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Chatting it up with my Big Brother Jerome on Why Folks are Trapped In Debt

  • Broadcast in Entrepreneur
Financial Coach Rae

Financial Coach Rae


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Top Ten Causes of Debt

  • Reduced Income With The Current Amount of Expenses.
  • Divorce.
  • Poor Money Management Skills.
  • Medical Expenses.
  • Gambling and Addictions.
  • Underemployment/Not Earning Enough.
  • Spending before you get Paid.
  • Not Saving Enough.

Take a moment to think about all the money that went through your hands from the time you started working as a teenager until now. If you are like most people you will be totally amazed that thousands or even millions of dollars have gone through your hands. Can you imagine the results if you were able to keep at least 10% of it? Would your life be a little bit less financially stressed? For example, if you are approaching retirement and you’ve earned:
An average of $30,000 a year
Over 40 years = $1,200,000
The illustration above shows you that indeed we have the opportunity to be wealthy and/or financially secure throughout your golden years. It’s so easy to get distracted from the hustle and bustle of everyday living that you lose sight of what’s important. Do you sometimes feel that before you receive your paycheck it’s already spent on bills, bills and more bills? It’s no wonder we have such a very difficult time putting aside funds for “rainy days”.

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