Listen to the song:
The best advice I’ve ever given myself was to stay out of debt. “Self, always remember: The borrower is slave to the lender,” I told myself. But the lender’s siren call is awfully hard to resist: “Just buy this one thing on credit, and then when it’s paid off, you’ll have everything you need.” That’s the foot in the door, and the next thing you know, debt service is a routine part of your monthly budget.
I thought I’d learned my lesson back in the mid-1980s. I dug myself a hole so deep that bankruptcy court seemed like the only option, and after that humiliating experience I pledged, “Never again,” and I wrote myself a little blues tune called “Pay With Cash” to remind myself.
It’s still the best advice I ever gave myself, and I sure wish I would listen to me. At least I got a nifty little tune out of it.
Save your money; pay with cash.
Put your plastic in the trash.
Take no credit; pay your dues.
Earn your interest; it’s yours to choose.
The loan man’s going to smile as he bites you with the lash.
Save your money; pay with cash.
You can have it here today;
You can have it, but you’re going to pay.
You can have it; it ain’t yours —
Till you pay them, it’s the store’s.
Till you pay them with your cash, you can’t have it your way.
Save your money; pay with cash.
There used to be a dreamer, never struck me as poor,
He said, “Boy, there ain’t no dream that ain’t worth working for.
You let them drop it in your lap, it won’t taste half as sweet.
You want to get from here to there, boy, use your feet.”
And save your money; pay with cash.
Put your plastic in the trash.
Take no credit; pay your dues.
Earn your interest; it’s yours to choose.
The loan man’s going to smile as he bites you with the lash.
Save your money; pay with cash.
The loan man’s got a whip, he’s going to bite you with the lash.
Save your money; pay with cash.
“Pay With Cash,” © 1986 w.p. bluhm. All rights reserved.
