Marque's Monthly Hypocritical Financial Post

I manage my portfolio online on Yahoo and they recently posted an article that listed the top 5 ways you to tell if you were living beyond your means. Here is that list. I am sure each of us can add our own signs to the list. As a matter of fact, it might be good to look inward to determine what we can each do better and share that with the rest. This will be a good start.

1. Your credit score is below 600. I have learned in my life (the hard way) that credit is important. Here comes my token confessional....I even had a bankruptcy about twelve years ago. I am not proud of it, and I wish I had avoided it, but I sure-as-heck made a point to learn from it. I have since never carried a balance on my credit cards and prefer to pay cash for everything but real estate investments. I hope I don't sound holier-than-thou, but I am quite proud of this. Due to my efforts, I have since brought my credit score over 800. I hope I never have to rely on that credit score, but it is nice to know I can if I need to.
2. You are saving less than 5%. This is one area I really need to work on. I am not proud of how I approach savings. I need to do better and I will. I have studied the impact of compounding interest and it gets really exciting even at a conservative interest earnings.
3. Your credit card balances are raising. Again, credit cards are evil. Pure evil. I have brought this up in the young adult ward bishopric meetings many times. Americans are not educated when it comes to money and credit and the banks know it! When is a better time to make us indentured servants than early, like....say our college years!? This is when they got me and I think it is important that I share my lessons learned with the young adults of the Meadowbrook ward. I wish someone had warned me more effectively.
4. More than 28% of your income goes to your home. This sums up the number one problem in America and it was caused by greedy lenders and undisciplined and uneducated home buyers. Utah is uber-guilty of this. Utards live well beyond their means when it comes to houses. I was raised in a modest house, without the huge yard, theater room and three to four car garage and I was extremely happy. Why have we become so obsessed with these huge grandioso homes that are simply unnecessary?! On a related note, I think a good 6th sign that you live beyond your means should be that you have re-financed your home to pay off debt.
5. Your bills are spiraling out of control. Well, DUH!? This is a sign?! I think this would go without saying.

Now let's have some fun with this. Submit your entries for signs that you spend more than you need or should. Leave a comment, even if it is anonymous. They say the first step to fixing something is admitting the problem! Here are a few to get started...

1. You spend $100+ on a pair of jeans!
2. You spend $1000+ on a dog!
3. You have six vehicles! BTW ~ Please call if you are interested in purchasing a Jaguar, Range Rover or Alfa Romeo!
4. You can't afford food, but you get elective surgery!
5. You can't afford to pay utilities, but you get another tattoo!
6. You are unemployed yet you still go out to nice restaurants!
7. You buy cigarettes and booze with food stamps!
8. ....
9. ....
10. ....
11. ....

I look forward to your comments. I know I can do better at living a provident life. I am sure you can too. The key to success here is beginning. Remember, it takes faith and courage to say, "I don't need this".

http://finance.yahoo.com/banking-budgeting/article/105396/Five-Signs-That-Youre-Living-Beyond-Your-Means?mod=banking-budgeting