Listen to “The Borrower is Slave to the Lender” on Spreaker.
A man was hitting golf balls Sunday afternoon. The fine weather meant plenty of people had turned out. Without intending to eavesdrop, an older gentleman was overheard speaking to a younger man. A lesson was being imparted, and an old proverb was employed: “The borrower is slave to the lender.” The words come directly from the Book of Proverbs, Chapter 22, Verse 7.
The young man, having recently completed his education, was about to begin his first job. It was a good job with a good salary — the kind of income that could unlock the trap of leverage, should he choose to use it.
Debt. Get it now. Pay for it later.
Not for a home, but for toys. Luxuries, not necessities.
“Don’t do it. New cars are better when you can pay cash for them,” the older man told him.
Was Dave Ramsey on the golf course?
By the end of the conversation, the young man was fully aware of the true cost — interest and depreciation included — and had been convinced to save rather than spend.
A good decision.
Many of us did not reach the same conclusion. We bought this or that on payments.
No judgements; to each his own, but the data suggest that Americans are not particularly smart with money.
Gen X households carried an average of more than $158,000 in consumer debt in 2025. Millennials averaged more than $132,000, while members of Gen Z averaged about $34,000.
Not good. Note: consumer debt totals do not include mortgage debt.
Credit — and our consumer-driven mindset — is robbing many of us of our financial freedom and our ability to say, “No, thank you.”
What does that mean?
Well, “no, thank you” money is the polite way of saying “forget you” money. Some people use other, more abrasive terms.
But it is exactly what it sounds like: the ability to say no to an employer when a demand does not align with your values; the ability to leave a job you hate for one you love, even if it pays less; and the ability to make life’s decisions freely rather than out of financial necessity.
Pick your financial guru: Dave Ramsey, Jack Bogle, J.L. Collins or one of the thousands of others.
Nearly all who are worth their salt agree on the fundamentals: Save money and live on less than you earn. That is how you acquire “no, thank you” money.
It is never too late to begin, but the decisions we make in our early 20s matter — a ton.
Compounding works whether it is applied to savings or debt. One works for you. The other works against you.
At a time when only about half of the U.S. population is on track for retirement, we need more decisions like the one made Sunday on the golf course.
The young man was fortunate to have someone there willing to question his plans. Many people do not. So, they move forward into the trap.
If we expect better results — both in personal finance and, for that matter, in government spending — it is time to teach the life lessons of money early and often to our children.
Sunday was one day the man hitting golf balls did not mind walking off the course after another typically mediocre round.
One good decision — and one young man’s willingness to defer gratification today for greater freedom tomorrow — was enough to bring a smile.