While finishing up my Masters programme in the USA, I received an interesting letter from the bank which said: “Congratulations for attaining higher academic credentials. You are now ready to embark on a journey full of opportunities.

Estimated career earnings are around $ 5 Million. Considering your future potential the bank is pleased to offer you a credit line for $ 5000/= Why wait, start enjoying life right away.” I had a big laugh, trashed the letter for my long-term well-being.

After receiving my degree I was free to fly back home. Unfortunately, most graduating students fall into this trap of easy money.

It always results in a short-term pleasure with long-term pain. Fortunately, when I started my professional career, I was advised by my old man; “Money should be first earned and then spent “.

My mother advised me to save 25 percent of my income while father being a businessman was more conservative, he wanted me to save 50 percent to invest and build up my own capital. I followed the middle road but always lived within means to remain debt free.

The Islamic Republic of Pakistan fell into this debt trap under the first dictatorial regime. The International Monetary Fund (IMF) made a big entry in the decade of the sixties.

Earlier when the first Prime Minister Nawabzada Liaquat........

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