Debt is a malady that few manage to escape unscathed or completely avoid altogether. The skyrocketing cost of living affects people all over the world. Rising healthcare costs, insurmountable student loans, and climbing real estate prices render many people economically and socially disadvantaged.

Working full-time on minimum wage yields an annual income just barely above the poverty level. Patients often can’t afford the medical care that they need, forcing them to choose between treatment or debt. Young adults owe thousands of dollars for their education before they even earn a salary. Not only is the average homeowner age significantly higher than in decades past, but many people cannot afford a home in the first place.

What if the biggest financial challenges in the world could be solved with something as simple as generosity?

While many of us spiral into debt, other members of society make money at a rate higher and faster than imaginable. For instance, Warren Buffett makes approximately a third of a million dollars per day. Money doesn’t solve everything, but is it possible that generous donations from the richest people in the world could remedy the majority of society’s financial problems?

Self Lender tested this precise question by using averaged data, such as the mean billionaire net worth and total number of billionaires globally. Check out the infographic below to see if billionaires have the means necessary to solve large-scale financial contentions, including minimum wage, credit card debt, homelessness, health care costs, and student loans. The results are shocking.

When looking at the numbers, it became clear that there are additional benefits to be realized when these issues are eliminated. By reducing student loan debt, millions of Americans would have access to additional capital to put toward homes and cars or to start saving for putting their own children through college someday. If we were able to raise the minimum wage to $15, a study found this would likely lead to increased earnings, greater productivity, and less turnover for businesses, in addition to the extra funds workers would have available to put into the economy.

Sources:

The Atlantic | Forbes | Modern Healthcare | ABC News | CNBC | The Data Face | The Spruce | Healthcare.Gov | BLS.Gov | Business Insider| CNBC | Business Insider | CNBC | The Balance | Forbes | CNBC |Time | Business Insider

From: https://www.selflender.com/blog/what-problems-could-billionaires-solve.html