SOBERING NEWS... BUT THERE IS HOPE
Recent news articles on the current financial landscape for American people don't paint an optimistic picture.
80% of people live paycheck to paycheck.
67% of Americans would struggle to pay for a $1,000 unexpected emergency.
7 out of 10 couples do not budget consistently.
The median American savings account balance is $4,830.
American household debt in America hit a record of $14.6 trillion in Spring of 2021.
Average household debt is $92,727 with average credit card debt exceeding $5,300.
Paying for college has turned into a long-term burden for Americans. Student debt increased over 12% over this year. The average outstanding student loan is $38,792.
The median retirement savings has grown, but stands at a minuscule $65,000. 25% have not saved anything for retirement.
Do you find yourself in a similar predicament as the average American? The road to financial freedom is wrought with detours, off-ramps and tough choices, but there are steps we can take to improve the future.
Everyone struggles with some part of their finances during their life. We dream of our perfect college and then take on lots of debt to finance that dream. We meet our future spouse, fall in love, and grasp the American dream by purchasing a home ... which comes with a big mortgage payment. We love that new car on the lot and take out a 6-year bank loan to finance it. We are blessed with children but are surprised to learn how expensive they can be. We take family vacations and choose to pay for them on credit cards. We panic as our kids near high school graduation and we haven't saved what we meant to for their college. Along the way, we push off retirement planning because it seems so distant.
Yes, we all have made some money blunders through the years, including myself. We can't undo those prior mistakes, but we can change our trajectory. No matter how old you are, there are things you can do now that will provide for a brighter future. One where you are in control of your money. One that allows you to live the lifestyle of your choosing, while responsibly managing your finances.
My name is Mike Wilson and I love coaching people to achieve financial freedom. I am an aerospace engineer by day and financial coach at night and on weekends. I am a certified Dave Ramsey financial coach with an MBA degree and background in finance who loves to talk about personal finances. I am married and have two boys who are finishing college debt-free. I could retire now, but I would rather share my experiences and guide you on a path to the financial freedom you deserve. This is the first of many blogs sharing this path to freedom. I look forward to hearing from you.
Mike