Tuesday, November 16, 2010

Getting into Deep Debt

from the book Nice Girls Don't Get Rich(Lois P. Frankel, PhD)

This is one of the most fatal mistakes a person (not only girls) can make that can ruin the road towards abundance.

Having a credit card is almost inevitable especially if one treats it as an emergency fund. But this plastic can be your vehicle to poverty.

How can a woman get into so much debt?

I'll share to you some reasons in the book Nice Girls Don't Get Rich.

1. Making lost time with material things.

Giving expensive gifts to a person doesn't necessarily mean you love them more.

2. Envy.

It's not because everybody has it, you got to have it also.

3. Live today and let tomorrow worry for itself.

If this is your motto, you'll really find yourself in big trouble.

4. Impulsiveness.

Control your emotions so that you can control your money.

5. Appearances.

You will not die if you will not have that fancy car or that expensive dress.

Coaching Tips:

1. Always be conscious where your money goes.

2. If possible, get rid of the card if you cannot control yourself.

3. Be contented with what you have.

image from: http://drscoundrels.com/wp-content/uploads/2010/05/debt.jpg

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