We’re really good at enabling each other to get into debt because we rarely find happiness in telling our friends and family they’re making a bad decision! Buying a new car you can’t afford – go for it, you deserve it! Want to take that trip to Vegas – no worries, you’ll pay your credit card off someday!
Of course you could take the sinister angle and say we like watching our friends and family get in debt so they can’t get ahead of us. Hopefully that’s not the case, but as Charles Kindleberger said, “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”
Really though, I don’t think that’s the case, I think we just like to see others do well in life. So, the real question is this: Are you a debt enabler? To find out your level of debt enabling, take the quiz below and add up your final score.
1. Have you ever told someone to buy a new car when you know they shouldn’t?
- Yes, I tell everyone that (5)
- Yes, but only if I think it’s a good idea (3)
- Yes, but only if I don’t like them (2)
- No (1)
2. Have you ever told someone to go shopping because they deserve it?
- Yes, I think people should reward themselves (5)
- Yes, but only a few times (3)
- No (1)
3. Have you ever told someone to spend like there’s no tomorrow?
- Yes, I don’t worry about money because the future will take care of itself (5)
- Yes, but only if I think there won’t be a tomorrow for them (3)
- Yes, but only if they have a good financial plan (2)
- No (1)
4. Would you ever tell someone they should spend less each month?
- No, I think people should spend what they want (5)
- Probably not, unless it was really bad (3)
- Yes, people need to know if they’re overspending (1)
5. Have you ever told someone they’ll probably eat dog food when they retire because they won’t have any money?
- No, I don’t worry about other people’s futures (5)
- No, I don’t know enough about investing (3)
- Yes, I’m a really mean person (1)
Now, add up your final score to see how much of an enabler you are!
Just for the record, I scored a 10 so I’m probably too mean, but just barely!! How did you score? Are you a debt enabler? Find out if you’re a loaner by taking this quiz.