Most Americans are broke, saddled with debt, live paycheck-to-paycheck, have financial stress, live beyond their means and don’t have enough saved for emergencies and retirement. Don’t be like most people. Be the weird one. Below is what to do, goals to shoot for, concerning facts to motivate you, and links to helpful tools and additional information.
- Your income is your biggest wealth generator.
- Debt is slavery. Get out of it.
- Track every dollar to see where your money is going every month.
- Create and maintain a monthly budget.
- Create a 1-year, 5 year and lifetime financial road map.
- Get term life-insurance for you and your spouse.
- Write wills for you and your spouse, get them notarized, file somewhere safe.
- Learn and do Dave Ramsey’s 7 Baby Steps:
- Save up $1,000 emergency fund
- Pay off all debt, except mortgage, from smallest to largest balance
- Increase your emergency fund to 3-6 months expenses
- Invest 15% of income into retirement funds
- Invest for kids’ college
- Pay off the mortgage
- Spend, give and be generous!
(Do steps 1-3 one at a time, 4-6 at the same time, then you reach 7).
- Be free from financial stress.
- Don’t live paycheck-to-paycheck.
- Pay off all debt.
- Emergencies happen – be financially ready.
- Have a million dollars saved for retirement, live off the money it generates annually, so that the initial million never dies. Pass it onto your children, next of kin or charity when you die.
- Over 40% of Americans have less than $10,000 saved for when they retire.
- Two-thirds of Americans would struggle to scrounge up $1,000 in an emergency.
- Only 32% of Americans maintain a household budget.
- 43% of Americans spend more than they receive each month borrow and use credit cards to finance the shortfall.
- 44% of American adults are relying on an auto loan to pay for their car.