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The Economic Times

Personal Finance / The Economic Times

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

People often fall into debt traps due to easy spending in the digital age. Unproductive, high-cost debts like credit card balances grow rapidly. This situation arises when spending exceeds income. While credit is vital for education and housing, impulsive borrowing for lifestyle expenses creates long-term debt cycles. Thomas Jefferson's advice to not spend money before earning it remains relevant.

21 Feb 2026 5:01 pm