Yesterday in Arizona, President Obama announced his plan to reduce foreclosures. The $75 billion plan could prevent up to 9 million Americans from losing their homes.

Below are my favorite excerpts from his speech:

..."You can't afford to leave and you can't afford to stay. So you cut back on luxuries. Then you cut back on necessities. You spend down your savings to keep up with your payments. Then you open the retirement fund. Then you use the credit cards. And when you've gone through everything you have, and done everything you can, you have no choice but to default on your loan. And so your home joins the nearly six million others in foreclosure or at risk of foreclosure across the country."

..."So solving this crisis will require more than resources - it will require all of us to take responsibility. Government must take responsibility for setting rules of the road that are fair and fairly enforced. Banks and lenders must be held accountable for ending the practices that got us into this crisis in the first place. Individuals must take responsibility for their own actions. And all of us must learn to live within our means again."  -- President Barack Obama

Or, like the poem in my kids' picture book says,

There's an important lesson about money that you should know.

You'll hear it over and over as you grow.

That lesson is: Don't spend more than you make.

Using money that's not yours is a big mistake.