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The life of living off of debt is at its end and our previous lifestyles are catching up with us. The
keeping up with the Jones' lifestyles are over and leaving the economy in shambles after a decade
of artificial debt backed spending not supported by current income levels. Now as commodities
rise and incomes stay the same or decrease the middle class is dissolving quickly into the new
poor. The Federal Reserve has bailed out the banks fraudulent activity at the expense of the
standard of living of the middle class. Now the federal debt is so large it will never be able to be
paid back, aside from a miracle. Printing more money and devaluing the dollar seems to be the
only escape, but at what price? Devaluing the dollar simply shifts the fraudulent bail out on society
causing the largest wealth transfer in history by depleting the middle class wealth.
Credit card debt has gone from approximately $50 billion dollars to close to a trillion dollars over
the last 30 years because of this lifestyle, peaking in 2008, and now down back close to $800
billion. Meanwhile manufacturing jobs are depleting and financial services companies are
constantly hiring because the credit card companies need to hire more people to collect the
interest and manage the massive debt load. Many Americans are simply declaring bankruptcy
which is one of the major reasons the debt load is actually reducing. The scary part is that
because of the massive debt and hiring in the financial sector, the current economy is built on
credit cards, mortgages, student loans and auto debt. This entire segment of the economy is
around to do nothing but suck the wealth from the middle class.
The wealth inequality is staggering where the top 1% have over 42% of the wealth. Much of this is
due to the wealthy educating themselves about tax loopholes and finding strategic ways of
reducing taxes which is the middle classes largest expense. On top of that we are seeing gas,
food, college and many more costs soar yet so are the banks profits, increasing the top 1%'s
wealth even more dramatically. The Wall Street banks continue to rob the public blind by
devaluing the U.S. dollar and surgically sucking the wealth out of the middle class. Unless things
change the middle class will be gone within a decade.
The true key to solving these problems on an individual level comes with financial education. The
more people learn about reducing taxes, reducing expenses, learning how to invest correctly and
finding additional passive income sources the more financially stable you will be. It's going to be a
challenging road ahead, but will be much easier for those who develop a strategic financial plan
and actually pay attention to their financial position, income sources and expenses on a DAILY
basis. Hope is not lost if you set up a financial plan NOW.
Owens Consulting Group founder Mathew Owens is a California licensed CPA and a full time real
estate investor. Mathew has 8 years of experience working as a CPA, auditor and business
advisor, and he has completed over 100 transactions in the past three years, representing
approximately $10 million in real estate, most of which has been sold to cash flow investors. Read
more of his blogs at http://ocgproperties.com
Article Source:
http://EzineArticles.com/?expert=Mathew_P_Owens
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