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President Trump’s Stance on Trade Might Backfire

Written by adminJune 12, 2018

America First. It’s a bold idea that helped win the White House.

During his campaign, President Trump promised Americans that he would fix the trade deficit between countries. It was vastly unfair, in the minds of Trump and the millions who voted for him, that other countries got billions more in goods than we received.

Not only that, the U.S. military was footing the bill for defense, aid, and a lot of other things other countries just don’t seem to want to pay for. To millions of struggling Americans, riddled with doubt, debt, and fear over their futures, the ‘America First’ campaign was a breath of fresh air that could bring our economy back to dominance.

Just ask the people of Michigan who lost thousands upon thousands of factory jobs as a result of their main employers deciding to pull up stakes and head to Mexico. Other states, like West Virginia and Pennsylvania, have a proud history of rolling up their sleeves and providing as the backbone of our country during a crucial time of unprecedented growth. Then came the cheaper steel.

Look at the blue wall that used to have a lock on democratic votes. This year, they all went red, and it was because of Candidate Trump’s message. He promised to get jobs back. He guaranteed he would revive near-dead industry. His bold proclamations demanded justice for decades of unfair trade practices that cost the U.S. billions.

How is that going too fly in an increasingly globalised world? Well, judging by this past weekend’s G7 summit, not very well. While many feel thankful that Trump stood up our country, there are plenty opponents who felt Trump embarrassed the United States.

Regardless of whatever side you’re on, these tariffs can have a real impact on us, the citizens.

Sure, by making Chinese steel more expensive, the U.S. steel industry is roaring back to life. Jobs are flooding back to places where the industry seemed nearly dead. That’s a major positive, but consider how it will negatively impact every company who uses steel. If it’s more expensive for the manufacturer, then that cost will transfer to the consumer.

President Trump has picked economic fights with China, Mexico, Canada, and 28 countries within the European Union. Each one promises retaliatory tariffs if the U.S. goes through with tariffs of his own. This will trickle down to thousands of U.S. and foreign companies, challenging economic efficiency and threaten jobs.

The Council on Foreign Relations came out with a report that stated Trump’s tariffs on steel and aluminum will create some jobs within those industries, but it risks killing 40,000 jobs within the auto industry simply due to the higher cost of making cars. If cars are more expensive to buy, then less people will buy them.

If Trump slaps a 25% levy on cars imported from China, which is his latest threat, it could end up cutting production by 1.5% and kill 295,000 jobs. If the other nations follow through with retaliatory tariffs of their own, it could slow production by as much as 4% and over 600,000 jobs would disappear. These aren’t the type of job losses that would make Trump look good.

Trump’s threats of a trade war have gotten China to back down and come to the table to reach a new trade agreement. Perhaps that’s the goal here. All he has to do is apply a bit of pressure to other countries to get what he wants. No one wants to a trade war with the largest economy in the world.

The problem is not knowing how far Trump will take this.

Written by adminJune 11, 2018

Credit & Debt Settlement

If you’ve ever struggled with your finances, you know how emotionally draining it can be. That emotional stress can lead to physical problems down the road if they aren’t cleared up within a reasonable amount of time.

There’s an old saying that goes, “the rich get richer and the poor get poorer”. That might not have anything to do with the rich tearing down the poor to make them worse off. A lot of it has to do with mindset and allowing yourself to fall into this pit of self-perpetuating misery.

According to research, conducted by the National Academy of Sciences, has found that this cycle of financial troubles and debt impacts the brain in a negative way. It causes stress, their memories suffer, and they end up performing worse at tasks that might allow them to break out of the cycle.

This, in turn, impacts how they view life and alters their financial thinking. Rather than working out long-term solutions, they get laser focused solely on how they’re going to make it next month. If you’re constantly focused just on next month and in a constant state of worry, you’re probably not going to think about months or years from now.

That’s the problem. Fewer and fewer Americans are preparing for retirement, paying for health insurance, and neglect other necessities. They get into this cycle, add debt upon debt, and get so behind that saving money doesn’t even enter their minds.

It gets worse. These stresses transfer to overall health. When someone is constantly stressed, they run to unhealthy habits to make them feel better. They sacrifice their future just to survive today. They turn to drinking, drugs, stop exercising, overeat, and their health takes a hit.

It’s not a coincidence that a new report was also released this year that more Americans were becoming alcoholics and even drinking themselves to death at record rates. Financial struggles directly lead to unhappy people who compensate every way possible. The inability to get out of the cycle due to short-term thinking takes them down the rabbit hole of stress and disease.

Click Here For Student Loan ForgivenessDebt and Depression

If you’ve spent any time counseling with couples or individuals who are struggling financially, they don’t seem to have a grasp on the situation. They aren’t eager to fall into a plan because they don’t think it will lead anywhere. They become melancholy, even when shown a proven way to become debt free.

