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Illinois Is on the Brink of Financial Disaster

Last year, about this same time I wrote about Greece’s economic woes in the post entitled, Why Greece Is On the Brink of Financial Disaster.  This year, the new spot the world that’s just about in the same disastrous place economically is Illinois. They have over-spent in much the same way Greece has. I’d like to take a look at what this means for you, even if you do or do not live in Illinois.
Illinois is the fifth most populous state.  Democrats have controlled cities, counties and state governments for three decades.  Because pension income for all employees up and down the state are so high, there is little room for any growth, or investment within the state. Emergency reserves in case of catastrophe are virtually zero.  The state’s revenues for this year are projected to be $33.5 billion, while spending is scheduled for $38 billion.
My article about Greece and how they got in big financial trouble has repeated itself with the state of Illinois.  No checks and balances, no balanced budgets, no opposition to fixing higher pension pay outs. Thus businesses are being forced to leave because of higher taxes and reduced services.  
Unemployment is rampant and to their next door neighbor, Indiana, reveals what irresponsible spending will do to any nation, state, county, city, business or person.  Indiana has surplus, on the other hand. It is expanding businesses and growing in many ways.  Principles of money management make a huge difference.
Here is exactly what I offered as the solution for Greece, and it applies to Illinois, and it applies to you:
Principles will save people, families, corporations, and governments.
The Money Mastery Principles can solve all this financial foolishness. Building a spending plan, as taught by Principle 1, that must make expenses and income balance and then track that plan as taught by Principle 2, is basic to sound personal money management (and works well with corporations and governments as well!). Then, ALL debt must be eliminated as taught by Principle 4.  Debts bind you down and take away all your options.  When a person doesn’t have debt, they are free to decide what to do with their life and build better relationships, give money to the poor, travel to interesting places, help a child through college, relax on a beach somewhere, or just enjoy reading a book and not worrying about paying next month’s bills. For more information about all 10 of the Money Mastery Principles, go here.

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