The first step in creating a strong financial component of your life plan is to conduct a financial “reality” check. This usually entails facing up to our debt, and specifically, how we can manage our debt and the stress it places on us.
Debt isn’t always a bad thing nor is it always unavoidable. But without a strategy for managing it effectively, debt will end up managing you.
No age group is exempt from challenges associated with indebtedness, buy young professionals are especially susceptible to debt issues.
In the last 35 years indebtedness as a result of college loans has increased dramatically.
Many young professionals are not adequately prepared to deal with their debt issues after graduating from college and entering their career. Thoughts transfer from homework and tests in our college years to transportation and housing concerns in our new life. At this point it’s easy to become bogged down in the noise of life.
In fact, many young professionals use as much as 50% of their monthly income on debt repayment.
How is it possible to handle this kind of crushing obligations and still meet basic living needs – let alone create an emergency reserve while also contributing to our retirement plan?
Fortune Financial has helped many debt-burdened millennials address that question in a proactive manner – before the debt takes over their lives.
Managing debt effectively should mean an immediate reduction in the stress it creates on our monthly cash flows – with the ultimate goal of elimination.