Nowadays, it is harder for people to save money and people find themselves struggle financially all the time. There are so many reasons in general and in particular why people can not save money.
The first reason has to do with culture. Americans tend to spend tomorrow’s money while people like Chinese tend to spend today’s money or even yesterday’s money. You need to live in a culture that always prepares for future unexpected happenings in order to save money voluntarily.
The second reason is the development of social benefit systems and insurance. In societies where social benefit system is developed, even if you suddenly have no money, you do not really worry about food or basic necessities, since the government will not see you starve or die because you have no money. In other societies, when you have no money, no government will take of you and you have to rely on your savings in order to live.
The third general reason is the life style. Some people just enjoy lavish living style and they keep spending money all the time. Some people prefer a simple life style and do not find a lot of opportunities to spend money. People who live a simple life style tend to save money easier.
The textbook talks about 8 motives for savings, such as the pure life cycle motive, the investment motive, the down payment motive, the precautionary motive, the improvement motive, the independence motive, the bequest motive and the hoarding motive. When people do not have a strong of such motives, it is harder for them to save money.
Another important reason is that some people just do not have a vision for the future. They tend to enjoy the present and do not care about future financially. To them, the worst thing is not having no money when they die, but rather having a lot of money left when they die.
From Chapter 7: What are the advantages and disadvantages of filing Bankruptcy? Under what circumstances do you feel it is OK to file and why?
Also, address how you can improve credit and the steps to take to improve credit standing.
Advantages of Bankruptcy:
Disadvantages of Bankruptcy:
When people who have property they want to keep possession over it is ok for them to file for bankruptcy as it allows them to pay their debts over a period of 3-5 years. By filling bankruptcy people get a chance to attain grace period if they have a consistent, predictable annual income. If there are any debts after the grace period is over it will be discharged.
Steps to raise the credit score:
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