What can we all learn from the Greece Crisis?

Greece has been in the news for years, months, days even.

Banks have been closed for several weeks and there are more and more fears of banks running out of money and not opening up again. These are not the only problems that Greece face today with the referendum results that rejected the bail out… wide spread rebelling, suicide rates increasing and to top it all off Greece’s third…

(Yes I said THIRD) bail out due to be possibly accepted…

Now I am sure that many of you have your own personal view on how Greece managed to get itself to a stage of so much debt, but my focus is what can we learn from it? What can we all take away from the Greece Crisis? BUT briefly why are Greece in DEBT?

Why are Greece in DEBT?

Greece joined the EU in 1981 and adopted the Euro in 2001… some would view as one of they key factors behind the crisis today. The main problem with Greece was like any other country (or person for that matter). The Greek government took more money than they should have and then spent more money than they ever had!

What can we all learn from the Greece Crisis…?

 

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So what can we all learn from this… first things first live within your means. The problem with Greece is that the people believed they had more money than they actually did. I think a lot of us can take something away from that. Living within your own means requires you to be mindful of how your spend your money and if you are mindful you won’t deprive yourself of all the essentials you actually need.

Next… don’t borrow to bail yourself out. Main issue that Greece is facing today is the International Monetary Fund (IMF) has provided endless bailout packages that have overall made the country impossible to see a future of regaining its own stable self once again. So yes try not to borrow money again when you have not paid of your existing debt. Evaluate your casual borrowing and before you borrow… figure out how you’re going to pay the existing debt first back.

Another one figure out your own talent and stick to it… the problem with Greece is that although they are one of the oldest countries in the European Union (EU) they borrowed money from German banks and French in hope for their goods however this failed. They should have focused on pursuing their own resources. If you have a resource use it and do not stop at it keep trying to pursue it because you never know if it could push you out of that debt like it could have for Greece.

I hope you are all going along with me on this.. the last one is don’t delay  yourself in clearing your debts. Although Greece are due for their third bailout they are also actually due to make repayments so rightly so it just turns into a cycle of life.. remaining in DEBT!

Greece is another topic that we will have to be talking about for the next year or so stick around and maybe even think to yourself what you can take away from the Greece crisis….

@MyBreakingViews

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