Bankrupts and You?…
This piece from The Age on Monday is starting to sound a little scary. The old living beyond your means, and when the means shift, who’s left scrambling to work out what to do. I, for one, would hate to be in that situation. It’s pressured enough being the sole breadwinner without overextending and having to worry about that aspect too.
…insolvents were increasingly from higher status occupations, had higher levels of personal and household income, and had rising asset and property ownership levels.
A major cause of rises in bankruptcy among the middle class, said Professor Ramsay, has been due to unsustainable home loans. Excessive use of credit as a cause of bankruptcy has jumped significantly in recent years, he added.
Insolvents were also becoming older, he said, and tended to increasingly have dependents, which added financial pressure for many families…
read on…
“Higher status occupations” hey?
And who said having a job made Life more secure. Sounds to me like it’s a false security because when you get paid anyway, as long as you roll up and keep up your end of the employment bargain. But when the other party does not stick to their end, or the goal posts and rules around you move… let the trouble begin!
Time to seriously reconsider that “business” question.
How long can you afford not to be in business?
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