Layaway: Everything old is new again

The summer I was 15 I decided to use a portion of my paycheck to make my first big purchase, a $30 birthstone ring from a local jewelry store. That was the equivalent of a week’s pay, so it was indeed a large purchase.

Since I did not have $30, I went to the store and put the ring on layaway. Every week, I took $3 out of my check to the jewelry store and after 10 weeks, just in time for the first day of school, I had my new ring. Of all the things I have purchased for myself, that ring still stands out in my mind as one of the most memorable and satisfying.

In speeches over the years I have told that story. Many young people have never heard of layaway. I talked about how layaway is an empowering process. Unlike using a credit card to make a purchase, when you use layaway, it is really yours. There aren’t any monthly payments at exorbitant interest rates that haunt you for years to come. And best of all, you can really enjoy your item, knowing it is yours!

I was listening to NPR the other day, and it turns our layaway is making a comeback. It turns out one of the blessings of the recession is people are getting clear that credit cards are not in their best interest. Halleluiah! Click here to see the whole NPR story

Turns out that layaway is also on the internet in e shopping format. Clothes, toys, electronics, security and the list goes on are all available. Check it out at http://www.elayaway.com/

May prosperity be yours,

Mackey McNeill, CPA/PFS IAR
President and CEO
Mackey Advisors
www.CultivatingProsperity.com
859-331-7755
Mackey@CultivatingProsperity.com