I read an interesting article at Business Week discussing renovating rather than rebuilding our economy. The article goes into detail about how our economy was (and still is) based on consumption, and how such a model is not sustainable in the long run. China and Japan are given as prime examples of producer-driven economies and as nations full of savers, which certainly matches the preconceptions I have. The example is given for Europe is that they have traded their productivity for leisure. These are in contrast to the U.S., where productivity is traded for, well, stuff.
Most of us have no idea what will happen on the macroeconomic level. However, we can make changes on a personal level. Saving for goals and focusing on leisure is a better way to spend your money than owning more possessions, especially if you’re looking to achieve financial independence. Life isn’t experienced through the latest purse or the newest gadget, but rather through what we do and achieve. I could get way too preachy on the subject, so instead I leave you with Tyler Durden’s words:
“The things you own end up owning you.”
Consider that if you’re battling credit card debt paying off…stuff.
Tags: Personal finance