Prior to the Pandemic of 2020, during a continually growing economy, Americans regressed.
According to Federal Reserve, as of August 2018, total American household debt averages more than $137,000. More than likely, this number increased during 2019. This household debt includes mortgages, student loans, credit cards, auto loans, medical bills, etc.
Certainly, not all debt is “bad.” However, a debt overload generates an incredible amount of financial strain. The 2020 Pandemic, with its market downturn, furloughs, job loss, record unemployment, etc., more than likely has increased this debt overload.
Whatever your current financial situation, debt can be conquered.
If you’re like most Americans, especially now, your first reaction is “Yeah, right…” Next, only one word is uttered – “How?!?”
First, prioritize spending. Identify needs and wants, placing wants on hold until you’ve tightened the reins on your finances.
Second, implement Cash Flow Mapping. Not sure what this is? Contact a Money Architect at Vivensure for assistance.
Third, develop a debt elimination plan. Most plans dedicate your dollar to a single purpose and, by doing so, actually prevent you from getting ahead. With our plan, you use your dollar first for savings, then leverage that savings to eliminate debt. We can show you how!
Fourth, cease using credit cards. Keep one for emergencies, perhaps monthly expenses, paying off the balance each month. Pay off the others and trash them.
Fifth, consider downsizing. You may love your home, but a downsize may be just what is needed to kick-start your debt elimination program. Conversely, with our debt elimination program, a downsize typically is not required, your consumer debt typically is eliminated in two years or less, and your mortgage (and, perhaps, student debt) typically is eliminated in nine years or less. Best of all, you’ll typically spend no more than you currently spend.
Sixth, build an emergency fund. Everyone needs an emergency fund. How one’s created is the issue. Our program provides an emergency fund while leveraging savings to eliminate debt. Contact us for more information.
Seventh, earn more money. Easier said than done! Why not free up cash flow in record time by using your dollar to do two jobs for you – save for the future AND eliminate debt. Once again, you need to contact us.
While it may seem completely overwhelming, you can conquer debt and increase your savings. You only need to find and utilize the proper recipe.
We have the recipe for the everyday American debtor. It’s simple to follow, but it’s not a “magic bullet.”.
If you can follow instructions on the back of a box and bake a cake, you can follow this recipe, eliminate your debt, and increase your savings.
You can achieve financial freedom!!!
We look forward to hearing from you!
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