First, who's in charge? Second, would you treat your children that way and expect them to love you? Third, who understands what's going on? Fourth, how can you get ahead without getting out of debt? Finally, how can you get out of debt without cutting your spending and attempting to make more than minimum payments?
Who’s in charge?
A sign on President Harry S. Truman's desk stated: The BUCK STOPS here! This speaks responsibility -- coming from the man who dropped the first atomic bomb. A clear understanding, respect, and love of family leadership is essential to perpetuate the happiness and success of the family.
Would you treat your children that way and expect them to love you?
The concept of do as be done is equally applicable within and without the family. Though children may not always understand or readily appreciate the decisions of family leadership, honest reflection of a more mature mind demands a respect and love for the equitability, if not courage, of difficult decisions by family leadership.
Who understands what's going on?
The hope of the family is the children will do better than their parents. But, leadership, at least initially, should possess a better understanding of what needs to be done. Incumbent upon the family to act in solidarity with its leadership. If the wealth of the whole is the goal, and not of cannibalizing the children for self-gain, then all that can be done has been done.
How can you get ahead without getting out of debt?
Without debating the good judgment of avoiding family debt, where possible, economic progress cannot be made, while accumulating debt. If the goal is to establish an independent foundation not beholding to the demands of a lender, then get out of debt. One cannot build upon a solid foundation without first filling in the hole.
How can you get out of debt without cutting your spending and attempting to make more than minimum payments?
If past decisions have resulted in unwise debt, then two things must be done. First, spending must be cut. Second, debt repayment must be accelerated beyond minimums. There is a happiness of prosperity found only beyond the pain of austerity and repayment.
P.S. What works for the smallest unit of organization scales up to the largest.
