It’s always been a dream come true to finally own a home and end the burden of paying rent. This comes with the hope of also gaining financial independence. While some have already achieved this goal others are still burning the midnight oil trying hard to make it to the finishing line.
Unfortunately, the hard economic times haven’t made this process any easier. A rise in unemployment, disruptions in transportation services and low pay for services rendered. All these factors have hindered progress towards this goal. But let’s not forget the words of a wise man “the most important thing in life is to have a great aim and the determination to attain it.”
I believe these times have forced us to wake up and smell the roses. The three-stage model of study, work, retire is a broken one. Over the past century, much of our lives have depended on this model. The rigid model fails to take advantage of this new era. An era that has opened up an opportunity to use technology and learn new skills.
These times have also forced us to think about what a new economic paradigm might look like. A system that will not only work for the “too big to fail” but also for the poor and middle class.
We have witnessed how ineffective and unjust the system has become. Corporations would rather move their operations to a third world country while they sit on a vast amount of wealth.
Behavioural revolution in economics has taught us that people are neither omniscient nor entirely self-interested but are moved by moral sentiments. As Adam Smith put it. Among these moral sentiments are dignity and the desire not to be taken advantage of by others.
We need a new paradigm one that we can all rally behind. One that closes the gap between the “too big to fail” and those that are barely getting by. A system that will finally level the playing field for the haves and have- nots. And maybe turn the aspirations and dreams of the majority into reality.