Even when you show them there’s a way out, a light at the end of the tunnel, it doesn’t always work to get them active in pursuing those methods. And that’s the major crux of the issue. There ARE paths to financial freedom and to live a debt-free life, yet it almost seems as if people get ‘comfortable’ in their misery and think life simply can’t get better than it is.

If you’re in debt and struggling to keep your head up, don’t give up! It’s never too late to take control of your finances. It will take some work, but you have to decide right now that you won’t live this way anymore. Once that black cloud stops hanging around, life does get better.

That means you need to start thinking about your future and stop neglecting your health. There are government programs out there designed to help you by cutting credit card payments, consolidating debts into smaller payments, and even debt forgiveness. Don’t sit around and mope and let the situation get the best of you.

A much happier future is right around the corner. All it takes is a phone call to get started.

Click Here For Debt Relief

Written by adminJune 6, 2018

Life Style

If you’re one of thousands of McDonald’s workers who protested the restaurant in the ‘Fight for $15’, you just got served your answer with a side of fries.

Not only did McDonald’s decide not to increase the wages of their workers, they’re now unveiling plans to get self-service kiosks installed into every restaurant by 2020. McDonald’s CEO Steve Easterbrook made this announcement this week, with plans on how they will get it done.

Over the next few years, kiosks will go up in 1,000 restaurants every quarter, reaching all 14,000 domestic McDonald’s by 2020. This is a major blow to workers who have been fighting the company to offer a more livable wage. Now, a lot of those workers may be out of a job.

Of course, kiosks only replace front of the house order-takers, as they still need someone behind the scenes to cook and assemble the food. Cutting the employee count in each store will undoubtedly save the billion-dollar company millions in the long run, which might spur on continued debates about how companies like McDonald’s pay their employees.

Still, the United States is behind the curve in terms of technological advancement. Stores in Canada, the U.K., and Australia already use order kiosks, so it was only a matter of time before the U.S. caught up.

While the prevailing thought is to assume McDonald’s is doing this to cut workers and save money, as many industries have turned to technology to improve their bottom line, the company itself says they don’t intend to downsize and are just providing additional options.

The idea is to sell more food. Customers who can take their time, not feel rushed due to a line behind them or a cashier staring at them waiting for their order, they can actually browse their options and are more likely to order extra food. It’s a convenience and just another option they’re adding to better serve customers.

According to McDonalds, it was only a few years ago when you only had to options: hit the counter or make your way through the drive-thru. Now, you can order online, with your phone, and even use their curbside options where you just park and someone will bring your food right to your car.

Terri Hickey, spokesperson for McDonald’s, says the stores will “still have cashiers — kiosks provide another option for customers to order and pay. We’re finding with kiosks, customers tend to feel less rushed, take their time, browse the menu, and often order more.”

Rather than letting go of the additional cashiers who may no longer be needed, McDonald’s says they plan on using them in different ways, such as improving guest experience, offering table service, and running orders out to curbside mobile customers.

To the workers who demand a higher wage, this change must be scary. It’s only the first step in restaurants meeting the technological demand. Some of the largest employers in the country are fast food restaurants, and it’s where most people get their first legitimate job experience.

While McDonald’s is promising not to cut any jobs (right now), how long before we find these kiosks at every table, eliminating the need for cashiers in the first place?

And it’s not like the company isn’t trying out other high-tech gadgets, such as the burger grabber and flipper, which can make an astounding 360 burgers in one hour, eliminating the human component. That’s not all. Right now, a conveyor belt system is being developed that can create and assemble burgers to order.

These types of innovations will only continue to happen and businesses will always choose to adapt to save money and stay competitive.

Written by adminJune 5, 2018

Life Style

As Americans, we expect our school experience to prepared us for life outside the bubble of our parent’s protective reach. We must know how to do everyday things, like change a tire and balance a checkbook. Some schools do have these life lessons as a required part of their curriculum, but sadly, that’s not always the case.

Seventeen states require personal finance courses, but this often isn’t enough. In most of those schools, it’s a simple semester-long class that might help teach kids how to budget, but the fact that it stops at the basic level education and is only required in less than half the states is difficult to understand.

According to a survey from Equifax, 90% of Americans want personal finance classes to be taught at the K-12 level and for it to be a requirement to graduate.

The poll revealed something else. When asking surveyors about their personal literacy, Americans tend to grade themselves on a curve, believing they have better-than-average financial literacy, but that’s not the case.

Every year, the Champlain College Center for Financial Literacy releases its Financial Report Card and it often doesn’t look very good. Nine states received a failing grade. 27 states scored a “C” or lower. When you look at the massive amounts of debt Americans are piling on, it goes to show how much we really know about financial stability.

Americans keep falling into the same traps, year after year, decade after decade. There are moments that are outside of people’s control. No one knows when the next big recession will hit, but very few seem to be prepared for such occasions, including personal emergencies.

When Equifax asked people where they got their financial education, only a dismal 14% replied that they learned from school. 40% reported their parents taught them. 13% learned by reading financial blogs like this one. 8% picked up knowledge from their bank.

