A house of cards
Living the high life is not necessarily a good thing: Five signs that you’re living beyond your means
Many people in America are living beyond their means, as personal savings rates are at their lowest levels since the Great Depression, according to the U.S. Bureau of Economic Analysis. Dwindling savings mean that U.S. households are taking on more debt and are less able to absorb a financial blow like the loss of a job or a downturn in the economy.
If you are concerned that your finances could be in danger, there is a way to tell whether you’re in over your head.
Everyone should read this article (it’s not very long). If you have any one of those five you are in serious trouble, in my view.
Living beyond your means makes you a risk to everyone around you, as when your financial house of cards comes crashing down, you become a burden on your extended family as well as society in general.
I don’t think the economy is getting better any time soon, and when times get worse, those who are financially vulnerable will be the ones hit the hardest. Fix things now, while you still can!
July 22nd, 2008 at 9:17 pm
Whew! We’re good on all five. Good article.