“The plans of the diligent lead surely to plenty, but those of everyone who is hasty surely to poverty.”- Proverbs 21:5
Have you ever watched the show “Pawn Stars” on the History Channel or “Hard Core Pawn” on TruTv? From what I can see on these shows and from people I’ve met that own a pawn shop, it’s a very good business to be in. What amazes me about these shows is that there are so many people willing to part with their valuables for usually a very small fraction of what it’s worth. I like to think that most people probably know that pawning something and getting charged interest sometimes over 100% annualized is a really bad idea (sort of like setting yourself on fire just to see what it’s like) but they do it anyway.
Why? Some people are just not hip to the facts and don’t realize just what a bad deal it is. But I believe most, the vast majority, are just desperate. They need money quick to keep the lights on, make the car payment, or pay for mammaw’s Lifestyle Lift.
Desperation is a bad place to be and will force you to make decisions you know are bad just so you can get a quick fix and just maybe keep the wolves away for another day. But eventually the Big Bad Wolf comes to blow his mighty wolf breath against your house of straw.
But what if these people had a plan? What if they prepared for bad times before they arrived and had an emergency plan in place? What if they had worked hard to get themselves out of debt, and when the tough times roll around, as they always do, they call Billy the Exterminator to eliminate the breathy canine. I mean seriously does anyone really want to get one upped by Chumlee?
Having a plan might make for a boring reality show, but it will make for a much better life. How’s that for reality? Start making a plan for your finances today making your own customized get out of debt plan and a monthly spending plan that makes sense. If you don’t know how, you can take my Celebrating Financial Freedom home study course that will show you.
Have you or someone you know ever used a pawn shop or title loan company?
Have you ever made a financial decision out of desperation? (I know I have)
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