OMG In January Two Thirds of Aussies in Debt!
I want to get to the Wealth Creation part of all topics.
Yep I've tried, I try and it's a goal, dream, desire, calling, whatever you call it BUT the problem is there are so many Aussies in Debt!
The problem with Debt is it's limiting. Sigh....breath....yep.
The problem with Debt is it's cultural, we are conditioned since we were little bubbies waddling on our knees that debt is ok.
We are conditioned to live life with struggle, particularly money struggle. I used to harp on about Poverty Mentality. Still do if I'm real but I've decided I'm renaming Poverty Mentality to Struggle Mentality. Poverty mentality is real, it's a mentality that even if you have money you live with a lack mentality.
Struggle mentality I've decided is the Good Ole Aussie Battler mentality. It's the oooohhhh don't talk about money its as bad as a cuss word. But reality is until we start throwing our money under the bus we are gonna be darn well stuck in "Struggle Mentality"
It's time to change and teach ourselves and the youngens of this world to live within their means, get some side husstles happening and get out of debt, create some savings and for goodness sakes create some wealth to help others and have a healthy retirement.
Some people (more than I care to think about) live one week away from the poverty line.
It's a time for a change!
Now, instead of fabricating and claiming this below as mine I thought I'd share what Ing...www.savings.com.au had to say about debt! This was from January 2020....10 months ago before Covid! Yikes, where are we now, hopefully not too bad with all the government help but reality is that's gonna stop and we need to get our heads rolling.
Nearly two-thirds of working Australians hold debt besides a home loan, according to new research from ING.
The bank conducted two surveys of more than 1,070 Australians aged 18+, and found these debt-laden Aussies have racked up a combined $18.1 billion in debt over the Christmas period alone, at an average of $934 per person.
The research also delved into our attitudes towards debt.
The results show 25% of the population are ignoring their debt altogether because they don't want to talk about it - a number that increases to 51% for millennials.
Aussies are feeling “anxious” (47%) and “embarrassed” (38%) about their debts, with another two-thirds (61%) admitting they'd rather talk about 'anything else' than their debts, including relationship troubles (58%).
ING spokesperson David Breen said the stigma attached to loans and debt means Australia as a nation is too embarrassed to discuss finances.
"The research revealed that it can lead to Australians turning to gambling, rather than looking at options like debt consolidation to help manage repayment of their debts," Mr Breen said.
"We need to get people talking about their debt and workshopping management options, whether that’s opening up to friends, family or a financial advisor.”