[Julie Jordan]

Chuck ~ Good post. From behind my desk (I'm a CPA) I see so many people who live way beyond their means. It's been going on for years and now it's catching up to these people. They've run out of the ability to refinance their homes to pay off credit cards, car loans, etc. and they have little to no savings. Yet, they still spend. It amazes me to no end. I had a couple come in the other day...in their early 30's, two kids. Last year they decided she should be a stay-at-home Mom so she quit her job. She withdrew her 401(k) funds and they put in a pool. He works in the construction industry so hasn't been working full-time for most of this year. Now they owe income tax (and early withdrawal penalty), have no money and are crying the blues. I don't know what they were thinking when they made the decisions they did!!

So many people are used to spending on credit, it somehow doesn't feel like they are spending real money. They buy now and worry about how they are going to pay for it later. Or they don't realize how much extra they pay when it's "only" costing them a $100 per month payment. It sure is different from how I was raised. My Dad only financed business equipment purchases and paid it off as soon as possible. If he couldn't pay cash for racecar stuff, trips, extras, it didn't happen. They drove used cars, my Mom cooked dinner virtually every night, they saved to put up for their retirement. Thankfully, I had a good example to follow. I think one of the most important things we can teach our children is fiscal responsibility.

As for my racing? I have an open trailer I tow with, my car could use a paint job, I don't have the trick parts and I only race 4-5 times a year. I have a son in law school and a daughter working towards her nursing degree. They are my priority. I won't jeopordize my family's finances for a racecar.