Today’s financial thoughts are about Debt, Retirement and Student Loans…
#8: Talk to your creditors. Work out a realistic plan and don’t just ignore the situation. Most creditors are willing to work with you.
#9: Don’t promise something you can’t do. Be honest with creditors. If you can’t make a payment or it’s more than you can afford, just tell them that.
#10: Most people who think they are bankrupt are just scared. Bankruptcy is looked at as an easy solution, but it’s not. Fight the fear and try to work through the debt first. Bankruptcy is a last resort only.
#11: Don’t invest until you’re debt free and have a full emergency fund. Investing is good, but not until you’re financially stable. You don’t want an emergency to come up and you have no savings because of investing.
#12: Invest in growth stock mutual funds. And leave your money alone except to add to it. Investing is a long game, so put the money in each month and let it grow over the years. Remember you can’t predict the market. Who would have thought 2020 would have been such an amazing year for investing!
#13: Don’t count on Student Loan forgiveness. This has been promised many times and has yet to happen. You took out the loans, pay them back.
#14: Create an aggressive plan to pay Student Loans back. You don’t want these hanging around for 20+ years.
#15: Not even bankruptcy will erase Student Loans. You either pay them back or you die with them, those are really the only 2 options!
Next post I will share about kids, savings and money goals! Which thought has been your favorite so far? Struggling with finances? Let’s chat!