Bankruptcy | Keeping Up with the Jonses
It doesn’t take long for life to turn into a competition. Suddenly, it’s all about having the biggest and the best of everything: the biggest wedding, the most impressive home, the vacation that all of your friends on social media are jealous of. Living that financially extravagant lifestyle, however, has massive consequences. In fact, keeping up with the Joneses could land you in bankruptcy.
Keeping your financial life secure takes some effort–and quite a bit of self-control! By understanding the key reasons why you should live your life your way instead of trying to keep up with the Joneses, however, you can develop a more secure financial future and significantly reduce your odds of bankruptcy.
1. Huge purchases are stressful when you can’t really afford them.
Sure, that big vacation every year is a lot of fun. At the best you can do, however, that vacation is one week out of the year. Do you really want to spend the next several months pulling your hair out while you try to figure out a way to pay off that big credit card bill? Instead, try a smaller vacation. It might surprise you just how much more relaxing that small vacation can be! The same is true of your home: can you really enjoy it when you struggle to pay a huge mortgage every month? A lavish car: do you enjoy driving it, or are you constantly terrified that something will happen to make it more expensive than it already is? Living within your means can go a long way toward decreasing the stress levels in your life.
2. You have other priorities.
Face it: more stuff isn’t really going to make you happy. The grass isn’t really greener on the other side, and all of that. When you write out your budget, take the time to consider the real priorities in your life. Are you dedicated to your home and your family? To a particular sport or hobby? As your spending shifts to reflect the things that really matter in your life, you’ll discover a sense of financial freedom like nothing you’ve ever known before.
3. You never know when the unexpected is going to strike.
Accidents, injuries, and illnesses happen. Appliances break down just when you need them most (and never when they are on sale at your local store). Expensive home repairs pop up no matter how hard you try to pretend that everything is going along as planned. When you have no wiggle room in your budget, those expenses are terrifying. As you learn to budget and save money instead of trying to keep up with someone else’s spending habits, however, you’ll discover that expensive emergencies are a lot easier to handle–and you won’t have to spend the next year paying them off, either.
4. You don’t know what’s happening in their lives.
Sure, the Joneses have that great house that’s always immaculate (because, of course, they have a maid). They might have a swimming pool, or the car you lust over every time they drive by, or the elaborate vacations every year that make you long for sunny beaches. From the outside looking in, however, you don’t know what else they’re dealing with. They could be drowning in debt, struggling to pay off credit cards and teetering on the verge of bankruptcy. They could be making cuts in other areas that you simply don’t see. Even if their financial lives are seemingly perfect, it’s likely that they have issues they would trade for your inability to take off to the Bahamas this year in a heartbeat. Instead of focusing on what they have that you don’t, try enjoying the life you do have! You’ll find that it’s incredibly freeing to be able to live within your own means instead of trying to keep up with someone else.
5. Limiting your “needs” is more freeing than you think.
Many of today’s Americans think that they “need” an astonishing number of things that were huge luxuries just a few years ago. The latest smart phone, a huge flatscreen TV, and a gas-guzzling luxury SUV all top the list of products that are forcing people into increasingly deeper debt. When you free yourself from the “need” to own those things and accept that you can get by on less, you’re able to enjoy the possessions that you do have without the excess debt.
The fact is that spending beyond your means could When all of the little splurges add up, reaching the maximum limit on your credit cards can happen faster than you think. Bankruptcy is used by many as a last resort and it should never be considered as a free pass. The result of filing for bankruptcy stays on your credit for years. Bottom line is you should never spend more than you can afford because as they say, “what glitters is not always gold.” Don’t play the game of keeping up with the Joneses. It will cost you, literally. – blog.startfreshtoday.com
Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: (904) 389-5880. If you are thinking about #bankruptcy, #chapter13bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880