According to a recent Wall Street Journal article, more and more, white collar Americans are going deeper into debt. Many of the subjects of this article were making a household income of well over $175,000 per year. Why is this a problem?
Some of it is “keeping up with the joneses” – your friends, neighbors etc. Most of it is simply not understanding the danger of debt. If you are in debt, and for example behind in credit card payments - do you have a plan of action?
By having a Financial Plan to review your current situation and to meet your future goals, you are likely to stay financially solvent over the long- run. You also need to know how much you will need when you retire or decide not to work for income. Do you know what that number is? Over 95% of the population does not; hence, the retirement crisis that exists in this country and globally.
One of the biggest misconceptions of easy money a.k.a. no interest loans or 0% loans is that it costs less to make those payments. WRONG. The manufacturer offering these, has built in the extra cost into the overall price, so you are actually paying more. This is why if you offer to buy with cash you have better negotiating power in getting a deep discount on the price.
Having a Financial Plan, freeing yourself completely of debt (yes - that includes your mortgage), and investing in your future is how you should proceed going forward. Knowing what your number is as well = EMPOWERING! What are you waiting for? The time is now - no time like the present! Let’s talk about getting started to get you where you need and want to be. In person, via phone, via Zoom, let us know! We can help you, we are here for you. We bring clarity out of complexity. Simplicity + Prudence = Powerful Solutions That Make Sense!