Die Broke. Turn the phrase over in your mind. At first it sounds insane. Instinctively it's something to avoid at all costs, not something to pursue with a vengeance. It immediately conjures up images of Dickensian poverty; of Depression-era families having their mortgages foreclosed on by Lionel Barrymore. But fight off those instinctive responses and reflex images and think about it for a minute, really think about it.
What's wrong with dying broke? What good will money do you when you're dead? Isn't there something ironic about hoarding money for a time when you can't spend it? But what about your family, you worry; how will they get by? Well, why can't you take care of them when you're alive? Isn't it daft for them to have to wait for your death to be taken care of? Okay, you say, but what about those images of poverty the concept instantly brought to mind. You just can't shake them. Don't. In fact, look at them really closely. There's something very important about them you need to focus on. They're from the past.
Could it be, that this author is using this image teach you to save and like dave Ramsey pay cash for everything. I already know that in chapter 3 he says to cut up and get rid of ALL credit and debit cards. Ye, you read that right. I actually wrote that this author suggests getting rid of evrey card, including the debit and atm cards. I am looking forward to reading what his thoughts are and comparing them to Dave Ramsey's.
Has anyone read this book? If so what are your thoughts.
Although I haven't read the book, I believe from this snippet the author is trying to say that we should give and enjoy our money while we're alive.
ReplyDeleteI have some recent experience with elderly relatives that are declining in health enough that they are now in nursing homes. This leaves the children with all of their accumulated "stuff"...and has really gotten me thinking:
Here they sit there in a home, with VERY LITTLE of their accumulated stuff. I remember as late as Last Christmas one of my kids playing with something in thier house they shouldn't have...and getting in trouble for it. Why? Less than 6 months later, EVERYTHING in the house is being doled out or sold. The point is that IT'S JUST STUFF! You CANT take it with you. Enjoy what you have with those you love while you're still here.
Greed is a short-sighted sin. Ultimately, it will be taken from you anyway, like it or not.
Now, there are tax implications to giving away what you own prior to your death. For instance, by putting your home in your childrens' name creates a HUGE tax burden for your children. See, if you do that, the recipient then has to pay capital gains taxes on the house BASED UPON THE ORIGINAL PRICE when it was bought! If it's transferred over in a will, capital gains taxes are only figured on the value at the time it was received in the will. If you've had the house for 50+ years, this could be tens of thousands of dollars!
The bottom line, though is to not get too stuck on what you have here on earth.
Mat 6:19-21 "Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, (20) but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. (21) For where your treasure is, there your heart will be also.