You cant hide behind billions anymore

Money Advice & Budgeting Service
Dublin South East MABS
26 – 28, Lombard Street
Dublin 2

Dear MABS,
My name is Cathlín Ní Houliháin and I earn €35,000 a year.
My annual spend is €60,000 and I have borrowings of €80,000 on which I can barely pay the interest.
I’m spending a further €40,000 to purchase some property-based assets, once worth €80,000, which I hope to be able to sell on at a profit when things improve.
I’m also investing €73,000 in several finance companies, because I decided to act as their guarantor for €485,000 of their debts and deposits.
Wilkins Micawber advises that such leads to misery. Brian Lenihan advises that it leads to prosperity. Morgan Kelly advises that if I want to get to any sort of ‘Prosperity’, I shouldn’t have started from here.
What would you advise?

Yours sincerely,

(just add six noughts to each of the above numbers to gauge Ireland’s actual problem)

Via the comments on Fintan O’Tooles column in The Irish Times today


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