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Write An Essay About Being A Jonese

500 Words2 Pages

By reading the book, I saw other people’s mistakes and learned what not to do. When I started reading, I could not believe how many people are finically illiterate and believed in schemes like the ugly debt and money myths. Those ugly myths are things like get rich quick schemes and thinking that debt is a good thing and could actually help them. These myths lead to people being in denial. This denial fails to stop people from “keeping up with the Joneses” which translates to people buying things they do not need and cannot pay for. Though once people realize these debt/money myths and how being a Jonese is not important, they can start to get out of debt. The book advises to save a quick $1,000 in case of an emergency. Once the emergency fund …show more content…

After reading this book, I realized how susceptible I am to getting ripped off and wasting my money in different ways that I did not even realize were bad. For example, I learned that when saving for college it is not a good idea to put my money in a savings account. Saving account have very low interest rates and it is better to put the money in an Educational Savings Account or 529s. Both these programs help my money grow faster than a traditional savings account. I also become aware of just how important it is to get rid of debt. Debt could drag me down and inhabit my money from reaching its full potential. Instead having the option to invest my money, I would have to continuously paying of debt and the interest of the debt. Plus, if I only make the minimum monthly payment, I will be paying way more than I would if I had paid in cash. Finally, I realized how important it is to save for retirement. I did not know what social security meant until I read this book. I got really upset when I learned I was giving the government money that the government may not even give back. With this new knowledge I discovered I need to start saving for retirement as soon as possible if I want to live securely during retirement. I know reading this book has been beneficial to me and will help me with my finically fitness in the

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