In our mission all over Asia and Philippines, we also met a lot of people who are in debt for many other reasons. We would like to add their experiences and mistakes on this Chapter in the hope that you may be able to pick up the lesson from their experience so you can veer away from them and avoid the same trap. There were even those who took their own lives. In our mission in Vietnam, a week before we arrived, we visited a friend, and he told us that in their apartment building , there was a ”local” (Vietnamese) who jumped off the building because of debt. In Singapore, about a year before we came, a guy jumped into the rail tracks to a rushing train to kill himself again because of debts. In Dubai, it was even in the front page, Filipinos were in jail because of credit card debts. Family and friends, dear close friends in the USA had their homes foreclosed due to unpaid amortization. Many people all over the world are indebted for one reason or the other.
We met Rose who spent a fortune in politics, Roger who is unprepared for the medical needs of his mother, Ruby who went into a failed business partnership. Let me share their stories.
Rose had 8 figure debts. She had so many properties but none of them are performing assets. Their monthly expenses to maintain their properties, and their numerous vehicles are way beyond their means. They are politicians in their home province, and they do spend millions in elections. Unfortunately or fortunately, they did not win. We see a double mistake in their story. First mistake is that they accumulated nonperforming assets. They have virtually a financial hole where their income gets sucked in. The associated costs to maintain their cars and houses just get them to the debt hole deeper. Their cash flow is perennially in the negative territory. Add to this their second mistake which is spending too much in their political ambitions. We dared not ask or dwell on how they recover what they spend in politics.
Check here to see the many benefits of becoming an IMG Member. You may even win an iPad Mini:
https://6020h.30m2030.com
No comments:
Post a Comment