EDITORIAL: Kapofi is right – the love for useless things attracts debt
Frans Kapofi may have a point when he says we like nice things too much, which ends up with too many debts.
And indeed, banks are a business. They charge high rates and levies due to demand. Trying to pull banks down to improve the life of a person struggling financially does not make sense. What needs to be done is learning how to grow wealth for future generations – to discover a money culture. Salaries are not enough. But why are there hundreds of shebeens in poverty-stricken areas in Namibia as compared to affluent suburbs where the rich stay? A business thrives when it has customers. Logically, there should be more shebeens in areas where the rich stay.
However, a lack of savings culture and self-control makes poverty-stricken areas rich in terms of consumers. That is where people drown in small debt, which, by the end of the day, does not add value to their lives. Most do not understand that saving starts with the smallest amount, consistently put aside and grown over time.
There is no sense of accumulating real-value assets, not expensive sneakers, hoodies, watches, caps and underwear. Even opting out of expensive bakkies and vehicles that require monthly instalments above N$20 000 – money one can use to acquire real-value assets.
Considering the amount of time people spend at shebeens or bars, there is enough money to save for better and bigger things. Money for accumulating wealth, not debt. There is much talk about the previously advantaged having had it all set for them. This is true to some extent, although it does not justify the recklessness with which the previously disadvantaged spend their money. The future is 100 years away.
And indeed, banks are a business. They charge high rates and levies due to demand. Trying to pull banks down to improve the life of a person struggling financially does not make sense. What needs to be done is learning how to grow wealth for future generations – to discover a money culture. Salaries are not enough. But why are there hundreds of shebeens in poverty-stricken areas in Namibia as compared to affluent suburbs where the rich stay? A business thrives when it has customers. Logically, there should be more shebeens in areas where the rich stay.
However, a lack of savings culture and self-control makes poverty-stricken areas rich in terms of consumers. That is where people drown in small debt, which, by the end of the day, does not add value to their lives. Most do not understand that saving starts with the smallest amount, consistently put aside and grown over time.
There is no sense of accumulating real-value assets, not expensive sneakers, hoodies, watches, caps and underwear. Even opting out of expensive bakkies and vehicles that require monthly instalments above N$20 000 – money one can use to acquire real-value assets.
Considering the amount of time people spend at shebeens or bars, there is enough money to save for better and bigger things. Money for accumulating wealth, not debt. There is much talk about the previously advantaged having had it all set for them. This is true to some extent, although it does not justify the recklessness with which the previously disadvantaged spend their money. The future is 100 years away.
Comments
Namibian Sun
No comments have been left on this article