Beginning the Process of Long-Term Change: De-Financing
For the last 25 years until 2008, we have enjoyed a national and individual prosperity that was financed. We borrowed massively in order to buy what we wanted, instead of buying only what we had the cash to afford.
I know what changes my wife and I are putting into place in order to spend not more than we earn, and I see my friends and colleagues also cutting back, refinancing and doing without.
Empty-nesters that we are, we’re still aware of the challenges our children are experiencing now in order to build careers, while at the same time they look to the future and the needs of their own growing families.
The option for them to finance their future spending, the way our generation did, does not exist for them. And it will no longer be allowed us, either.
Let us make our plans accordingly, and for the long term. The old system no longer works, and we will be the ones, through dramatic changes in our individual behavior, to put the workable new system in place. How we spend borrowed money is the problem that has to be dicussed and resolved.
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