What's your financial story?
Some Statistics:
- Total consumer debt totaled $4.144 trillion in quarter three of 2019, a 4.7% increase from quarter three of 2018.
- Average consumer debt per capita is approximately $12,687 (total consumer debt as of November 2019/total US population as of January 9, 2020).
- Total revolving consumer debt was $1.083 trillion in November 2019
- Total revolving consumer debt rose 3.8% between quarter three of 2018 and quarter 3 of 2019.
- Average revolving debt per capita is approximately $3,299 (total consumer debt as of November 2019/total US population as of January 9, 2020).
- One in ten adults says they carry a credit card balance over $5,000. [Source: NBC]
- Total non-revolving consumer debt was $3.089 trillion in November 2019.
- Student loans totaled $1.636 trillion in September 2019.
- Auto loans totaled $1.189 trillion in September 2019.
- Average loans per student equal approximately $82,170 (total student loans in September 2019/total students enrolled in public or private universities in 2019)*Resource: https://www.lexingtonlaw.com/blog/loans/consumer-debt-statistics-2019.html
Budget
- Making monthly calendars full of bills and income
- Open up the mail as many people avoid opening up their mail
- Cash envelopes for budgeted amounts
- Every Dollar is a resource (Dave Ramsey/Rachel Cruze
Resources:
-His/Her Money Podcast
-Dave Ramsey, 7 Baby Steps
- Save $1,000
- Debt Snowball, Pay off all consumer debt less the house
- Save 3-6 months of living expenses
- Invest 15% of household income in retirement
- Save for children’s college fund
- Pay off home early
- Build wealth and give
Tips: (Save, Spend, Give, Earn)
- Spend less than you earn
- Have a side hustle
- Delay instant gratification
- Cut bills
- Use a coin jar
- Automatically save from a bank account on payday or weekly
- Side hustles (DoorDash, Uber, Poshmark, PT Job, What gifts do you have)
- Work more hours on your regular job
- Automatically invest each week
- Get kids, nieces and nephews investment accounts for birthdays with $25 in them and add $5 per week or month to them.
Music Credit: Mitchell Huntley, Power of Love, “Freestyle".
Support the show
