Financial responsibility, in its simplest sense, means being prepared for the unexpected. This may be caused by varying situations in life.
I recall one of the financial woes I encountered was concerning the purchase of a 2000 Toyota Rav 4. The seller was returning to the USA and didn’t seek to gain the full market value. An opportunity presented itself, so I thought. I had the cash to take it off his hand right away. I was so delighted that I didn’t even consider the possibility of mechanical failures; after all, it was a Toyota. What could go wrong? I had my uncle look at it for me, albeit he was not a mechanic. The selling price was half the cost of the market value of the vehicle. The van surely operated great for a month or two, but shortly thereafter, problems started. I have never been to a junkyard or auto parts establishment so often in my history of owning a motor vehicle. The issues ranged from electrical problems to overhauling and buying a used engine.
The total cost spent on repairs to the vehicle, when added to the purchase price paid, almost equalled the market value of the vehicle. You know, at this point, I was grossly disappointed and felt ripped off.
This, again, was a timely reminder to be financially responsible by carefully counting the cost of all transactions and considering the pros and cons. Money in hand gives you options, as opportunities will flow your way, but we must be responsible enough to seek guidance from a professional. In the case cited, a mechanic should have thoroughly checked out the vehicle, which would have prevented or prepared me for the potential spending woes to come.
