Welcome to the latest series on the wildly popular JosephSangl.com – 5 Questions To Ask Before Spending Money
It is my hope that this series will help provide you with practical questions to ask when preparing to spend a substantial amount of money. Practical questions that will help you truly understand the enormity of the decision and help you make the decision that is best for you and your family.
Question 3: Do I have the money to pay CASH for this item?
I got to write the “I Was Broke” part of my book, I Was Broke. Now I’m Not. (you should buy a copy HERE) by always financing stuff. My car, truck, next truck, engagement ring, wedding ring, honeymoon, credit cards, college student loans, furniture, and many other things were financed because I did not stop and ask myself this key question. I know that the day I started asking this question was THE DAY that my family started winning with money.
If I do not have the cash to pay for it, I’m not buying it UNLESS it is a house or an asset that will increase in value (like a business, rental house, etc). Even then, the answer is still usually “NO!” unless I have all of the money available to pay cash.