"I'll always have a mortgage"
"You'll always have a car payment"
"I'll never pay off this credit card!"
"Student Loans - its like a mortgage on life!"
"Everybody borrows money - that's how you do it!"
"Hey, you're gonna die anyway, might as well have fun!"
"You should buy as much house as you can afford!"
"By leasing, you only pay for the part of the car you are using!"
"Housing prices will always go up in Fairfax County!"
"Buy now or be priced out of the market forever!"
"Buy Land, they're not making any more of it!"Most of these have been said to me at one time or another, usually by someone wanting to sell me something or by my boss trying to make sure I was in debt up to my eyeballs. When I have followed such "advice" I ended up getting burned in every single instance.
What is scary is that many people can't distinguish between a "Rule of Thumb" and a mantra. On financial sites, you see mantras repeated all the time. Or people just spout nonsense.
Hey, I want a new Camaro. Might was well "enjoy my money" (another mantra) otherwise, "why bother making it?" (another mantra). And the debt? Well, "That's how you buy things" (as one boss explained) and why not lease to "free up my cash flow" (mantra) so I can "invest the cash" I didn't have laying around anyway. Better yet, get grandma to co-sign a loan!
Mantras are not thinking, they are anti-thinking.
The next time you are on a financial site, take a look at the nonsense people are promulgating, particularly in the comments sections. Most of it is mantras, disguised as rules of thumb. The difference between the two is easy to detect. A Rule of Thumb can be dissected and analyzed mathematically. Logic and reasoning are behind it.
Mantras, on the other hand, are just pure emotional thinking that cannot be dissected, argued, supported, or undermined. They are just conclusory statements making the conclusions that people are predisposed to hear.