Bankruptcy

Needless to say, one thing we all want to avoid is bankruptcy. No big deal, right? Well, no and yes. Interesting statistics have shown the youngest age group (under 25) are down but an alarming spike is happening for people over 55. Now I'm not a doomsday believer, but generally people at the 40 to 60 age group earn at their peak during their lifetimes. My understanding is the under 40s are getting settled into their careers and the over 60s are slowly leaning towards retirement. So unless you are Colonial Sanders and are going to start a business towards your golden years, your time is running out to recover your savings. I am one of many believers that a higher retirement age is only inevitable for a large number of seniors, for they are going to find it necessary to work. And coupled with an aging population, us younger people will definitely want to avoid the bankruptcy pitfall.
So the good news. Younger people are having less bankruptcies. On paper this is a good thing, but I also am a believer that success is a product of failures until you get it right. If less bankruptcies mean less young people are making a concerted effort at entrepeunership, this is a bad thing indeed. The heart of the capitalist system consists of entrepeuners and second chances. A bankruptcy in reality is seven years of a largely creditless existence. And no financial advisor promoting a single digit investment fund per annum is going to make you rich once you have lost your nest egg. So whether you 55 or 25, you are at the helm of your own financial future and a bankruptcy is only a stumbling block - albeit a major one.