Profound Respect for the Unknown
Here’s my problem with taking on debt: I have a profound respect for the unknown. For instance, my husband and I work for ourselves. This is an excellent way to avoid ruthless bosses and layoffs. But if one of us were to get injured or become ill, it would be pretty hard to keep business hopping.
Meanwhile, I’m optimistic that if I work hard, my income will continue to rise. On the other hand, I have dozens of friends and acquaintances who, despite their hard work, were downsized or squeezed out after a merger, spent long periods unemployed, and/or returned to jobs that paid less. The rosy scenario of a steadily climbing income that peaks just before retirement is the stuff of economic models — not the real life of the middle-income Americans I know.
— Lauren Rowley, “Deep in Debt, Deeper in Denial”
