Perspectives
by ED CHERRYHOLMES
In these hard economic times, we all look for ways to get ahead. There is nothing wrong or illegal about selling off assets, but it can become a way of selling today and not being wise about tomorrow. There are stories in the newspaper and on TV about companies who swoop down and buy people’s equities, such equities as lottery winnings, injury settlements and car title loans.
The bottom line is that many recipients cannot manage large amounts of money, and go through it with little thought of what they are going to do when it is gone. Many lottery winners go through millions in a short time. One popular business gives out quick money in exchange for the title to one’s car. People receive the cash for the car title with little realization of what can happen. In essence, the car belongs to the company who has loaned the money and now holds the title. When repayment of the loan is not made on time, the company can do whatever it wants, including picking up and selling the car.
Years ago I was chaplain in a prison. One inmate told me that he had gone through $2,000,000 in little more than one year. He said you have lots of friends when you have money, but few friends when the money runs out.
Life is supposed to be lived responsibly and anything else is a prescription for disaster. Laws will not protect us against ourselves. As we choose where we will spend our wealth, may we ever remember that we are called to be good stewards. So let us be wise.
