Why are people doing the same thing over and over and expecting a different result? Do they NOT know the definition of Insanity?
Did you hear the recent news? Baby Boomers are filing for Bankruptcy at an alarming rate.
Older Americans have a higher presence in the U.S. bankruptcy system than ever before, according to a new report. The rate at which Americans ages 65 and older are filing for bankruptcy has increased two-fold since 2013, the study by the Consumer Bankruptcy Project found.
Meanwhile, there has been a nearly 500% increase in the number of older Americans in the bankruptcy system, the study – first reported by The New York Times – showed. While more than 12% of filers are now seniors, just 2.1% were in 1991. The average senior files for bankruptcy more than $17,390 in the red.
While baby boomers are retiring in bulk, that isn’t enough to explain the dramatic rise in bankruptcies, the researchers concluded.
So what are they doing and why most people in society must be insane? It's simple, they continue doing the same thing over and over again and expecting a different result such as the following:
Go to School, Get A Job, Work Hard for Money until 65+
Save Money and Invest for the Long Term;
Get into bad debt such as buying a house;
Neglect to buy assets and confuse liabilities for assets.
Refuse to Drain their swamp;
Pay an excessive amount in taxes;
Invest in a well-diversified portfolio of stocks bonds and mutual funds
Save money in a 401k;
Depend upon someone other than themselves for their financial well being;
What can you do differently so you don't follow in their same footsteps? Move to the right side of the quadrant as fast as possible.