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In 1998 I was in my last year of college and my financial future was still looking pretty grim. I did not have any debt at that time, thanks to the fact that tuition for college and higher education in general was still provided for by the government for the most part. The college I was attending was also located in my home town and so my parents had to endure my moody presence in the small appartment for 4 more years than they probably liked to.
So great – no debt!
I did also have some $1500 in savings – these were a result of 6 year of savings of allowances and some “salary” from a family business we had to take on during the years of hardship. (…more on this topic in the future I hope…)
So great – no debt and $1500 in savings!
…But that’s just it!!! All of it!
The way I saw it at least in those years.
There was no possibility for good salary in the next 5 years, no possibility for buying a decent car in the next 10 years, no possibility for buying a house – EVER. Even now, in 2009 consumer lending is extremely tight, 20 years after transitioning away from socialism.
In general the economy was badly shattered, the official unemployment rate was about 20% and the unofficial was close to 50%. One could hardly feed their family on a month’s salary of $120 and that was BEFORE paying rent OR your bills for electricity, water, phone.
The country had just come out of very bad period of economic Stagflation (http://en.wikipedia.org/wiki/Stagflation), and the time it would take to recover was virtually unknown.
This is the time I decided to try the US Green Card Lottery I have heard from my peers.
(To Be Continued…)
