours.”  The advertisement also tells us, “There are only a couple items left in stock and then they’re gone.” The pressure is on to buy. And we buy.  In the end, do we actually own it or do we owe money for it?

Most times I see people fall victim to the easy purchase plan (myself included.)  If we are not able to pay the debt in full, the payments seem to go on and on forever.  Having payments restricts our ability to do anything.  If you have ever felt like a prisoner, this is probably the time.  It’s easy to get into a cycle.  When our debt payments escalate, income is restricted for day-to-day lifestyle expenses, forcing us to buy essential items, like groceries, on credit.  Debt begets more debt.

Living in a world which provides easy access to credit and promotes instant gratification comes with a cost.  The cost is the interest you pay over time for the purchase.   

Recognize that some things are worth the wait. When you focus on your goals and dreams, you avoid the temptation of buying things on impulse. You may be able to relate to two experiences you’ve had in the past.  One, when you saved for something you really wanted.  The second, when you bought an item using credit obligating you to make payments.  Which did you prefer?

If you have the ability to make loan payments, wouldn’t it be just as easy to start saving for the item in advance?  Rather than pay "interest", you can actually earn “interest” while you wait. One easy way to save for what you want is to hide the money.  {Well, not exactly!}  We know we can be our own worst enemy; so to avoid temptation, the best solution is to set up automatic transfers to an account (like a mutual fund) which puts your savings out of reach. This prevents dipping into your “pot of gold” until the time is right.  

In the end, when you wait for it, you get what you want and more: freedom to move onto your next purchase, peace of mind knowing you have no payments, and a sense of accomplishment knowing you worked hard to save for the things you wanted without incurring debt. 
No one says, “Wait for it” is easy; but the one sure thing is, “It’s worth the wait”.         

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