In 2015, the average American family was carrying an average of $132,158 in debt – $15,675 of which was credit card debt. Although certain types of debt such as a mortgage can be beneficial in the long run, excessive debt for credit cards, some student loans, and autos can have a crushing effect on your family’s future, health, and well-being. To make things worse, income growth has also not kept pace with increases in the cost of living. This has the effect of making almost everything we buy more and more expensive every year.
For too long we as Americans have counted on the idea that by going to college and getting a good job were the keys to health, wealth, and happiness – although it may have been for a time. However those times are over. Student loan debt is off the charts and wages have been stagnant for the past 40 years. Having a college education can no longer guarantee a well paying job or even that the investment in that education is worth it in the long run.
Getting out of debt isn’t just about minimizing interest rates, paying off credit cards, and trying to get out of our student loans. Americans don’t really have a debt problem – they have an income problem.
Fortunately for us there is a way out, but its not easy (though nothing worth doing is). We as a people need to start seeing ourselves as opportunists and entrepreneurs rather than just admiring others for it. Most Americans have some hidden talent, skill, or passion that with development and hard work can be monetized and turned into a new revenue stream. Some people like the Elon Musks of the world have realized this and put in the work and effort to make their dreams happen. Are you doing the same for your passions or are you allowing yourself to believe that success will never happen to you? Everything that is meant to happen does – if you believe that you’re never destined to give your family the opportunities they deserve then it won’t happen. Its up to you.
We love working with those who see new opportunities for themselves and their families and will work with you to show you a way to get out of debt permanently. We’re going to start with reducing those wasteful credit card balances, eliminating student debt, and then working with you to develop the capability that you have to raise your income level. If you’re on board give us a call or request for us to call you.