drbubb Posted May 13, 2022 Report Share Posted May 13, 2022 PHL POVERTY TRAP: A solution? Millions of Filipinos are trapped as renters paying out all their salaries in food, rent and help to relatives. After a decade or two of working hard at 6 day weeks, they may have nothing but debts to show for it. The big drop in Bitcoin and other cryptos recently may have demonstrated that it is very hard to escape poverty by speculating on things like small shares and crypto currencies. Often, by the time you hear about how "hot" they are, the easy money has already been made already. And before you can exit, you might get hit by a vicious selloff. I feel nothing but compassion for those caught in the poverty trap, and have been pondering if there might be a way out. And I have an idea borrowed from a Canadian billionaire I once met. Someone who started with nothing, and came to own an entire city block in the city of Toronto The idea is a little complicated. I will take a stab at explaining it here. Basically requires 2-5 people to cooperate in renting, and paying a little over the market, to allow one member of the group to become an owner-occupier. The tenants sign a special lease that may allow them to build flexibility, and maybe some future equity if they continue to rent the space. A Canadian billionaire I met built this condo in Toronto. He started with nothing but some friends who wanted to share the rental of a property I started thinking about this when my partner was telling me about a work mate, who had worked almost 20 years in the same company, and had no savings and no assets to show for it. She expected to be handed some money when she left the company, but that would only be enough to payoff her debts and walk away with a modest lump sum. Property ownership seems like an impossible dream. Is there any alternative to the Philippines DEBT TRAP? Link to comment Share on other sites More sharing options...
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