What we can afford needs to be put in context

emotionsmoney

Controlling Your Emotions When Deciding What’s Affordable

Many years ago, my wife and I went to dinner with another couple whom I’ll call Pam and Stan. I went to high school with Pam, and my wife had grown up knowing Stan. They were among the smartest and most successful people we knew. I was always a bit intimidated by them and their lives. I remember this particular conversation well because Pam made a comment that has stuck with me ever since. Pam drove a well-used minivan. During our conversation, she mentioned wanting a new car, but then said, “We can’t afford it right now. It’s just not in the budget.” At the time, I didn’t know many successful people who would say out loud, “We can’t afford it.” After all, what did she mean they couldn’t afford a new car? ….[READ]

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