The thing with the financial sector is that it actively discourages bigger-picture thinking through the various financial services it offers, particularly those that are aimed at individuals. For the most part it makes perfect sense to go it alone by way of your personal finances and I mean that’s why they’re called PERSONAL finances. For example, you simply cannot share a bank account with one or more of your friends or family members and you cannot draw up the exact same budget as your neighbour, even if you both work at the same company, earn the same salary and pretty much live a very similar lifestyle.
That’s pretty much as far as individualism should go though with regards to how we manage our finances. It should end with how you choose to manage your resources, particularly those resources which are allocated to maintaining your existence and that of your dependants.
Beyond that however, it’s a case of doing as the big financial institutions such as banks do instead of doing exactly what they say. It would take a colossal effort just to organise enough people to band together in a manner which would actually make the kind of impact to their finances which works out to the greater good of that group of people. The degree of difficulty in this self-organisation is what makes it near impossible, but history has proven over and over again that if there are enough people who share a common goal and they really want to make it happen, then it’s possible for them to make it happen.
Granted, the level of self-organisation which has gone on to make the kind of impact that’s now written in the history books has often only played out in politics and perhaps even in the arts. The few instances in which it has played out in the financial sector aren’t openly promoted, particularly since they tended to play out more under the economic system of socialism, which is perhaps nothing short of being a vulgar word for capitalists.
So anyway, the main idea here is that there is financial strength in numbers and unfortunately as things are going right now, that financial strength in numbers takes more of the form of an elite few harvesting the masses to their own benefit.
Focus falls specifically on the mounting student debt problem – if we all take a bigger-picture look at student debt and see it as a collective problem, then just how readily available the solution is reveals itself so clearly. It’s a matter of taking into account and tallying up the total amount of monies which should be paid back, including interest of course. If everybody who has student debt made a concerted effort to pay off the overall sum then it would be paid off within a matter of a few months.
This applies beyond just student debt though, for example if we all wanted to buy and sell stocks and we didn’t involve brokers, that difference which goes to the brokers as commission could go a long way in preserving our collective capital, but again, mass self-organisation appears to be a near impossible feat, so for now this group approach to student debt annihilation remains nothing more than ideology.