Who will gain in economic booms?

Normal, Youth & Careers
Source:

The National, Wednesday 29th August, 2012

AN economic boom is defined as a period in which there is high economic growth and a lot of money is moving in a society or country.
A boom is expected in a few years time in Papua New Guinea when the liquefied natural gas project starts selling the gas products.
The resource developers will benefit immensely. The landowners will be getting some good amount of money.
Our government will benefit as well.
Some people will be flashing a lot of money.
However, as with any boom, the years of plenty will end.
Only then will locals see who the real beneficiaries are.
Sadly, many landowners will lose out in a boom, especially if they are not educated on how to manage their money in the years of plenty.
In 2005, a young man told me a story about a villager who came to Port Moresby to live with the young man’s guardian.
The villager said a few years ago when vanilla prices were good, he had about K40,000 in his bank account. But now all that had gone because the prices were bad – and possibly he did not manage his money properly.  
The young man said in those years of plenty, the villager never came to live with his guardian because he boarded in hotels, shopped in the city and flew back home.     
Before its economic crisis, Nauru, was flush with money from phosphate mining activities.
A former senior Nauruan police officer told me in 2009 that they flew around the world. (Becoming independent in 1968, Nauru was the first Pacific island nation to have its own airline.) 
Then bad management by the governments over time forced the nation of 15,000 into an economic crisis.
Millionaires (landowners) lost their money.
From such stories we must understand that there is no guarantee that the plenty some will have in a boom will remain after the boom.
Therefore it is wise to invest money in years of plenty in things that will take you further when the boom has left.
Invest in good education. If you get a good university or college diploma with good grades, you could secure a good job anywhere, anytime.
Invest in property. The values of buildings, or lands, in good locations appreciate over time.
Starting a business that offers a product or service that would be needed after the boom has ended will be a good idea to consider. 
l Next week: What grade will you get in your exam?