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Saturday, June 16, 2012

Facing reality

originally written by Adetokunbo Olaoluwa Adesanya on Saturday, January 7, 2012 at 9:18am on Facebook.

I liken the US economy or any economy for that matter to an individual: well it's a bit more complicated than that but I am using an individual just for the sake of keeping my explanation simple and I'm no expert in economics.

You have an individual.
Initially this individual is in good standing: income greater than expenses or debt
but now the individual gets sucked into the "American Dream(s)"
Now the Individual becomes an Indentured servant putting it nicely: more like slave.
An indentured servant has better prospects of becoming free.

going further

Living the American dream this individual borrows against his income in amounts larger than his income, and, to top it off, the loan(s) come with interest attached.

This individual's future income, current assets and time  is now extremely crucial to his financial stability. Hopefully this individual is disciplined and will make good use of his assets

but what happens after the debts keep piling up due to:
1. Loss of income or
2. Individual keeps deceiving himself trying to keep up with the Joneses thereby incurring more debts by borrowing from family, friends, credit cards etc.

Then the bank managers, mortgage lenders, car lien holders, Jack, John, Jane and a host of others come banging on his door for their money because they are stuck in similar situations.

What do you get?

Well I think we are getting what I would like to call an appetizer and the main course will come? Not sure if we should get dessert.

On a positive note, hopefully we can become the cook, become a little communal, forget about loans and save a little change so that we can, hopefully, rebuild out lives and financial stability.

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