There was a time, when being broke meant being broke. You had no money in your pocket, your bank and no hope of any deposits mysteriously appearing out of no where.
Come this modern era, I wonder if any of us are / can be really broke in the classical term. You have an overdraft, a nice big credit limit on a few cards, and a whole range of managed funds - in simple terms - Cash Flow.
After being on half pay for almost half a year, and a fast dwindling bottom line, and more than expected expenses - my monthly balance sheet shows a big 5 digit figure in the red. Yet, I am making some 6 digit investments in small time businesses(assuming they will payout in the short term), watch movies at IMAX, reading and buying books.
I wonder, today looking at the red, if I am broke - in pure accounting terms, if my other assets get frozen, I can file for bankruptcy - hmmm
The modern day definition of being broke is that your cards get frozen, bank account reads zero, and you have no money in the pocket, and you think twice before calling a friend and they think twice as many times before they answer calls.
Quite some experience this recession is.
P.S: Consulting references welcome!
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