Money is never enough!

Money Explained (5 episodes, Documentary, 2021)

Netflix

Looks like the old adage 'there is no such thing as a free lunch' still holds true. The system is there so that the well-heeled is always at the top of the food chain at the expense of the poor. Whichever way one looks, the little man will always stay poor, and the rich man will always the last laugh. 

Money, wealth, luxurious lifestyle and aesthetically pleasing environment are dangled in front of those who can ill afford to own or even anywhere around it. Everyone wants to be rich as that is our measure of success.

The first carrot that is dangled upon us is the get rich quick scheme. Even as early as the time of the expeditions to South America, the designs have been going around. Gregor MacGregor, a professional trickster, managed to sell land and bonds of a supposedly heaven-on-earth kind of a paradise territory in Central America after their discoveries. The trouble is that such a place was non-existent. Gullible people wanting to be rich bought the story and bought stocks and got burnt. Such frauds never stopped and continue as we speak. Suckers are born every day. There are Ponzi schemes, Multi-level Marketing, info-commercial, pyramid schemes, and the list goes on.

Another way to entice people to spend and spend is via credit cards. Credit companies give the illusion, via their creative advertisements, that by possessing their cards, life will be so pleasant, leisurely and stress-free. They conveniently forget to tell that, unless the client is a serial transactor who does not bring forward any balance forward to the following month, the customer would be subjected to compound interest. This interest is high, and in the olden days, it would be termed usury.

It is said that the American government encouraged its citizens to attend college and delve into science and technology as the Soviets were making leaps and bounds in the space race in the late 50s. Private enterprises also joined the education race. College fees started escalating. School loans were becoming the best way to pay back after graduation. But then, the whole arrangement came to a tumble when the 90s crash came about. They had no jobs, and the students had to defer their repayments. Not only they had to pay compound interest to their outstanding balance, but they also had to pay interest to the interest. If it used to be that those who entered the labour force without attending college would be higher wages in the early stage of their lives, it is not so anymore. The low skill workers actually earn less now. 

Nobody becomes rich by gambling. Period. Despite knowing this, the enticement to give a go at gambling is becoming more difficult than ever to shake off. With flashes of advertisements flashing right in front of our faces ever so often and the ease of installing gambling devices apps, the one-arm bandit is literally at our fingertips. The system is rigged in such a way that the house never loses, no matter what the experts say.

In the modern world, every individual works for the nation and in return, the country will provide for its people, including those in the twilight of their lives. The retirement fund is set for that and never meddled with even at the worse of crisis. Slowly we realise that the money set aside for the sunset era is gradually becoming insufficient. The elders, it seems, have to continue working even at their post-retirement age. The cost of living has increased exponentially, and people are just living longer. The cost of keeping a person healthy is just too expensive. The returns that they hoping for from their retirement saving just did not materialise. 

This short presentation of five 20-minutes episodes shows in simple terms some of the problems with managing money.

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