The title for this article is somewhat strong. I know. I picked it for a reason. To make a statement. Really. This is what we become when we failed to learn and play the game of the economy. Don’t believe me? Here, I will explain it to you in the hopes you do not become a slave of the economy or worse, if you are one already. Free yourself today!
Banks
As you know, I have always said that banks are not your friends. Don’t get me wrong. We need them and they play an important role in our society. But you better believe they are in the business of making money. Simple as that.
How they make money. They turn you into a financial slave. A person or consumer who must depend on money that the bank lends you for you to do something. That is the primary role of a bank. To filter and legally discriminate (they call that underwiring) by using financial equations and formulas to determine if you are able to pay back the loan. If you are a high risk person, you are out of luck. Better try the loan sharks in the neighborhood. And with those guys you are not declaring any bankruptcy, you better pay them back. There are no government bailouts either.
They also make money by convincing people to give them their money for a low interest rate and then they turn around lend your money at a higher interest rate. Sure, they take on the risk if the borrower who just purchased that huge home or bought that expensive car or started that business does not pay back the loan. But again, remember, financial analysis aka underwriting or financial discrimination. There is no way banks will fail.
If the banks fail, they government comes out to bail them out. How nice is that. See where I am getting at now. Banks know how to play the game and turn consumers into slaves.
Credit Cards
Many banks own credit card companies. This is the next trap or should we call it slave chains. You can read my previous article where I talk about how credit cards are not your friend either. But to summarize it, they are in the business of getting you hooked on using their plastic and tempting you to get so much debt that you cannot repay back the original limit or revolving credit amount.
All you end up doing is repaying not the principal but the interest on these credit cards. Interest rates that are quite high usually in the teens if not higher. I have seen interest rates on some cards go as high as 22%. That is highway robbery.
Again they want to turn you into a financial slave. Pay, pay interest and never get out of debt.
Consume, Consume
This is the name of the game. The economy and the world we live in now is full of advertisement (I call them propaganda) to get you to buy, buy. Even things that you do not need or will never use or wear. The owners of the big corporations and the research team they hire, from psychologist to political scientist, they all know what makes you tick. What makes you buy.
They simply want to turn you into an addict shopper. Just like a drug addict cannot inhaling or an alcoholic cannot stop drinking. Well they are turning you into an addict who cannot stop buying. Think of the cigarette industry. Remember back in the 80s and 90s. Marlboro Man. That dude with the cowboy hat on and looking all cool riding a horse with his cigarette in his mouth. Well it’s the same thing.
Worse, the cigarette industry got caught putting illegal substances to get people hooked on smoking.
The big corporations are no different. Except now they use doctors and scientist to see how they can get you hooked on buying an buying. Again, a slave to the economy.
Zero Investment
If you do not have a dollar to your name in investments, than that is worse. You are basically a consumer and the only thing you do is spend and spend. If you do have investments. For example, you own a home that you rent, you own a business or have a retirement account or a brokerage investment account then, you are in good shape. Key here is to increase the amount you save and keep on doing it. Don’t give your money to big corporations. Save, save.
Cut the Chains
You see how easy it is to get your freedom and stop the financial slavery. The equation is easy. All you need is discipline and will to do it. Save, invest and stop spending and getting into bad debt. Simply.
INCREASE NET WORTH AND LOWER DEBT AND EXPENSES
Nothing to it. Now if you are just lazy, cannot control yourself, cannot keep a job for more than a year or just don’t save and like to live life now. Then good luck to you. Soon you will be 50 years old 60 years old and you will face discriminations in the work force (yes, discrimination it is still alive in kicking). You will have no money in the bank and will be financially poor.
Don’t count on that Social Security check. $2,000 a month that can barely pay for housing, food and medicine. Now you will not be a slave to the economy but a burden to the country or worse, your children. Not good.
Read my other articles and get started today. I am not charging you to educate yourself and obtain financial freedom and good financial habits. Knowledge is power but you have to read. Nothing is free. Only those who read and learn get ahead and live a comfortable lifestyle.
Remember, it is not how much you make, it is how much you save.
Sincerily,
The Economy Chief.
What to read a brief bio of the Economy Chief? Sure. Click Here – Economy Chief bio.
Excellent. Thank you Miss Rus for reading the financial blog. This is what keeps me writing. People like you who take a few minutes to comment. Regards.