ECON 201 Lecture Notes - Lecture 37: The Monthly, Home Inspection, Homeowner Association
Document Summary
Don"t try to keep up with the joneses. People want other people to think they can afford more than they actually can with their income. The only people who you should ultimately answer to are yourself and your family. If your neighbor gets a new mercedes, you don"t need to follow them. If they can afford it, then good for them. A lot of the time, if they can"t afford it, they"re just trying to keep up with the neighbor on the other side. This has been more of a reality as there have been more home foreclosures and repossessions of cars. The most important part of this is recognizing that there are always going to be people who live better than you. There are also going to be people who can"t afford as much as you can afford. Your goal should be to be financially responsible now so that you can, in the future, increase your financial standing.