Why Shouldn’t I Borrow to Buy Something that Depreciates?

Borrowing money to pay for something that is losing value is not the right thing to because I plan on being wealthy. The most obvious example of this is buying a new car. While owning a car is a necessity, owning Cadillac or a Lexus is not, especially if it means financing the payment and now adding interest on top of that. When I sell that car I will never be able to get back what I paid for it. Why do people do this? I do not understand.

Then there is the additional stress of paying for these high priced items over a long period of time. Financial situations could change or the burden could become just too heavy robbing me of quality of life. I want to enjoy life and not worry about making a payment on something I do not need. I suppose everybody’s perspective is different though. I would hate to think that a fancy car or house would determine my happiness.

I also realize a lot of people use credit cards for all their purchases. Let’s consider a fancy meal being bought on credit, if you are not paying your full balance at the end of each month then you will be charged interest. Now that fancy meal has just cost you more and it is no longer of any value to you. I think credit card debt is something that God does not want for us.

Romans 13:8Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”

If I do borrow money I want it to be for something like starting my own company. This is something that I can continue to watch grow and profit from. I want that money that I borrowed to make money. I want to see my money spent produce tangible things that will only add to my wealth without all the stress.

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