Without giving too much away, this book goes into depth on why so many American's are in over their head in debt and how to do something about it. It has been a competition for decades now, who has the best of what and what others are purchasing. It has become much worse with social media, but what the pictures and posts do not show is that the individual has put that trip on a credit card or that the car was purchased with a high interest rate loan. It is very easy to compare other's lives with yours, but we do not know what is really behind the picture that was posted. Rachel goes through different money habits that will help you succeed financially and help you get out of debt.
As time goes on, I see a number of people in my life making bad financial decisions. Some are in over their head in debt, others are living out of their means or living paycheck to paycheck. There are a number of people who are only concerned with the materialistic things that other people see, rather than being financially stable. For example I have known of people buying their kids Jordan Sneakers yet they got their car repossessed, women who buy $1,000 purses and not being able to carry cash in those purses, or I know so many people who do not have anything put away for retirement. There have been times where tragedy hits and the individual cannot afford the hospital bills, afford taking time off of work to recover, or have no money for funeral costs.
Being first generation Mexican-American I was not taught "how to make your money work for you." You are pretty much taught to work hard and pay your bills. I wish there was someone telling me that I should invest this much into savings, how to use a Roth IRA account, how to get the best out of my 401K, along with so many other things. These are things I have had to learn on my own for the most part from reading books, business magazines, taking college courses, and listening to NPR.
I used to work in a nursing home part time while finishing my Bachelors and the one thing that every single resident told me was "Make sure to take care of your money, save at least a little bit from each paycheck you ever make. If you don't, you will end up in here like me." I have taken their advice, and I have promised myself that I want to be financially stable and not have to depend on anyone financially. I would like to be debt free in the near future and when I purchase a condo or house to pay that off as soon as possible. You will start seeing posts about being on the Debt-Free Journey, how to budget, and financing tips. I hope that the upcoming blog posts helps you out as much as they help me.
So here is to Debt-Free future and to a successful 2018!
Are any of you on thinking about becoming debt free too?
