Uruguayan President Is No Slave To Debt

Saturday, November 24, 2012, AM | 1 Comment

Uruguay is a small country on the east coast of South America. It has a small population of over 3 million and has a GDP of almost $51 billion. Per capita income comes out to be a little less than $17,000. The current president, José Mujica, receives $12,500 a month but keeps only $1,250. The rest is donated to charities. His wife follows his footsteps.

Jose Mujica

Uruguayan President Jose Mujica

According to Wikipedia…

Uruguayan President’s humble lifestyle is reflected by his choice of an aging Volkswagen Beetle, valued at $1,945, as transport, his only asset. His wife owns the farm they live on.

The Economist describes him as “a roly-poly former guerrilla who grows flowers on a small farm and swears by vegetarianism”.

He also donates 87% of his state salary to charitable causes. In 2012 he donated 90% of his state salary to charitable causes.

He is known among his people as “el presidente mas pobre” which means poorest president.

Uruguay president drives VW beetle

Uruguayan President Jose Mujica getting out of his ‘presidential’ vehicle

The president carries no debt whatsoever…

Mujica does not own bank accounts and has no debt. That may be the reason why Uruguay has become known for being one of the least corrupt on the continent. He enjoys one thing money can’t buy – the companionship of his dog, Manuela.

The president is setting an example for his own people. As long as you refrain from becoming a copycat of your rich neighbors, you will be able to manage your debt more efficiently.

Living simpler life and avoiding unnecessary spending will lead you to a more satisfied life financially.

One of the big reasons for folks to carry debt is that they are copycats of their rich neighbors. As long as they spend less than they make, they will hopefully lead a debt-free life.

The American CEOs can set examples as well…

All humans by nature are shameless creatures. They would do what they please to do, not what they should do.

American C-Level executives can also set examples of making less than the exorbitant money they make in salary and bonuses. Over $50 million a year is pretty common.

The executives don’t have to give their money to charities if they don’t want. One thing they can do is to spread the money among their rank and file employees as bonus because it’s their hard work upon which the executives entitle themselves to humongous bonuses.

In a Nutshell
By the way, according to Yahoo news, U.S. President John F. Kennedy, who came from wealth, donated his salary when in office, as did President Herbert Hoover. Hoover, who grew up poor, decided to never accept money for public service, so he could not be accused of corruption.

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  1. One Response to “Uruguayan President Is No Slave To Debt”

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