Is financial debt real or is it just a bunch of bull?
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You are absolutely right. What you describe with your nephew is exactly what goes on with the population in general - just on a smaller scale. The rich people who own everything are doing just fine. The people in trouble are the ones without money, who take out loans to try to improve themselves with an education, etc. They do all that hard work and get their degrees and whatnot, only to find out that the work they are now qualified for does not pay enough to pay back the loans AND enhance their standard of living. The result: Endless debt.
Is financial debt real or is it just a bunch of bull?Financial debt is very real and you do a disservice to your nephew to not hold him to his obligation. There are certainly ways a 6 year old can earn money. He can have a lemonade stand, he can sell some of his toys, he can *do work* for someone (a concept that I fear is lost among most of today's youth.) Why do people think that they can and should have free ride? You get what you work for in this life, and if your life's work is wracking up debt that you can't pay off, you will end up in bankrupcy which will make it impossible to buy a house or a car, and even difficult to rent an apartment. It is much better that a child should learn responsibility by scrubbing your floors for an hour to earn enough money to pay you back, than that he should learn that it is OK to borrow from people ( or companies) and not pay it back. A little hard work and disipline at an early age can mean the difference between success and finanial ruin for him in the future.
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