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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: westpacific who wrote (86326)9/14/2007 1:50:45 PM
From: benwood  Read Replies (3) of 110194
 
Good advice, all of it. I think the best lesson to teach youth today is "delayed gratification" -- so few save up to buy things that are simply not that difficult to save for. But it is a societal problem, done at all levels, and explains why debt levels of individuals, cities, states, country continue to accelerate. There is no concept for most in the idea of saving up and buying something out of pocket.

Imagine a county building a sports stadium out of pocket by taxing for 10 years, earning interest all the while, and then building the stadium, maybe paying five more years, rather than selling bonds up front and paying those off over 30 years.

Or a person saving up and paying a big down payment on a house.

And a smaller house needs less ongoing support -- energy, water, interest, taxes, upkeep.
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