"Frugality and safety are in; bling and plastic are out.”
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The recent economic downturn has certainly taken its toll on the American people. I have heard several heartbreaking stories of how people are losing their homes to foreclosure, unable to feed their families, and worst of all unable to find a job. How did we get here? We had to have everything…NOW!
Take a Look at Our Young
When your child wants something do you always give it to them? Perhaps the answer is yes, but is this really the best way for our children to learn how to act with regard to finances? Parents who will buy their children whatever they want no matter what the cost, causes children to think money is no object and debt is “normal”. However, this economy has caused parents to revaluate their ways and perhaps even share their financial struggles with their children.
Time to Re-Evaluate
A once very materialistic society has begun to reassess their priorities. Is it really better to have the best of everything at the expense of being up to your ears in debt? Not anymore! According to Tim Kasser, professor of psychology at Knox College, “This recession has been a financial near-death experience for many; it could lead to a lasting shift” (Kadlec, D., 2009). I hope this professor is right. It looks as though he just might be right on, because in early February Sandra Block with USA Today (2011) reported, “Credit card usage is slowing”. I think times are changing and Americans are finally moving in the right direction. It’s time for the American people to place importance on what really matters – Health, family, and being together.
References:
Block, Sandra. (2011, February 8). More consumers just say no to credit cards. USA Today Online. Retrieved February 18, 2011 from http://www.usatoday.com/money/perfi/credit/2010-02-08-creditcards08_CV_N.htm
Kadlec, D. (2009). How the crisis is changing you. Money, 38(5), 84-90. Retrieved February 10, 2011 from EBSCOhost. Regis U. Library, Denver. Business Source Complete database http://web.ebscohost.com.dml.regis.edu/ehost/detail?hid=14&sid=d3162e1f-2b4f-485d-923d-440ff7c80900%40sessionmgr15&vid=8&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=37572040
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