Wealth quote of the day: Never spend money before…. by Thomas Jefferson

People tend to accumulate debt over time. Some of this debt is productive, such as a home or car loan, which are secured loans. Sometimes, however, we are forced to take unproductive, high-cost debts, such as credit card debt or loans from the market with very high interest rates. All of these can lead to a debt trap, where we have more debt than we can repay.
In today’s digital economy, spending money is easier than ever. With one-click payments, instant personal loans and no-cost EMIs, people can buy almost anything without having enough cash in hand and can fall into a debt trap.

A debt trap, in technical terms, is a situation in which the debt you owe grows out of bounds. When you consume more than you make, you wind up in this scenario.


While credit is very important this time, especially for education, housing or emergencies. However, impulsive borrowing for lifestyle expenses often traps people in long-term debt cycles.

“Never spend money before you have it.”- This quote by Thomas Jefferson.

This simple yet powerful line is attributed to Thomas Jefferson, who was an American Founding Father and the third president of the United States from 1801 to 1809. He was the primary author of the Declaration of Independence. Jefferson was the nation's first U.S. secretary of state under George Washington and then the nation's second vice president under John Adams.

Spending money before earning

This behaviour often leads to debt burdens, financial stress and anxiety, poor long-term financial health and reduced savings and investments.

4 quotes from Thomas Jefferson

• The man who reads nothing at all is better educated than the man who reads nothing but newspapers.
• Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.
• Nothing gives one person so much advantage over another as to remain always cool and unruffled under all circumstances.
• Educate and inform the whole mass of the people. They are the only sure reliance for the preservation of our liberty.