As we progress in life through different experiences and challenges we should be asking ourselves
“What did I learn… and how can I improve?” As American’s in order to be able to improve we first must be alerted to the true facts of our economic situation as a whole.
Here are the facts: Our GDP Gross Domestic Product (ie: meaning all of the income that we make as an entire country) is 15.1 trillion dollars annually whereas the U.S. National Debt is 15.2 trillion.
This means that we are spending more money as a country than we are able to bring in on an annual basis. In order to change this behavior it will require an uncommon collective effort from all Americans.
The reality of the situation is that today every American citizen is carrying a debt of 48,811 on behalf of the country. The deficit is not going to go down because Warren Buffet writes a check (He does not have enough money to cover a 15.2 trillion dollar debt) it will go down when everyone generates on average an additional 50k and mails it into the U.S. Government. The challenge is that the average U.S. citizen is not equipped with the knowledge or resources to generate an additional 50k in addition to the bad debt that they are currently carrying.
Here are some more important facts, the total population in the United States is 312 million and only
112 million are paying taxes on the income that is being made. There are 23 million people who are unemployed, 47 million people who are receiving food stamps, and 874 million Americans in foreclosure.
This is further evidence that shows that Americans are not being properly educated or trained on how to provide the basic needs in life (ie: Food, Clothing, Shelter) and knowledge of the U.S. Tax Code.
With this being our current situation it would make sense to focus all efforts on the development of curriculum that focuses on the training and education of entrepreneurship and finance immediately for the purpose of intentionally creating entrepreneurs. Everyone has a 50k nut that has to be serviced right now in order to address this issue now. The alternative is you or your children having to service a 500k debt in the next 10 years.
The solution to most challenges is an idea; however most ideas must be supported by an infrastructure.
A solution to our current crisis would be an “Individualized Economic Plan”.
In this plan every American Family would be encouraged to build an economic infrastructure that included wealth building principles that can be enacted immediately.
Robert Kiosaki in his book “Rich Dad Poor Dad” introduces to us a concept of E-S-B-I
in which E=Employee, S=Self Employed, B=Business Owner, and I=Investor.
There is no mention to an exact blueprint to the most insulated position on the chart which is “I=Investor”.
The passive investor is making money without having to perform an action.
This is the phase of entrepreneurship that needs to be attained by every American if we are going to collectively work together to pay down the GDP. The “Individualized Economic Plan” will consist of the strategies that include the foundations of wealth building principles starting with B=Business, R=Real Estate, P=Precious Metals, A=Annuities, S=Stocks, F=Foreign Currency. These are the contents in portfolios that allow for the “I=Investor” to generate passive income. This type of training needs to be offered to all Americans at all levels if receiving food stamps or in foreclosure.
Financial Literacy and “Individualized Economic Solvency” is imperative to the survival of this country that we call America.
For Financial Content & Commentary:
David Anderson
SIRIUSXM Satellite Radio
Channel 128 – The Power
blackanomics.com
404-884-8893
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