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  • #16
    At the present rate of our society mentality I don't believe that the mentality toward saving/debt will change at all or at least not quickly. The mentality did not get here over night and it will not go away over night. The addiction to debt is similar to an addiction to anything else.... Alcohol, drugs, tobacco products, P*rn. You name it. Its an addiction. Its the same......
    I agree and there is no easy fix, we as humans when things get better seem to forget just how bad things were, There was an interesting article this morning in our National newspaper online how we don't seem to learn that well from the past.......how would that work in our business, we would fail and not have the ability to bail ourselves out.
    Andy
    Halifax, Nova Scotia

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    • #17
      Entrepreneurs need to have the finger on the pulse of their business at all times. They need to know how much & where the money is coming in and where it is going out & how much.

      The general public doesnt concern themselves, by and large with such issues. They are handed a check and they know they need to ration it as much as possible to get them through to the next check.

      Now when you throw in credit cards into the equation that have no fear of going out of business because they know they will be bailed out by the government, then the flood gates open and the credit pours in.

      Credit ratings be damned.

      The goal now it seems is to make everyone an indentured servant. Get them used to debt and paying things off over time. Then you got them. You can increase their interest rate. Give them less and make them pay more.

      It seems every freakin store I walk into wants me to sign up for their credit card. I was in an auto parts store the other day and even they hit me up with a credit card which I declined!

      I guess all we can do is just be aware of all these traps and try to steer clear of them.
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      • #18
        Interesting thread and great input from all posters.

        Y'all hit the nail on the head with the "instant gratification" and "lack of discipline and self-control".
        As previous stated, the problem didn't get here overnight and it won't be fixed overnight, but I do feel like we, as entrepreneurs, can be a part of the solution by keeping our businesses solid and being the rock that our employees and customers can count on when they can't count on anything else.

        It works on both ends, I tell potential customers all that time when giving them an estimate that the cheapest estimate isn't always the best value. Some understand and appreciate me being honest, others only see the bottom line and how much they will be spending and how much money they won't have to buy that new Playstation 3 game that comes out in 2 weeks. Tsk.

        I am honest with people, sometimes too honest I feel. I try to use my good communication skills to convey a sense of security in me doing a good job. This works against me at times because some people take advantage of my earnest way of doing business. Like the kind of people that are never satisfied and always want more for the money they are paying. These people don't want to hear that "want more = pay more".

        Its a struggle man. I'm living hand to mouth right now. I can't get new customers for the life of me.

        I know the grass isn't growing but I can't even get work for leaves. I'm focused on doing what I can to prepare for next season, but I can't do much buying of new/used equipment with no money coming in.

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