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About money, banks and us. May 31, 2010

Posted by @Karen_Fu in bank, change.
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pic source: silvertailsystems.wordpress.com

As much as we blame banks for the global financial crisis, a better way would be to design our ways to avoid such crisis. Being financially self-sufficient is one way;  being wise about how to use the banks as a leverage is another. Each bank, despite being one of the most ‘money’ focused businsses around, fortunately has its merits for us to smartly use.

I was reading about credit card crisis and the first thought was that we are over reliant on borrowing to live our lives well. Credit itself is actually a vice not a virtue. Credit cards are often given too much honor to the point that many people have taken the image that owning credit cards and spending via credit cards is a prestige.

I often like to observe trends, and I see a lot of teenagers, fresh graduates and professionals especially, often live beyond their means by splurging on items that they actually cannot afford. Banks are afterall businesses. And many will look at how much they can get out of you given your income. No banks will lend you money when you don’t have the money.

People often don’t think about making the money before achieving their goals which is the exact fomula for loosing money.  Banks can be our friends if we the consumers make wise and smart choices.

The global crisis itself is indirectly caused by us who actually fuel the problem by investing in high risk profile investments that we actually cannot afford.

How do we change this idea requires one’s determinatoin to refrain from borrowing / investing wrongly in the first place. Where could we get the right financial education ? We need to use our wisdom and intellect to read what we are told. From there, make reasonable deductions of what to listen and how to move on. Be sure to remember that debt is a sin, not an honor; and make sure that our bank/s are at our service and interests by asking smart Qs to get our As about money.

Wish to write more, but as my time limits; this is the only time at night that I can write… hope this is well taken and make some intrinsic sense about money.

Posted via web from Daring to Posterous-ly Change

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