We have more broke-a-phobia than xenophobia

Howdy Bermuda,

Hmm what to talk about today? Racism? Nah. Xenophobia? Nah. Today’s topic is “Materialism and Broke-a-phobia”

Often, far too often, we hear about someone addicted to cocaine, heroin or alcohol. Some are even addicted to sex or the Internet. Yet how many of us look into the mirror and say “Hi, I am _______ and I am addict of materialism.”

My guess would be not many of us have made that confession as of yet.

What is materialism you ask? Let’s go through a checklist and see if anything registers.

• Three to four shopping trips per year

• Most of the staff at Jersey Gardens Mall know you by name

• Upgrading your smartphone every six months

• New SUV every two years

• Flat screen TV in every room

• Working two jobs just to afford the latest xyz

• Taking out loans to consolidate your other bills

• Eating out most of the week

The list can go on and on but I am sure something on the list registered with you. There are two specific reasons to write about this.

Firstly, it is an issue that cuts across all political, racial or gender lines. We all are guilty of one or more signs of a materialistic mindset.

Secondly we must address this as individuals, families and as a country. No doubt there will be those who will be upset with this column, however, as a fellow Bermudian I would be less than caring, if I don’t “keep it real”.

I have met and known thousands of Bermudians and currently, many are singing the economic blues. They have more bills than dollars. Their credit cards are maxed out and are wondering how to make more money. I don’t have the answer how to make more money, but I do know a “penny saved is a penny earned”.

We as Bermudians, need to cut back on our spending habits, curb our materialism, learn how to do more with less and save for a rainy day. All fancy catch phrases, but very applicable to our new norm.

For years, many of us lived high on the hog of international business. Politics aside, IB was never going to be a never ending gravy train. Take a realistic look. The OBA are in government, term limits are gone yet IB will never be what it once was.

Why you ask? Because the governments of UK, US, Europe are cracking down on companies that operate offshore in order to save on taxes. Throw in an unhealthy dose of “global financial frig ups” over the last five years, and presto the money has slowed down.

For those fortunate enough to own property, many salivated at thinking of how much rent that they can get from guest workers. Many took that rent and paid their mortgages and took the excess funds and spent on many of things.

Others may have had a job in IB or related to someone with a job in IB and live a fairly nice life purchasing things online or abroad as fast as we could click that mouse or get on a plane to NY or NJ.

Any given scenario could have played out. But the bottom line is we have to take a U-turn on some of our spending habits as individuals, as families and as a country. Instead of thinking of what next to spend money on, think of where next to stash some dollars. Even if it is $100 per week put it in a separate account and don’t touch it in five years you will have close to $30,000 saved.

We hear about the government’s 1.5 billion in debt. Yet no one discusses that collectively, we as individuals and businesses owe near six billion dollars. Simply put, for every dollar the PLP spent, we as individuals spent four dollars.

Fellow Bermudians — black, white, brown, yella, OBA, PLP, NFP — let us take some time to consider the following options;

• Take leftovers for lunch

• Increase the maintenance on your vehicle instead of buying a new one every three years

• Save at least $100 per week

• Cut down on overseas trips

• Take a neighbour work daily

• Shop at the Barn there are great items to be had

• Cook dinner instead of buying out three to four times per week

• Tell your children no you cannot have that new cellphone / tablet every six months

I am sure you can add your own recommendation to the list. Feel free to e-mail me your recommendations.  Some of the OBA claim Bermudians suffer from Xenophobia. We don’t suffer from Xenophobia. We do not fear foriegners, we fear being broke.We suffer from Broke-a-phobia. n

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