Of course not, but there are always other factors to consider.
I was talking to a bankruptcy lawyer the other day- I write content for one sometimes- and he said the biggest three reasons for people to file bankruptcy are 1) Divorce 2) Job Loss 3) Illness/ Disability. Sure, we as a nation have an insane amount of debt, but it's catastrophic life events that do us in. It's not living beyond our means. One could argue that not setting aside funds for these catastrophic events is living beyond your means, but it's pretty impossible to plan for everything.
Another reason for bankruptcy is maxing out all your credit cards because ya just gotta have it NOW and then losing your job. You thought the job was solid and good so you overbought and overbought and ddin't save a dime. Whose fault is that? Yours for living a life that was so indulgent and not setting aside money for emergencies. I have NEVER been in a position where I couldn't pay my obligations. NEVER. I had some tough times and reversals of fortune but I was ALWAYS able to pay what I owed because I wasn't a shopaholic. I didn't need to be the first to get whatever the newest popular thingy was. I saved what I could. I shopped for deals. I used coupons. Some folks with their hoity toity ways would NEVER use coupons. I shop at Walmart. Some hoity toity fancy dancy folks wouldn't be caught DEAD in a Walmart. I shop for value. I buy to use not just to have. Yes. Sometimes folks encounter very bad luck through no fault of their own. But sometimes they are entirely at fault. It is those folks whose multiple bankruptcies rankle. They stiff creditors. They get out from under at the expense of others and then go back and do the very same dam* things again and again and again. SIGH. No pity for them at all have I. I've weathered a lot and survived it. I never stiffed anyone. If I can do it anyone who gives a rat's a** can do it JA. Anyone who has pride at all and wants to pay his/her own way in life and not ride the coattails of others whom they know will bail then out . Apologies for the rant but I have a very strong opinion about this. I know. What a surprise, right? Thank you for your reply and Happy Friday! :)
This post was edited by RosieG at December 22, 2017 4:20 PM MST
You can live within your means and work for the things you want. The problem is that most folks don't know the difference between want and need. I've met people that wanted everything now for instant gratification. If you can get it all now, you face the possibility of losing it all now. My advice has always been, if you want to start at the top, remember it's long crash to the bottom. It's a outmoded idea I know, but that's how we were raised. Couple that with the fact I've been on the top and and in the gutter financially.
I always have Lulu'sMom. Always. I could not do otherwise. It is simply logical and common sensical to do so. Which is why I do so because if ti doesn't make any sense to me I don't say it or do it or believe. Period. No exceptions. Thank you for your reply sweetie. I think once burned twice shy might apply! :)
I see that principle as moderate, practical and prudent.
Unfortunately for the truely poor, their means are insufficient to live within by any means; for instance the millions currently starving in Yemen and some countries in Africa. Conversely, in Western countries it is legal to lend money that people haven't the means to repay and to do so at unfair terms of interest, such as compound interest on mortgages. While it is true that the customer is foolish to buy into the deal, many people are not financially savvy and don't understand their risks. Western societies really do need to develop some better and fairer solutions to many basic issues.
You know Massachusetts Senator Elizabeth Warren fought hard to get a Consumer Protection Bureau created before she became a Senator. I agree with thee completely Hartfire. Some of us need help/protection because we just aren't savvy enough to withstand sharks/snake oil salesmen. I believe doofus don has already destroyed it. Protecting consumers means big business can't screw them and oh my what a terrible think that would be. So bye bye protection. I dunno. Everything that benefits we the people (excluding the extremely obscenely wealthy) is being methodically undone. EVERYTHING. Doofus don will not stop until the entire country is destroyed. The better to hand it over to Putin and Russia. I hope to he** I'm being overly dramatic here but I fear I'm not. Thank you for your thoughtful and helpful analysis Hartfire! :)
Just Asking 