We should all strive to achieve financial self-reliance. The importance of this came home to me in 2013.
It made news at the time that U.S. politicians had mismanaged the social security trust fund. They had depleted all funds in the account.
The government could not meet the fortnightly pension installments on the due date unless the Treasury agreed to raise the debt ceiling.
I don’t live in the U.S. but I wanted to understand how this could happen and what people can do to prevent becoming the victim of such government mismanagement.
My friends who live in the US nearing retirement were in sheer panic. Imagine how those who were waiting for their next social security deposit felt, not knowing whether they could put food on the table in the following week.
I am writing this post because I believe in financial self-reliance. I want people to understand that they should not count on a government, any government anywhere, to take care of them in their retirement.
How safe is your social security, or its equivalent in your country? The video at the end of this post may shock you. This can happen anywhere in the world – it already is.
Don’t let it happen to you and your family. The good news is that it is not too late – you can do something about it.
How Safe Is Your Social Security
The U.S. Government relies heavily on borrowing to pay its bills and was close to reaching the debt ceiling of $16,699 trillion. (Washington Post, Brad Plumber, October 4, 2013). The Treasury had to raise the debt ceiling or print more money. Neither option was a long-term solution for the economy.
Here’s the sad part: The social security trust fund never belonged to the government in the first place but to the people who payed into the fund throughout their entire working lives!
The situation was a huge wake-up call for people who believe that the government will take care of them in their retirement.
The government did not shutdown social security payments on that occasion, although it was a close call. But what about the next time?
And what the heck does this have to do with the subject of this blog, online marketing? The take-away lesson is that self-regulation by any government must no longer be taken for granted.
So what can we, as individuals, do?
The need for change bulldozed a road down the center of my mind.
One solution is that individuals make the decision to become totally self-reliant and build a financial future that does not rely on any government.
How? Well, thankfully we have the Internet, and it is a viable income-creating tool when used appropriately. Many people around the world are supplementing their earnings or making a living online. One might not think so but the internet is in its infancy! It can provide a promising road to self-reliance for those who are willing to take the journey and do the work.
Watch the video to find out what happened to the U.S. social security trust fund in 2013. It was on the verge of total collapse.
Are you contributing to a pension or social security fund? Are you expecting retirement income? Pay close attention and take action to protect yourself and your family.
The video below gave me shivers. It’s a must watch for anyone to understand the reality that one cannot and should not rely on any government to take care of them in retirement. It is time to become immune to what the government does or does not do and become financially self-reliant.