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Understanding Universal Basic Income - Bank Clip

Understanding Universal Basic Income

The divide between the wealthy and the impoverished has grown at an alarming rate. The top one percent of earners in this nation possess more wealth than the rest of the population combined. Most Americans are unable to service three months of expenses as savings have dried up due to rising costs and stagnant wages. As it stands, the majority of individuals in the latter group have grown sick and tired of this reality. With the 2020 election quickly approaching, many democratic candidate hopefuls have entered the fray. Andrew Yang is a candidate in particular who has suddenly received much attention due to what he refers to as a freedom dividend. While it can be considered a plan for universal basic income, his terminology provides a different frame of reference.

Overcoming Financial Strain

Providing citizens with a universal basic income is not a new idea. Many civilizations have attempted this endeavor, and there is already a state that practices this philosophy. Alaska has a Permanent Fund, and an oil dividend is paid out to citizens each year. Many American citizens are not aware of this benefit, and it appears to have worked on a relatively small scale for years. An extra source of income goes a long way and allows less fortunate people to begin climbing out of financial traps. If you believe a universal basic income policy is a stretch, it would be interesting to see something akin to what Alaska does on the state level.

Receiving Financial Guidance

Almost every wealthy individual has a financial advisor, attorney, and accountant on the payroll. These three types of professionals are invaluable and allow wealthy people to create a well-oiled machine when it comes to financial decisions. The average person struggles to hire counsel for civil infractions and certainly cannot afford all three. However, the personal finances of the average American could potentially change with an additional source of income coming in each month. Individuals looking to receive guidance from professionals like Don Gayhardt would finally be able to afford these services. Financial advisors help create tailor-made plans for you and your loved ones. This form of help could potentially open up new opportunities you once thought were impossible.

Traveling Worry-Free

Most people become accustomed to a routine in one area and are not fortunate enough to travel the world. This world contains different cultures, cuisines, landmarks, and many other exciting things to explore in every continent. However, financial obligations prevent many people from taking a leap of faith and traveling. With an additional amount being deposited into your account each month, it would be possible to save for at least one exciting trip around the world each year. Being able to travel and experience other ways of being human would increase tolerance for others around the globe.

It will be interesting to see how this freedom dividend is dissected during the upcoming democratic debates this summer. For people that are down on luck, they are most likely hoping for this idea to rise above even if the candidate does not.