“The collection of money has become difficult since I have to run after every market for money collection after supplying the goods”, said the Omani driver. “Life is no longer easy as it once was”, he replied when I started a conversation with him about the economy. His face was filled with frustration, as he could not balance his income and expenses.

“Since I am unemployed, I cannot pay off my personal loan. Court ordered the full amount, plus interest, to be settled or else jail would be imposed”, a woman expressed her situation and suffering.

Such individual cases are endless if we focus on them individually. What are the factors that cause an individual to reach that stage of bankruptcy and to be unable to balance what he earns and spends?

How an individual begins his financial journey with his first salary or any other form of earnings? Has he been trained or has he been interested to be trained in finance education?

What are the purposes for which people borrow money from a bank or from another person? Does he understand the importance of repaying the borrowed money? Has he ever considered what would happen if he lost his job one day?

Is it possible to work for the same employer with the same salary, but one is having difficulties financially, while the other is not? Is there any mindset problem? What are those directions someone can follow to make their financial life easier? In the event that the monthly earnings are not sufficient, then what is the alternative? It would be a good idea to search for additional side income.

Today, the entire world is experiencing economic hardship and pressure. COVID-19 has adversely affected the world’s economy. This era has not ended, the war between Russia and Ukraine has just begun.

“Algeria, Sudan, Egypt and Libya are facing food crises because Ukraine stopped supplying wheat to these countries”, a friend of mine said, while we were jogging.
Politicians might not be able to end this war as they expected. It is of course, now, a matter of worry that, where this war will lead the world.

“Our beautiful country is in a great mess. In order to stop people coming to the streets to protest against the ruling Rajapakse family, the Government has declared a curfew from 6 pm, today till 6 am on Monday”, a message received from a friend from Sri Lanka when I sent him “Happy Ramadan”.

Disclaimer : The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of TAS and TAS does not assume any responsibility or liability for the same.