Thursday, November 06, 2008

A call for Thrift

Thrift! Remember the term? It's hardly fashionable today - not just the word but the practice of.

Thrift - "Wise economy in the management of money and other resources; frugality." Source

South Australian Senator Cory Bernardi makes some valid points about the problems caused by easy money.

The race that stops a nation has been run and won. And when the hype of the US Federal election subsides, the focus of many Australian's will return to their personal financial position.

And in many cases they won't like what they see. With the economy slowing, unemployment rising and a lot of personal debt in the system, many are right to be worried.

Simply put, Australian's (like many other nations) have been living beyond their means for too long. Consumer credit has replaced thrift and saving as a means of getting what you want. >>more
Senator Bernardi has also written a book on how to teach our children good money habits …

See also: CPA leaflet “Creating good money habits

2 comments:

MK said...

When i heard how much money was bet on the Cup, you have to wonder if there really is a problem. I mean if we're all supposed to be struggling and looking for scraps, why are we betting our money on chance.

Thrift is certainly something many of us have to learn, however unwillingly.

MK said...

Let me add that, even though we need to save and not spend frivolously, our government and taxation favors those who don't save and punishes those who save. If the government wants us to be able to fend for ourselves in retirement, they should stop taxing those of us who save our money every which way we turn.

Personally i think they don't want us fending for ourselves, make us independent, and not dependent on the lousy scraps they like to hand out after stealing it from someone else.