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The Borrower is Slave to the Lender · Commentary - TJ Meadows

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  Speaker 1: A man was hitting golf balls Sunday afternoon. The weather
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  Speaker 1: was beautiful and plenty of people had turned out without
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  Speaker 1: intending to eavesdrop. He overheard an older gentleman talking with
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  Speaker 1: a younger man who had just finished school and was
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  Speaker 1: about to start his first job. The older man had
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  Speaker 1: offered a simple piece of advice, drawn straight from Proverbs,
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  Speaker 1: chapter twenty two, verse seven. The borrower is slave to
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  Speaker 1: the lender. The young man had a good salary waiting
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  Speaker 1: on him, enough income to buy a new vehicle on
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  Speaker 1: payments if he wanted the advice, don't do it. New
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  Speaker 1: cars are better when you can pay cash for them.
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  Speaker 1: The man said was Dave Ramsey on the golf course.
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  Speaker 1: By the end of the conversation, the young man understood
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  Speaker 1: the real cost of interest, depreciation, and debt and decided
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  Speaker 1: to save instead of spend. That was a good decision,
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  Speaker 1: many of us didn't make it. Americans carry enormous amounts
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  Speaker 1: of consumer debt. In twenty twenty five, the average Gen
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  Speaker 1: X household owed more than one hundred and fifty eight
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  Speaker 1: thousand in consumer debt. Millennials averaged more than one hundred
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  Speaker 1: thirty two thousand. Those figures don't even include mortgages. Debt
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  Speaker 1: doesn't just cost money, It costs freedom. Freedom to leave
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  Speaker 1: a job you hate, freedom to stand by your principles,
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  Speaker 1: freedom to say no thank you when someone asks you
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  Speaker 1: to compromise your values. Whether you follow Dave Ramsey, Jack Bogel,
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  Speaker 1: JL Collins or someone else, the fundamentals rarely change. Spend
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  Speaker 1: less than you earn, save consistently, and let compounding work
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  Speaker 1: for you, not against you. The financial decisions we make
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  Speaker 1: in our early twenties echo for decades. Sunday, one young
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  Speaker 1: man received a lesson that could change the course of
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  Speaker 1: his life. If we want a generation with greater financial
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  Speaker 1: freedom and maybe even a government that better understands money,
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  Speaker 1: we should teach these lessons early and often. Sometimes the
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  Speaker 1: best scorecard isn't on the golf course. Sometimes it's the
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  Speaker 1: financial decisions we make before we ever leave it.