IF you care about how you are going to live your life 10, 20 or more years from now, this article is for you. The future is something we don’t want to think about at times. To some, it’s pretty scary. But one thing is for certain. Time flies. Weeks easily turn into months and months into years. Doesn’t time seem to go by even faster as you get older?
Lee Eisenberg, in his new book, “The Number”, says that all of us have a “number” that we should know. This “number” represents the amount of money we will need to live on from the time we say goodbye to work to the moment we simply say goodbye.
How much will be enough? Will the money you have provide you a meaningful life in your later years? This requires a lot of soul-searching and you cannot take this for granted. Unless you have a financial plan or a roadmap for the rest of your life, you may be in some serious trouble.
One of the things I found interesting in Mr. Eisenberg’s book is what he calls the “Debt Warp” which, he says, stops most people from saving for a secure retirement. He writes: “Our whip-it-out credit card culture makes it so easy to buy stuff that people delude themselves into thinking they’re more affluent, better set for the future, than they are. Indebtedness starts to feel like a normal state of being, not an affliction. Combine Debt Warp with longer life expectancies, lower savings rates, disappearing pensions and uncertain social security and many Numbers start to look downright unattainable.”
As you save money for the future, there are factors that work for you and against you. Some of these factors, you cannot control. I am talking about inflation, fluctuating interest rates and perhaps the future of Social Security. But there are certain factors that are within your control- such as the choice to accumulate debt or wealth. Indebtedness, according to Mr. Eisenberg, is an “affliction” but because it is so common in our culture today, people feel like it is “normal” to live this way because they just don’t know any better!
Look at our young people today. College loan debt is at an all-time high. Credit cards are getting maxed out left and right. These are young adults in their 20’s and 30’s who are getting hit from all sides. They are barely starting and they’re already financially strapped.
According to a recent study, nearly half of all working students already put in more than 25 hours per week just to make ends meet. By the time most of these young adults graduate, they are already buried in student loan and credit card debts that may take more than a decade to pay off. A college degree may determine the size of their paycheck and the quality of life that your children will have someday. But this education is hard to finance these days and is simply not affordable to everyone.
If you are a parent and you want the best for your children, chances are you have included the cost of their college education in your financial planning provided that you are in a position to save. But obviously, you can only give away what you have.
To the extent that you are financially strapped yourself, it will be difficult for you to help them in spite of your best intentions. Or maybe your children are all grown up, out of the house and married and you only have yourself and your spouse to worry about. You may still be working but only a few years away from retirement but you have not saved a penny for your retirement years. You have not thought of your “Number” that Mr. Eisenberg was talking about in his book.
If you are heavily in debt and your financial future doesn’t look promising at this point, you may feel helpless about your situation. Not knowing where to turn for help, maybe you have ignored the situation for so long hoping that someday, things may magically change. Well, I have news for you. Nothing will change until you make the decision to change. If you can get out of debt now without filing for bankruptcy, I wish you the very best. But if bankruptcy is your only way to get a fresh start, maybe you should find out what your legal options are.
Call my office now at Toll-Free 1-866-477-7772 and request a free confidential consultation with me. We have offices in Glendale, Cerritos and Valencia.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.