Have you ever heard of the saying that goes, “Debt is a form of poverty – and one of the cruelest. It gives you the illusion of having more money than you do.” If not, well now you know, and Jerrold Mundis is the man behind this very insightful quote.

How much do you owe to a mortgage, credit cards and loans, other people? If you depend on debt to get what you want, you dig yourself into a deep financial hole.

If you are continually in financial distress, it may be time to adopt a very simple operating principle: spend less than you earn.

According to Bill Earle, “If your outgo exceeds your income, then your upkeep will be your downfall.”