Uploaded July 2023 | Updated September 2026, 2 hours ago
In Europe, people don't often buy on credit. Most people don't even have a credit card. Or when they do, it's to pay for flight tickets or rent a car abroad. But if you live in the US, it's very easy to rack up credit card debt with high-interest rates.
Denis Diderot, even though he got a bunch of money from selling his library to the Empress of Russia, eventually spent more than he had and ended up in debt.
So a good rule of thumb is to only buy new things you can actually afford and to not buy them on credit. Then, set a budget and stick to it.
This way, when you're tempted to buy something on an impulse, you've put a hard stop on it if it exceeds your budget.
Then, when you've analyzed and predicted the full cost of that item, and you still want to go ahead with it, you can now budget for it.
This will keep you out of financial trouble!
– WHAT TO WATCH NEXT –
Why You Want Things You Don’t Need | Diderot Effect: youtu.be/uUlVN2ioTZE
In Europe, people don't often buy on credit. Most people don't even have a credit card. Or when they do, it's to pay for flight tickets or rent a car abroad. But if you live in the US, it's very easy to rack up credit card debt with high-interest rates.
Denis Diderot, even though he got a bunch of money from selling his library to the Empress of Russia, eventually spent more than he had and ended up in debt.
So a good rule of thumb is to only buy new things you can actually afford and to not buy them on credit. Then, set a budget and stick to it.
This way, when you're tempted to buy something on an impulse, you've put a hard stop on it if it exceeds your budget.
Then, when you've analyzed and predicted the full cost of that item, and you still want to go ahead with it, you can now budget for it.
This will keep you out of financial trouble!
– WHAT TO WATCH NEXT –
Why You Want Things You Don’t Need | Diderot Effect: youtu.be/uUlVN2ioTZE
