I was watching the VP debate last night and one thing stood out as it pertains to the topic of personal finance. Governor Palin was asked who was responsible for the sub-prime problem, the people, Wall Street, or both. Her answer bothered me. She said that the people were not to blame but the predatory lenders. What happened to some sense of personal responsibility?

Let’s be clear, there definitely was a problem with banks giving mortgages to people who really couldn’t pay them. There is blame there. However, blame goes to the individual too. These are OUR finances and the ultimate responsibility falls on us. If a $500 rent stretches you to the end of your rope, a $1,000 a month mortgage isn’t going to make things better. We must take control of our situation and take the time to learn how to manage our lives. Ultimately, the only person that you can truly trust with your financial well being is yourself.

If you find yourself, like me, in a bad situation financially; take the first step. That is, accept that you made bad choices. You messed up. Anything can be fixed, but the root cause has to be identified. If you don’t know jack about finances, guess what. You are the root problem. Take that, and accept it. Once that happens, true change can come about. When we admit we are wrong, something amazing happens. We try to fix it.

Admitting that I was irresponsible turned a light on for me. I started researching. I started asking questions. Everything was questioned. Was it easy? Sometimes it was, and sometimes it wasn’t. However, if I first did not accept the fact I had messed up, nothing would have changed. Debt would be growing instead of shrinking. I would still be fearful of the future.

No one but you can fix your situation.

-Kevin