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America needs an IEP… Individualized
Economic Plan
By David Anderson
Contributor
ATLANTA, Jan. 25,
2012, 12:20 p.m.
- As we progress in life through
different experiences and challenges we should be asking ourselves
“What did I learn… and how can I improve?”
As American’s, in order to be able to improve we
first must be alerted to the true facts of our economic situation as
a whole. Here are the facts: our GDP Gross Domestic Product (ie:
meaning all of the income that we make as an entire country) is
$15.1 trillion annually whereas the U.S. National Debt is $15.2
trillion. This means that we are spending more money as a country
than we are able to bring in on an annual basis. In order to change
this behavior it will require an uncommon collective effort from all
Americans.
The reality of the situation is that today every American citizen is
carrying a debt of 48,811 on behalf of
the country. The deficit is not going to go down because Warren
Buffet writes a check (He does not have
enough money to cover a $15.2 trillion debt) it will go down when
everyone generates on average an
additional 50k and mails it into the U.S. Government. The challenge
is that the average U.S. citizen is not
equipped with the knowledge or resources to generate an additional
50k in addition to the bad debt that
they are currently carrying.
Here are some more important facts, the total population in the
United States is $312 million and only
$112 million are paying taxes on the income that is being made.
There are 23 million people who are
unemployed, 47 million people who are receiving food stamps, and 874
million Americans in foreclosure.
This is further evidence that shows that Americans are not being
properly educated or trained on how to
provide the basic needs in life (ie: Food, Clothing, Shelter) and
knowledge of the U.S. Tax Code.
Story
continues below ↓
With this being our current situation it would make
sense to focus all efforts on the development of
curriculum that focuses on the training and education of
entrepreneurship and finance immediately for the
purpose of intentionally creating entrepreneurs. Everyone has a 50k nut
that has to be serviced right now in
order to address this issue now. The alternative is you or your children
having to service a 500k debt in the
next 10 years.
The solution to most challenges is an idea; however most ideas must be
supported by an infrastructure.
A solution to our current crisis would be an “Individualized Economic
Plan”. In this plan every American Family would be encouraged to build
an economic infrastructure that included wealth building principles that
can be enacted immediately. Robert Kiosaki in his book “Rich Dad Poor
Dad” introduces to us a concept of E-S-B-I in which E=Employee, S=Self
Employed, B=Business Owner, and I=Investor. There is no mention to an
exact blueprint to the most insulated position on the chart which is
“I=Investor”. The passive investor is making money without having to
perform an action.
This is the phase of entrepreneurship that needs to be
attained by every American if we are going to
collectively work together to pay down the GDP. The “Individualized Economic
Plan” will consist of the
strategies that include the foundations of wealth building principles starting
with B=Business, R=Real
Estate, P=Precious Metals, A=Annuities, S=Stocks, F=Foreign Currency. These are
the contents in
portfolios that allow for the “I=Investor” to generate passive income. This type
of training needs to be
offered to all Americans at all levels if receiving food stamps or in
foreclosure. Financial Literacy and “Individualized Economic Solvency” is
imperative to the survival of this country
that we call America.
(David Anderson is the founder of
Blackanomics.com and an SiriusXM host. His column appears each week)
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