Now the Kids of 90s parents have grown up and have Kids of their own. The days of the 10%+ tax free ISA are like a very distant memory or a rumour, almost mythical like the 1995 Blackburn Rovers team that won the premiership….
When travelling to the bank today ISAs may still be Tax Free but a return rate of 0.5% in some cases isn’t much to get excited about. The heart sinks at these numbers. We live in a very different financial world today compared to the one established in the 90s.
Online Banking, the 2008 financial crash and constant scrutiny of global financial practice leads to a more informed honest approach to money. And honestly it’s a mess. The global debt faced by western countries is huge. Years of funding war and poor ethical practices have caused America to owe trillions of dollars to China and the UK isn’t far behind. As for Greece, that’s a whole other story. The global economy was set up so the top 1% of wealthiest people in the world owe 80% of global assets. This can’t be sustained and is beginning to crumble.
It is into this hostile economy where crowd funding comes in. Imagine a process where you know exactly where your money is. Where you know who the people you are giving the money to. Where a mutual trust is built up between fund seeker and investor. Where you can see a local business thrive thanks to your investment and where you can potentially earn a return similar to that of the ISAs of old. Yes, today’s economy is broken, today’s economy is unbalanced but it can be rebuilt from the ground up.
An alternative version of this blog has been posted at http://blog.cofunder.co.uk/2015/07/30/the-death-of-the-cash-isa-and-the-rise-of-crowdfunding/
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