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A recent study said that 21 percent of Americans see winning a major lottery as an important wealth building strategy and even part of their retirement plan.Not to be outdone by Americans, more and more Canadians are showing that they are also fools with their money and that is why they wind up in debt...



1. If you can't pay off your credit cards totally at the end of the month, quit using them.

2. Keep your overhead low. Cut down expenses and have "a high joy-to-stuff ratio" by reading Your Money or Your Life by Joe Dominguez and Vicki Robin. This powerful book has helped tens of thousands of people get their financial lives in order so they have to work less.

3. Live below your means. Attempt to get the Joneses to your level instead of aspiring to keep up with them.

4. Don't look at your limit on your credit card as a required spending amount. Go one step further with your credit cards. Don't ever use them for credit. Use them for convenience and to acquire airmiles. Pay the bills immediately.

5. When you are considering buying something, ask yourself how many hours you will have to work to pay for it. Is it worth it?

6. Remember that being frugal is not being cheap or stingy. The word frugal comes from Latin words associated with virtue, value, and to enjoy use of.

7. Make sure your expectations for the good life are in line with reality.

8. Consider getting rid of your car. You will be able to save a lot of money for your leisurely pursuits. In Vancouver, a new car costs anaverage of $595.00 a month to run. Remember, depending where you live,you have to gross $1000.00 a month to net $595.00.

9. When spending money on any item, spend only as much as you have to and as little as you can get away with.

10. Don't buy something just to be cool. Cool and intelligent are not synonymous. The urge to be cool has driven many people into personal bankruptcy.

Above all, take 100 percent — 99 percent won't do — responsibility for your life. Never blame anyone but yourself for your money problems. You are to blame and no one else. Unless you accept this fully, you will have money problems.
Top-10 Pieces of Advice Anybody Ever Said about Debt and How to Get Out of Debt

#1 Piece of Financial Advice about Debt Management

Who pays his debts, gets rich.
— French proverb

#2 Piece of Financial Advice about Debt Management

He that has not bread to spare should not keep a dog.
— Chinese proverb

#3 Piece of Financial Advice about Debt Management

The saving man becomes the free man.
— Chinese proverb

#4 Piece of Financial Advice about Debt Management

You can't put your VISA bill on your American express card.
— P. J. O'Rourke

#5 Piece of Financial Advice about Debt Management



He who borrows gets sorrows.
— Turkish proverb

#6 Piece of Financial Advice about Debt Management

No man's credit is as good as his money.
— Ed Howe

#7 Piece of Financial Advice about Debt Management

Speak not of my debts unless you mean to pay them.
— English Proverb

#8 Piece of Financial Advice about Debt Management

The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities.
— Simone Weil (1909-43), French philosopher, mystic. "On Bankruptcy".

#9 Piece of Financial Advice about Debt Management

It is very iniquitous to make me pay my debts — you have no idea of the pain it gives one.
— Lord Byron (1788-1824), English poet. Letter, 26 Oct. 1819 (published in Byron's Letters and Journals, vol. 6, ed. by Leslie A. Marchand, 1973-81).

#10 Piece of Financial Advice about Debt Management

It is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay.
— Ralph Waldo Emerson (1803-82), U.S. essayist, poet, philosopher. Essays, "Gifts" (Second Series, 1844).



More Financial Advice about Debt Management

Blessed are the young, for they shall inherit the national debt.
— Herbert Hoover

The Lord forbid that I should be out of debt, as if, indeed, I could not be trusted.
— François Rabelais

Debts increase by arrears of interest.
— Livy

It is very iniquitous to make me pay my debts — you have no idea of the pain it gives one.
— Lord Byron

No matter how a dun is addressed, it always reaches you.
— Kin Hubbard

Beautiful credit! The foundation of modern society. Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises? That is a peculiar condition of society which enables a whole nation to instantly recognize point and meaning in the familiar newspaper anecdote, which puts into the mouth of a distinguished speculator in lands and mines this remark:— "I wasn't worth a cent two years ago, and now I owe two millions of dollars."
— Mark Twain (1835-1910), U.S. author. The Gilded Age, ch. 26 (1873; written with Charles Dudley Warner).

Blest paper-credit! last and best supply!
That lends corruption lighter wings to fly!
— Alexander Pope (1688-1744), English satirical poet. Epistle to Bathurst.

Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.
— Ambrose Bierce (1842-1914), U.S. author. The Devil's Dictionary (1881-1906).

O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.
— Lord Byron (1788-1824), English poet. Don Juan, cto. 12, st. 4.

A creditor is worse than a slave-owner; for the master owns only your person, but a creditor owns your dignity, and can command it.
— Victor Hugo (1802-85), French poet, dramatist, novelist. Marius, in Les Misérables, "Marius," bk. 5, ch. 2.

Alas! how deeply painful is all payment!
— Lord Byron

I have been in love, and in debt, and in drink,
This many and many a year.
—Alexander Brome (1620-66), English poet. Opening lines of The Mad Lover.

There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.
— Fawn M. Brodie



To John I ow'd great obligation;
But John, unhappily, thought fit
To publish it to all the nation:
Sure John and I are more than quit.
— Matthew Prior

Small debts are like small shot; they are rattling on every side, and can scarcely be escaped without a wound: great debts are like cannon; of loud noise, but little danger.
— Samuel Johnson (1709-84), English author, lexicographer. Letter, 1759, to Joseph Simpson. Quoted in: Boswell, Life of Samuel Johnson (1791).

In the midst of life we are in debt.
— Ethel Watts Mumford (1878-1940), U.S. novelist, humorous writer

The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities.
— Simone Weil (1909-43), French philosopher, mystic. "On Bankruptcy" (written 1937; published in Selected Essays, ed. by Richard Rees, 1962).

Bankruptcy is a sacred state, a condition beyond conditions, as theologians might say, and attempts to investigate it are necessarily obscene, like spiritualism. One knows only that he has passed into it and lives beyond us, in a condition not ours.
— John Updike

A creditor is worse than a slave-owner; for the master owns only your person, but a creditor owns your dignity, and can command it.
— Victor Hugo

A man's indebtedness . . . is not virtue; his repayment is. Virtue begins when he dedicates himself actively to the job of gratitude.
— Ruth Benedict

Dreading that climax of all human ills
The inflammation of his weekly bills.
— Lord Byron

It is only by not paying one's bills that one can hope to live in the memory of the commercial classes.
— Oscar Wilde (1854-1900), British playwright, author

Cash-payment never was, or could except for a few years be, the union-bond of man to man. Cash never yet paid one man fully his deserts to another; nor could it, nor can it, now or henceforth to the end of the world.
— Thomas Carlyle
 

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