“Learn To Live On Cash”
At first, this seems like good financial advice: pay cash for everything you buy, and you’ll never get into financial trouble.
A slew of TV shows, like Till Debt Do Us Part, Suze Orman, and Maxed Out, features people who got themselves into a financial mess because they let their credit card debt get out of control. One of the first things the hosts does to help these people is to put them on an all cash budget, no more credit cards.
That maybe good advice for the people on these shows, but is it good advice for the financially responsible person? The answer is a big fat no. I can’t remember the last time I paid for something with cash. Watch this episode of Talking with John Chow to find out why you should never live on cash.