The Learning Curve

New tricks for an old dog.

A word of warning

I was just enjoying a hot cup of coffee this fine Sunday morning, thinking about the many advantages that accrue to the honestly acquired status I’ve earned by having lived long to be legitimately classified as a bona fide old fart. This is what crossed my mind.

The last time the United States tried an extended and expensive combat engagement without raising taxes was in Vietnam under President Lyndon Johnson in the 1960’s. The delayed effect of that cropped up in the 1970’s, with double-digit inflation coupled with double-digit interest rates. It was all very painful.

My advice is simple. Pay off your credit card balances ASAP, and don’t spend more than you earn.

Believe it or not, youngsters, that’s good advice under any circumstances. Just because I learned the hard way doesn’t mean that you need to.


Written by Tom Fox

09/23/2007 at 11:38 am

Posted in Economics, Free advice

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