Get Money Now, Suffer Later
It is hard to miss the slogans Fly Now, Pay Later or Study Now
, Pay Later. There is one slogan that everyone should live by, however, and that is Get Money Now, Suffer Later. This slogan should apply to everyone, especially the young and the young at heart.
Many young people are proud to say that they live for the moment and that living a short full life is better than living a long empty life. People who say this do not know what they are talking about.
To them, living is all about risking life itself for the adrenaline rush, seeing unbelievable sights and generally living the fast lane. By the time they get tired of all the excitement, settle down and find out what life is really all about, it will be almost too late.
They will have spent almost all their time and money chasing after that rush that they will hardly have time left do something to ensure the future. In getting their money earlier and spending it on their pursuits, they will not have saved anything.
They pay for that mistake by living a miserable existence in their old age. Others work hard later for many, many years and still barely save enough to survive to old age, many continue working to the end of their days while others fail, lose their jobs through old age and sickness and end up in the streets or on the dole.
If one really wanted to, it is quite possible to make a huge loan now and pay for it on a monthly basis. Hypothetically, one could make a loan of $200,000 at the age of 20 and pay for it through huge salary deductions for the next 40 years. Whether the bank will allow it or not is up to the bank, but even if having an iron-clad will would help repay that loan regularly, the borrower will be facing a big problem by the time the loan is repaid.
Paying off the loan is not the problem, but what comes after. If that money is not used intelligently and just spent on trivial pursuits, the person will be facing a huge dilemma by the end of 40 years. At the end of 40 years, the borrower will be at the end of his most productive years with nothing left to live on at his old age.
Unless he deposited that $200,000 in a bank account in order to accrue interest for 40 years, the borrower will live the last years of his life in misery. However if he did put that money in a bank, after 40 years, it might not be a very smart thing to do, but he will indeed have something by the end of 40 years.
That money would have grown to over $1.4 million under a 5% annual interest rate! Even under a 3% interest rate, the money would grow to over $650,000 in 40 years! However, if one is gifted with an iron-clad will, it would be much easier to save $1000 a month for 40 years to make $1.5 million on a 5% interest rate.
This would have been a better option than making a loan and then just keeping it at the bank to earn interest. Unfortunately, this is not how human nature works. In humans, having $200,000 in hand would mean living the life of plenty or risking it on a business venture instead of safely keeping it a bank where it could grow.
An extra $1000 at the end of each month would mean wild weekend parties at the beach and long summer vacations. Saving money is not really within the grasp of human nature. In many cases, having money now will mean having money to spend now, which will almost definitely result in suffering later.
by: Dan Cavalli
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