Africans have embraced debt à la West, once again owing to lack of inventiveness. What it takes to chart one’s own future is to think outside the box. The article says it, Africans have had consistent and thoughtful ways of managing money. Modernity is about modernizing one’s own traditions and customs, not those of other cultures. Good article.
Just: ‘Practically, these decisions translate to obtaining a college degree, owning a nice car, raising a family, and purchasing a home.’ In that order?
Your article suggests living within your means, saving and investing instead of taking on debt, and thinking about the non-financial impacts of financial decisions beyond just the money aspect. A thought-provoking piece. Thanks for sharing Malik.
Brilliant piece Malik. Especially great comments on how mortgage debt lead us to have to work continuously and how this limits risk taking. It's certainly one of society's ideals that many can aspire towards.
A recent episode of the Memo, which is a podcast by Howard Marks' firm Oaktree stated: "As debt increases, you narrow the range of circumstances you can successfully navigate in life". This piece made me think back to this quote and summed it up perfectly. Great piece!
Africans have embraced debt à la West, once again owing to lack of inventiveness. What it takes to chart one’s own future is to think outside the box. The article says it, Africans have had consistent and thoughtful ways of managing money. Modernity is about modernizing one’s own traditions and customs, not those of other cultures. Good article.
Just: ‘Practically, these decisions translate to obtaining a college degree, owning a nice car, raising a family, and purchasing a home.’ In that order?
Thank you! And no, it’s not necessarily in order but these are the main aspirations put in place by society
Your article suggests living within your means, saving and investing instead of taking on debt, and thinking about the non-financial impacts of financial decisions beyond just the money aspect. A thought-provoking piece. Thanks for sharing Malik.
Thank you Tinashe. Well put summary!
Brilliant piece Malik. Especially great comments on how mortgage debt lead us to have to work continuously and how this limits risk taking. It's certainly one of society's ideals that many can aspire towards.
A recent episode of the Memo, which is a podcast by Howard Marks' firm Oaktree stated: "As debt increases, you narrow the range of circumstances you can successfully navigate in life". This piece made me think back to this quote and summed it up perfectly. Great piece!