Comments on: Never Rely on Tomorrow to Pay for Today http://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#utm_source=rss&utm_medium=rss&utm_campaign=never-rely-on-tomorrow-to-pay-for-today A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Reliance on Tomorrow Requires Debt Todayhttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-166622 Reliance on Tomorrow Requires Debt Today Sat, 13 Aug 2011 18:28:07 +0000 http://www.nodebtplan.net/?p=2704#comment-166622 [...] want it now, so we swipe the credit card.Let Future You Pay For ItI have long recommended to avoid relying on tomorrow to pay for today. Why? If you can’t afford to buy it right now, you simply shouldn’t buy it unless it [...] [...] want it now, so we swipe the credit card.Let Future You Pay For ItI have long recommended to avoid relying on tomorrow to pay for today. Why? If you can’t afford to buy it right now, you simply shouldn’t buy it unless it [...]

]]> By: Kevinhttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-21392 Kevin Sat, 16 May 2009 20:12:35 +0000 http://www.nodebtplan.net/?p=2704#comment-21392 @Bob K: I agree with you to a point -- you take on long term debt in order to earn enough revenue to not increase revenue, but to pay the debt back multiple times over. @Irina: Thanks! @MLR: I feel you. Sometimes it is easy to feel like the odd man out. This isn't your fault -- it's our society's spend, spend, spend mentality. @Joe: Yup, pretty much. :) @Bob K: I agree with you to a point — you take on long term debt in order to earn enough revenue to not increase revenue, but to pay the debt back multiple times over.

@Irina: Thanks!

@MLR: I feel you. Sometimes it is easy to feel like the odd man out. This isn’t your fault — it’s our society’s spend, spend, spend mentality.

@Joe: Yup, pretty much. :)

]]> By: Weekly Round Up | Master Your Cardhttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-20543 Weekly Round Up | Master Your Card Sat, 09 May 2009 04:47:55 +0000 http://www.nodebtplan.net/?p=2704#comment-20543 [...] Kevin @ No Debt Plan says not to rely on tomorrow to pay for today. It’s a great reminder of the danger of relying on credit to pay for those things we want and [...] [...] Kevin @ No Debt Plan says not to rely on tomorrow to pay for today. It’s a great reminder of the danger of relying on credit to pay for those things we want and [...]

]]> By: Joe Morganhttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-20382 Joe Morgan Fri, 08 May 2009 02:38:32 +0000 http://www.nodebtplan.net/?p=2704#comment-20382 This is such a dead-on post. This kind of lifestyle is a lot like a ponzi-scheme... paying our current selves with the funds from our future selves, and just like all ponzi schemes, the house of cards comes tumbling down! This is such a dead-on post. This kind of lifestyle is a lot like a ponzi-scheme… paying our current selves with the funds from our future selves, and just like all ponzi schemes, the house of cards comes tumbling down!

]]> By: MLRhttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-20368 MLR Thu, 07 May 2009 23:35:13 +0000 http://www.nodebtplan.net/?p=2704#comment-20368 I get ridiculed for this by friends sometimes. I budget my money pretty strictly and if I am near my budget for "x" I will often times be heard saying something like: "Sorry, I can't do that... gotta wait for my next paycheck." They all know I have the money, and I do too, but I don't want to break the mentality of what is saved is for savings, not spending. I see it as a potentially slippery slope I don't want to test. I get ridiculed for this by friends sometimes. I budget my money pretty strictly and if I am near my budget for “x” I will often times be heard saying something like:

“Sorry, I can’t do that… gotta wait for my next paycheck.”

They all know I have the money, and I do too, but I don’t want to break the mentality of what is saved is for savings, not spending. I see it as a potentially slippery slope I don’t want to test.

]]> By: Irina Ihttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-20326 Irina I Thu, 07 May 2009 16:42:07 +0000 http://www.nodebtplan.net/?p=2704#comment-20326 Great post! Loans HAVE to be paid back, no matter how much we do not want to. Great post! Loans HAVE to be paid back, no matter how much we do not want to.

]]> By: Bob Khttp://www.nodebtplan.net/2009/05/07/never-rely-on-tomorrow-to-pay-for-today/#comment-20311 Bob K Thu, 07 May 2009 13:01:58 +0000 http://www.nodebtplan.net/?p=2704#comment-20311 Nice post and nice reminder of the dangers of trading pain in the future for pleasure in the present. One thing I remember from business school is to take on long term debt only in order to gain an asset that can produce revenue (income). It's instructive to apply that to personal finances. So - taking on debt in order to obtain a degree which can help you earn more makes great sense. Taking on debt to purchase a car to get you to/from work makes sense. Taking on debt to pay for a vacation... not much sense! Nice post and nice reminder of the dangers of trading pain in the future for pleasure in the present.

One thing I remember from business school is to take on long term debt only in order to gain an asset that can produce revenue (income). It’s instructive to apply that to personal finances. So – taking on debt in order to obtain a degree which can help you earn more makes great sense. Taking on debt to purchase a car to get you to/from work makes sense. Taking on debt to pay for a vacation… not much sense!

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