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Stop Borrowing OR Spending

by Shweta Birla on 20th July, 2015 at 12:47 PM CEST

We have been reading about Greece since long about their financial planning. Once a time, Greece was considered a developing country but then it was considered a developed nation but the base (borrowing and spending) which it chose was weak that today, it has gone to bankruptcy level.

Understanding the Greece situation in a simple way: A nation can keep itself going, in terms of financially, is either through its tax system or debts. Greece followed second path of keep borrowing more money for spending on its outgoings, which now has made it a country with one of the worst credit ratings. The present situation of the country didn’t happen by accident. It’s because of their poor financial system. I am not going to target Greece in my discussion over here but simply point out to a potential learning lesson that we can all take from the Greece's current situation. My purpose is to highlight the financial planning that’s very much necessary in everyone’s lives even if it’s about a youngster in his / her early twenties. It doesn’t mean to leave behind the idea of enjoying life and just keep saving the money for the future which no one knows about.

But atleast we should give an importance to savings a certain part or investing it in assets which can be even for some kind of learning / education / investments which might help you out in long term. Instead of just depending on parents / friends / siblings / relatives for their financial support. Better to wake up now and start doing smart hardwork and start planning it out and this way, a person is called a financial independent.

We understand a point and keep telling to each other to put a small part of your earnings to social cause but I feel we should secure ourselves too simultaneously so that we can contribute to the society in a much better way.

So, what are your pros and cons?

Keep pouring your ideas !!

Article by: Shweta Birla (INDIA), CF ACTION TEAM #14 under the Directorship Creative Contents, CF IMPACT PROGRAM

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Hitesh Thakkar

Hitesh Thakkar

nice article and i appreciate..

20th July, 2015 @ 5:42 PM CEST

Shweta Birla

Shweta Birla | Action team

Thanks Hitesh :)

20th July, 2015 @ 5:47 PM CEST

Seema Bansal

Seema Bansal

This is a lesson of living in this professional world, which we forget every now and then in the race.
Beautifully expressed Shweta.
:)

20th July, 2015 @ 5:51 PM CEST

Stefan Alievikj

Stefan Alievikj | C:F staff

I have personally never liked to borrow money from others, or any other things.. the true quest is to simply strive and go for the things on your own.. I think in our lives, the quest for autonomy is the most significant quest we can solve... and as earlier as possible, the better for us

PS I wonder what @Dimitrios could answer/comment to this

21st July, 2015 @ 11:27 AM CEST

Danna Joyce Chavez

Danna Joyce Chavez | Action team

Its a challenge to live with the only resources that we have, and I am sure in the end we'll be happy to live our lives debt-free. :)

Great insights, Shweta!

23rd July, 2015 @ 6:12 AM CEST

Dimitrios Gkinis

Dimitrios Gkinis

Very nice article!Although,you miss a point about the situation in Greece.Borrowing is not the thing that made this country go to bankruptcy level.As you said we must invest to a good cause.I couldn't agree more!But the 'elit' in Greece corrupts the political system,the statutes and therefore the whole nation.The rich became richer and the poor became poorer.If we have invested in R&D, in the primary sector(bio-products), mining and tourism, Greece could have been a developed nation by now...Although, every Greek parent motivates his/her children to be a teacher,a lawyer or a doctor and it's ok by me (because they economically damaged all the producers in the primary sector by setting the taxes to 26% and cutting down their salary),but we need to motivate people to be farmers and produce what mother Earth generously gave to us.
I am glad that there are people like you out there to think this way!For your information,I invested mine in education!I hope I made the right choice!If I want Greece to change,I need to change first.

23rd July, 2015 @ 11:39 PM CEST

Shweta Birla

Shweta Birla | Action team

Thanks Seema for your kind words :)

@ Stefan & Danna: hope together we can understand soon the small enjoyable experience as beautifully expressed by Danna - debt-free life :)

@Dimitros: totally agree that borrowing is not the only reason for Greece's condition. But as you understood that my point to convey is to understand the long term ill-affects of spending luxuriously with the borrowed money. If generations start spending wisely as you did, we can have a better situation as you know that it's just not the suffering of one country (although the major sufferer) but others get burnt too in the process.

24th July, 2015 @ 5:55 PM CEST

Dennis Imaan

Dennis Imaan | Action team

This is an eye opening piece! Its now or never! We need to start doing something about our financial stand now than to wait untill things get bad!

27th July, 2015 @ 11:26 AM CEST

Muhammad Ali Ali

Muhammad Ali Ali

its real a nice one. you positively reveals the current issues.....with logically reasoning and solutions........

very well done and keep it up

28th July, 2015 @ 5:20 PM CEST

Shweta Birla

Shweta Birla | Action team

Thanks Dennis & Muhammad !!

31st July, 2015 @ 5:23 PM CEST

Prashant Gupta

Prashant Gupta | Action team

I think it a very interesting perspective Shweta. Such an important problem explained in simplest way possible.

Kudos!

14th September, 2015 @ 5:18 PM CEST

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