Words of wisdom for 2003

Every New Year, I vow to do better. I promise myself to lose that extra 10 pounds that has stubbornly clung to my hips and thighs since the birth of my third child. I promise to get more sleep. I say I won’t watch so much television. I promise to spend more time with family and friends.

And, like many people, I declare that I will become a better steward of my money.

Experts say people don’t follow their financial resolutions because they fail to plan, or their goals are unrealistic. I think we often fail because we aren’t inspired to succeed.

Don’t let that happen to you in 2003. And I have an idea that might encourage you to stick to your financial resolutions this time.

I’ve developed a habit of collecting quotes about money. Whenever I feel that I’m moving away from my financial goals, I turn to this list. I read through it. I come away rejuvenated.

So, this year instead of my recommending a list of resolutions you should make, I decided to pass along words of wisdom I hope will motivate you to stay on your financial road to money harmony.

If you are resolved to get out of debt, here are some quotes to remind you why that’s a worthy goal:

  • “You must pay at last your own debt. If you are wise, you will dread a prosperity, which only loads you with more.” — Ralph Waldo Emerson.
  • “Live within your means, never be in debt, and by husbanding your money you can always lay it out well. But when you get in debt you become a slave. Therefore I say to you never involve yourself in debt, and become no man’s surety.” — Andrew Jackson.
  • “The rich ruleth over the poor, and the borrower is servant to the lender. — Proverbs 22:7, King James Bible.

If you are addicted to credit, heed these words:

  • “Our business is to have great credit and to use it little.” — Thomas Jefferson.
  • “Better $800 in cash than a $1,000 on credit.” — Chinese proverb.
  • “When you live on cash, you understand the limits of the world around which you navigate each day. Credit leads into a desert with invisible boundaries.” — Anton Pavlovich Chekhov.
  • “Life was a lot simpler when what we honored was father and mother rather than all major credit cards.” — Robert Orben.

Words to the wise about living within your means:

  • “There is no dignity quite so impressive, and no independence quite so important, as living within your means.” — Calvin Coolidge.
  • “We live in the richest country in world history, yet only 5 percent of the population ever achieves financial independence. The problem is not the high cost of living. It’s the cost of living high.” — Michael LeBoeuf.
  • “Most people have it all wrong about wealth in America. Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.” — Thomas J. Stanley and William D. Danko.