Debt is one of the most acute and painful problems of our time. Not just ordinary citizens, but also entire countries become debtors. Even unlimited issuance of currency does not save from financial problems. This is especially illustrated by the global debt, which has already reached $290 trillion.
A trend of the whole world
Large debts are not a problem of a specific country; this is a global trend characteristic of both advanced and developing countries.
In India, debt per capita has grown 2.5 times over 9 years, reaching 1,000,000 rupees. India’s external debt amounted to $305.9 billion, having increased by 3.7 times over the period of liberal reforms.
In the US, the average debt per person is $93,000.
The situation is similar in the UK, where every Briton has, on average, $42,000 in debt obligations.
Why do people live in debt?
The popularity of loans has its own reasons:
1. Fulfillment of the necessary needs. Inflation, financial instability and the lack of a stable income lead to the fact that a person is forced to get into debt to meet basic needs. This usually leads to even more debt and a deplorable situation.
2. Eagerness to lead a luxurious life. The desire to have what there is not enough money for: a car, expensive electronics. To do this, you have to ask for money from someone who has it: from a bank, a wealthy relative or acquaintance. As a result, a person lives in the illusion that he/she has wealth. However, until the debts are paid off, the thing belongs to the creditor. If, due to an unfortunate coincidence, payments are stopped, then the borrower loses both the purchase and the funds invested in it.
The root of the problem in both cases lies in the lack of finance.
Success depends on your actions
In 1960, a marshmallow experiment was conducted at Stanford University. The children were offered to eat the treat immediately or wait 15 minutes and get twice as many treats. According to the results of the experiment, only a third of the children were able to stay patient and received a double portion. Further observation of the children showed that those who exercised patience made remarkable progress in adulthood.
The results of the experiment clearly demonstrate: one needs to be able to give up momentary joy in favor of long-term prospects. One can take out a loan to buy a car and become a debtor or save up the required amount and become a full owner.
What needs to be done?
To stop living in debt, a reliable financial asset that is resistant to inflation is required. The only proven option is gold.
The precious metal is bought by both central banks and ordinary citizens. By regularly buying gold bars, you invest in the future, strengthen your Financial Security and create savings that will allow you to forget about debts.
The Global IndiaGold website sells bars up to 10 grams, which is ideal for everyone who wants to start forming a personal gold reserve.
Create your personal gold reserve and take control of your finances!