My biggest worry is the “entitlement mentality” that has come to dominate people’s thinking and decision-making. When faced with adversity, we now too often blame scapegoats or seek outside help instead of take measures to control our own financial destiny.
This attitude is most common among beneficiaries of government aid, but is remarkably frequent among middle income people. How many media pictures have we seen of long-term, well-paid job holders suddenly set adrift who instantly have a negative net worth. While working they saved nothing, maxed out their credit cards, and never prepared for a rainy day. Long ago people automatically kept a cushion for emergencies, many people budgeted, and credit cards were only issued by a few department stores. It seems we’ve bought into the advertisers’ instant gratification line, and are unable to visualize and plan for our financial future.
