I learning something in college called ‘instant gratification’. At the time it was used to explain why Filipinos were not in politics here in the States. It’s because of this need for instant gratification. We want it now. I’ll sign what ever it is so I can get what I want now. Now, now, now!
As you can see from the state of our economy, instant gratification is not good. It’s not good for Filipinos or any other kind of people for that matter. People signed off for mortgage products they couldn’t afford and that of course started a land slide. It seems that instant gratification blinds us from what is right and what makes common sense. It makes us forget about the ‘what if’s’. What if I lose my job, what if interest rates go up, what if my tenants move out? There are too many ‘what ifs’ in today’s economy.
The same goes for high interest rate credit cards, signing off as co-signer on a car, etc. The devil is always going to be in the details, so please be careful. It’s always a good idea to bring someone with a level head, who will not gain from your decision, but has your best interest at heart, to any negotiation that you are about to embark on.
You’ve heard this before, ‘you can’t judge a book by it’s cover’. So read the details and always sign with caution. It’s worth it to take an extra minute or two instead of spending a lifetime trying to correct an problem that could have been avoided.
As mom used to say, ‘do as I say and not as I do’.
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