I have just paid off my daughter’s Afterpay and Zip Pay accounts. It cost me $345.
As a Baby Boomer, I have spent my life in debt. It all started in the 1980s when the investment bank I worked for offered me a discounted mortgage rate on 95 per cent of the value of any property I desired, and they also, in case I didn’t feel rich, offered me a new company car on a novated lease. Debt had arrived and suddenly I felt wealthy, although I later learnt that leasing vehicles was one of the most profitable industries in the world and I had spent at least 15 years giving them a significant portion of my salary just so I could show off driving a car I couldn’t afford.
It was Einstein who said “Compounding is the eighth wonder of the world. He who understands...Continue Reading