“It is the debtor that is ruined by hard times.” – Rutherford B. Hayes
Confused by what you hear or read? Always consider the source when it comes to advice about debt, investing, and money in general.
I (Sharon) admit that I did not learn that much in social studies because of my own poor attitude. But one thing I did learn was to always consider the source of information or advice. All of the financial information and advice that is available to you has been created by someone who has an agenda of their own. Unfortunately, most people ignore this truth and accept information at face value. Others know this and use it as a reason to reject all new or different ideas that they don’t agree with for some reason.
We expand our minds by reading or listening to ideas, thoughts, opinions, lessons learned, etc. from a wide variety of sources. It is often wise to consider competing thoughts and ideas. At all times, understanding the author’s bias is important. It is easier for most people to see this when it comes to politics. We usually consider whether an idea comes from our favorite political party or the other guys, and then accept or reject the idea based on the source alone.
Do this for money related topics, too. Let’s look at debt for example. Credit card companies write articles extoling the value of debt as a tool. Dave Ramsey writes about the cost of debt. If you want to read that some debt is good and some is bad, read an article or a book that’s been written by Suze Orman. If you are confused by differing opinions about money, you are not alone. Look at who provided the information and you’re likely to better understand its real value to you.