Interesting article on the fact that fewer Americans plan to travel this year:
That’s too bad – in my experience in my work, I have encountered hundreds of people over the last 15 years who spent way more than they had. I have met:
1. couples who bought such an expensive house that they could not afford to furnish it with their maxed out credit cards.
2. people who spent $25,000-50,000 on a kitchen using an equity loan but then could not enjoy anything resembling a comfortable lifestyle (I hope their kitchen has A/C so they can vacation there).
3. people driving a BMW while living with their parents and not saving to purchae their own home.
The list is endless – but again, as I mentioned before – most people learn by either the carrot or the stick (most need the stick). And this recession is a nice stick (actually more like a Singaporean caning) for most to learn proper budgeting.