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The problem - people make poor choices.
This is the bottom line on why things do not go as well as they could. In today's society we are quick to blame someone else - anyone else - for our problems and shortcomings. Yet many apparently lack the moral fiber to take responsibility for their own actions.
The solution - People need to take personal responsibility for their lives. There are certain habits which will make a difference in their lives.
Value yourself and others. Respect yourself and take care of your body and your mind. Realize the value of an education. Take a job; any job, and work your way up. Show respect for others in everything you do.
Save for a rainy day - and retirement. I always heard this when I was young. I am not sure that I knew what it meant. But, it means the difference in the quality of life which you experience. Money is not the goal in life, but it is one way to keep score.
If you save, you can borrow at a lower interest rate. That means you can buy more things because you spend less on interest and have more for actual purchases.
If you are paying high interest rates - stop. Do Not buy things that require you to pay a higher interest rate than normal. Pay off your credit card each month. Start a habit of saving a certain percentage of every pay check. Make it automatic. Put the money into a savings account. As you build a larger balance, transfer some into a Certificate of Deposit. If your employer offers a 401K retirement plan, save the maximum on which the employer will match, at least.
Once, you have saved enough for a down payment, buy a house. Build up equity and then get a line of credit against the house. This should allow you to borrow at the lowest available interest rates. From this point on, you can manage your finances in a cost effective manner.
In America, we are going to start an infusion of wealth into the bottom ten percent of the income earners; and this is how you are going to do it.
First, you are going to take responsibility for yourself, your family and your neighborhood.
If you are a student, you are going to make a sincere effort to achieve your very best in every grade level and in every class you take. Realizing that the key to a better future for yourself and your family is the knowledge, skills and processes gained in the classroom and extra curricula activities while in school.
You should take a pledge to not have children until you and your spouse have established successful careers and a stable home life to provide support for children. Your children are your support for your later years and you want to be well taken care of in your retirement.
You will be committed to saving a little from every pay check to begin to build wealth for a secure future.
You will not put your future at risk by paying high interest rates for things which are not required.
You will respect others and demand your friends and family show respect for others. Only through showing respect do we gain respect.
Wisdom: "If you are not a part of the solution, you are a part of the problem."
"Avoiding long-term poverty is not rocket science. First, graduate from high school. Second, get married before you have children, and stay married. Third, work at any kind of job, even one that starts out paying the minimum wage. And, finally, avoid engaging in criminal behavior. If you graduate from high school today with a B or C average, in most places in our country there's a low-cost or financially assisted post-high-school education program available to increase your skills."
Ref: MAY 11, 2005 by WALTER E. WILLIAMS