115Millionaire
Today
is a
GreaT
d ayHow did we accumulate This Mountain of debt?
A surprising answer. There are many ideas about why most people are in such
terrible financial situations. We could blame the credit card companies for making it so
easy to get credit. We could blame the banks. We could blame your parents, your teacher,
and your employer. It might be a million things, but let me give you the reason that has
emerged from my speaking with thousands of people over the years.
It might have something to do with what Stephen Covey calls the Personality
Ethic.^31 Some time ago Mr. Covey discovered that a major shift had occurred in our society,
a shift away from the Character Ethic to the Personality Ethic. I’m no expert on Covey or
his material (All of which I suggest you read immediately!), but as it relates to achievement,
it makes perfect sense.
There seems to be this need to become a “personality” today. In the past, having a
good character was praised. However, in many circles what gets top billing is the trappings
(which you must borrow to attain) of personality. That is, get yourself a big, expensive car
and buy yourself the best house or condo you can get your hands on. Buy the best clothes
and the slickest jewelry. Don’t worry about how you will pay it back. You must show the
world you are “somebody.”
Rest assured, when you have to hand the keys to your ‘dream home’ back to the
bank because you couldn’t afford the payments, you don’t feel like a “somebody.”
“Gerry, can you help me out?” a young seminar participant asks.
“Sure, if you want a straight answer, that is.” I respond. “What’s up?”
“Well, I’m really selling up a storm, and if things keep going well I’ll be able
to buy a nice new BMW. All the shooters in my company have one. What do you
think?”
“Why do you think you want one, Mark?”
“Well,” he sheepishly answers, “I guess so I can fit in.”
I look at him disapprovingly. He knows I’m not thrilled with his idea.
“Oh, yeah. I think it’ll help my sales!” he blurted.
“Help your sales? How?”
“You see, having to pay the $673 monthly payment will motivate me to get out
there and make my calls.”
Right there are two problems. First, this “keeping up with the Joneses” philosophy
is responsible for everything from ulcers to suicide. Get rid of it. The Joneses aren’t thinking
about you, they are busy thinking about themselves. Forget about what others think. I like
the bumper sticker that says, “Laugh all you want...it’s paid for!” Second, a common practice
among the go-getters is the foolish notion that by having a debt, they will be motivated to
work.