Love is an interesting concept.

Several love related concepts have emerged as I have done financial counseling for over 20 years. Some express their love for their children and will do anything for their happiness. Other love their possessions and acquiring them. And some love the goal of long term happiness while on earth.

I enjoy working with the last group best. Primarily because they are truly concerned about their future vs. the other groups focus on the present.

Let me try to explain the difference. I normally meet with folks facing debt issues or a financial dilemma. Those who are looking at crisis often have to make decisions about how to allocate their assets. This can be either cash or possessions.

The group interested in making their children “happy” are commonly most interested in being a “buddy” and do not want to be a parent. They do not want confrontation and are unwilling to firmly tell the children –NO—to their requests/demands. It is always easier to give in.

But love requires one to have principles and the strength to live by those principles. How is a child to learn parenting based on being placated with their every request? Or more often, there is a haphazard application of financial principles. Both cases lead to loss of opportunity to build assets for future use.

Then we have those who want to “impress others” via possessions. We can all find reasons to keep the collection of items in storage. Even if the monthly storage fee will eventually exceed the value of the contents being stored. At some point we all face the decision of whether to keep a possession. But buying/keeping possessions, especially those which are costing money and sacrificing the future of ourselves or our children, must be addressed.

It is a new year. Take a look and see what can be sold to pay for current debt. And before you make your next purchase—take time to truly determine if it is a purchase that meets a need and not a want.

Now for my favorite group. These are the folks who are interested in getting rid of debt and they put plans in place to accumulate savings. They recognize debt is commonly the result of bad decisions. They know how debt is an “anchor” toward building a better tomorrow. They are resolved to saving something from each check received. They are willing to get rid of depreciating assets they are not using. And they may sell appreciating assets to pay off expensive debt.

These families are truly in love with each other and willing to sacrifice something today in order to have a better tomorrow. When goals for the future are formulated and communicated, all members of a family will participate in making those goals come true.

Believe me, you will LOVE how the future unfolds if you follow the traits listed about my favorite group of folks.

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