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THE BIG PICTURE
Crime and addiction have a high correlation with poverty. This is because they can severely limit the ability to get educated and stay employed, two of life’s essential links to building wealth and financial security. As you build wealth, it is important to protect it by steering clear of drugs, alcohol abuse, gambling, and crime. These can cause you to lose everything very rapidly. Even relatively minor crime can have a devastating and life long impact on income and the ability to build wealth and financial security.
PONDER AND PREDICT In the old days, debtors could languish for years in debtor’s prison or be forced into indentured servitude until they or their family paid off their creditors. Thankfully, those days are over. What is modern civilization’s answer to resolving overwhelming debt? ______________________________________________________ ______________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ PRODUCT PREVIEW DEBATE, PERSUADE, INFORM Single Life vs. Married Life?
A 2005 study at Ohio State University by researcher Jay Zagorsky found that after getting married, people experience a sharp increase in their level of wealth. After 10 years of marriage, the couples reported an average net worth of around $43,000, compared to $11,000 for people who had stayed single. Your job: Research the differences between building wealth as a married couple and building wealth as a single person. What accounts for the differences in the rate at which wealth is built? Go to Piktochart (piktochart.com) and select a template. Create a chart depicting a comparison of wealth building statistics: married vs. single . Bonus: What happens when you throw in a couple of kids in the mix? How does divorce impact the ability to build wealth? Does divorce have a bigger financial impact on women than on men?
Chapter 17 | How to Lose It All 340
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