If it feels like you are reading about Global Recession in
this booming times, it is simply because the writer of this post is Ghanaian in
the year of economic-dumsor.
As much as I try to find a suitable explanation for this issue,
is my desire not to underestimate the personal economic slowdown among young
adults in Ghana and probably Africa as a whole.
If you are below the age of 40, your genuine answers to
these questions would help you understand the State of your Wallet Affairs,
that is whether you would be classified among the Wallet Recession Class or not….
What is your Net worth / Net economic position? (Let me help you here, It also
called Wealth – which is your total assets minus total liabilities). How much do you
owe? When was the last time you gave a tip? How many are sources of income do you
have? Who depends on you?
The wallet recession is where there is a significant decline in 'economic activity' in your wallet (or pocket, bank account or mobile money account).
The major economic indicators such as investment spending, giving tips, buying a drink for a friend, paying the taxi fare, lending to friends are drastically falling, whiles borrowing from parents, institutions, and well-off friends (Pastors' kids) are on the ascendancy.
What is really happening? Most young people in this generation are quick to go for students loans and those that are not lucky spend the rest of their lives buried in debt trying to pay them whiles life hits them left and right.
Why are our wallets slimming down so fast? I was trying to assure myself that people may be using debit cards or holding their monies in investments but the facts do not support my theory.
Too much unnecessary spending just like the Government of Ghana without equally proportionate earnings to support it.
If you think this is a just Ghanaian or African problem, think again. As my good friend and legendary investor Carl Icahn warns, there is going to be a bloodbath in the stock markets, and the great recession in America would be back. Start preparing before the dumsormic recession comes.
What is really happening? Most young people in this generation are quick to go for students loans and those that are not lucky spend the rest of their lives buried in debt trying to pay them whiles life hits them left and right.
Why are our wallets slimming down so fast? I was trying to assure myself that people may be using debit cards or holding their monies in investments but the facts do not support my theory.
Too much unnecessary spending just like the Government of Ghana without equally proportionate earnings to support it.
If you think this is a just Ghanaian or African problem, think again. As my good friend and legendary investor Carl Icahn warns, there is going to be a bloodbath in the stock markets, and the great recession in America would be back. Start preparing before the dumsormic recession comes.
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