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Debt and Financial Chains

Do you realize that you drag your financial past decisions around like Jacob Marley did in a Christmas Carol? All those odd decisions you made in the past build a chain that you are hobbled with. You will continue to be hobbled with. Dickens had Marley’s chain signify the horrible decisions he made about mankind. That is a lovely sentiment. However, the financial chain you created for yourself here and now is just as crippling. Especially if you continue to make bad decisions.

Jacob Marley
Jacob Marley and his Chains (Sir Alec Guiness)

Getting the point across to younger folks, is not an easy task. Explaining that all the odd decisions you make early on in life will follow. True in all aspects of life, but especially in financial terms, is not an easy task. When you are young you have all the time in the world. If you make a few mistakes, it won’t cause you any issues later in life, or will it?

  • If you decide to forego putting money in your RRSP, and decide to get a nicer car when you were 25, you then have more links in your financial chain to carry. You will have to save more later in life to retire the way you wish.
  • If you don’t quit smoking until you are 40, you have 20 years of spending money on your habit, and shortening your life (and paying more for your life insurance as well). More links in your financial chain. You might want to look up how much term insurance costs for a smoker over the age of 50, if you think I am being alarmist.
  • Every debt that you think you will pay off at a later date, or worse each month you carry credit card debt, you forge many more strong links in your financial chain.
  • Every lottery ticket that you have bought over the years adds more links to your chain.

The financial chains you forge in your youth, are a heavy weight to carry into your golden years.

Big Cajun Man 2009

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