That statistics don’t stop there. T. Rowe Price, an investment group, found that over half of all students who did take financial courses were not prepared for handling finances as an adult. A lot of it comes from confusion, as both schools and parents clash on what students need to learn. No consensus means a variety misinformation is being shared.

Stuart Ritter, who is a senior financial planner at the company, knows what it takes to get everyone on the same page.

“Over the years, we’ve found that financial education works best when schools and parents work together to help kids understand money matters. Even though financial education in both school and home have shown to be effective in preparing kids for ‘adulting’ responsibilities, it’s not perfect,” he said.

The disconnect might be a result of parents being reluctant to teach their kids about money, spending, and saving. In a lot of ways, kids grow up and start making and spending money before parents even get a chance to have that conversation. It should be ingrained with life lessons about money from a much earlier age.

“We know that many parents have some reluctance to discuss money matters with their kids and that, oftentimes, kids begin making, spending, and saving money before parents or educators have helped them understand how it works. An opportunity for parents and educators to have money conversations more consistently, sooner, and broaden the dialogue to include longer-term goals,” said Ritter.

The value of a dollar should be instilled in kids from the time they are able to handle chores by themselves. Rather than just buying them the toy they want, it can be made into a teachable moment that allows their child to get a better understanding of what it takes to earn the money, save, and buy what they want.

As they get older, incorporate broader realities that involve paying for their own car payments, insurance, and other necessities.

For now, financial experts hope to get a bill passed that requires financial education as a requirement in all 50 states.

Written by adminJune 4, 2018

Saving

In today’s world, we seem to be entering a new financial revolution for women. Talk of the pay gap has increased, which has led to women gaining more respect and equal pay in the workplace.

Despite this new-found attention, women still are iffy about money. They lack confidence in saving for their future, don’t like to talk about it, and would almost rather talk about anything else.

According to a recent survey, only 52% of women feel their confident enough in managing their investments. That’s just over half of all women!

There’s still a strong feeling that men are providers and they take care of the family, but there’s a fairly large loop hole that many couples don’t think about when planning for retirement: women live longer than men.

This is why it’s super important to help women understand that financial matters aren’t just about empowerment, but having the ability to survive if something bad happens.

Lorna Sabbia from Merrill Lynch agrees.

“As women are at a tipping point to achieve greater financial empowerment and independence, it is even more essential that we support women in helping them pursue financial security for life. This includes encouraging women to invest more of their assets, save earlier for retirement, and pursue financial solutions that closely align to their personal values and life paths,” she said.

There’s a real investment gap between men and women and it’s troubling. Investing often seems like a ‘man’s game’ and can seem too analytical. They do well with other aspects, like budgeting, but investing isn’t a strong suit for most women.

On average, women live 5 years longer than men. 84% of all people over 100 are women. While this is a continuing trend, a little less than half of all women worry about running out of money. This is not a fear that will go away anytime soon, especially as technological developments allow us to live longer.

This is a major problem that needs to be addressed. Over half of all women say they regret not investing more while they were able. 60% say they didn’t invest because they just didn’t have the knowledge necessary. 34% cited a lack of confidence.

To combat this, women should consider hiring a financial planner and taking the time to learn how to properly invest.

It also shouldn’t be a subject women shy away from with their husbands. They should be in on the front lines and discussing ALL aspects of future saving, including investments, so they understand how it works and they know what their options are when the time comes.

Written by adminJune 4, 2018

Politics

Just when we thought we had a happy ending to this story regarding China and a potential trade war, both sides seemed to have hardened their positions and waiting for the other side to move.

President Trump has continued his talk of tariffs, which is really angering a lot of our allies, who all threaten to retaliate with tariffs and taxes of their own.

To ease tensions and prevent a trade war, China agreed to purchase billions of dollars of American products, including agriculture, and lower the trade deficit between the two countries. But, as of right now, it would appear Trump is not happy with the deal. He’s still threatening the Chinese with a tax on billions of dollars of imports from China.

“Both sides appear to have hardened their negotiating stances and are waiting for the other side to blink. Despite the potential negative repercussions for both economies, the risk of a full-blown China-U.S. trade war, with tariffs and other trade sanctions being imposed by both sides, has risen significantly,” said Cornell professor Eswar Prasad.

Is President Trump really willing hurt our relationship with a prominent ally in China, who has the second largest economy in the world? The answer appears to be yes. He seems more than willing to wreck whatever relationship is necessary to keep American industry at the forefront and recover some of the billions of dollars lost in unfair deals.

Peter Navarro, who is the director of the White House National Trade Council, confirmed as much on Fox News when he stated China hasn’t been that good of a friend to us.

They’ve been aggressive in the South China Sea, threatened to steal intellectual property, went behind our backs to supply North Korea with goods after committing, in public, to join in the sanctions, and according to the president, has raked us over the coals in regard to trade for many decades.

“That’s a relationship with China that structurally has to change. We would love to have a peaceful, friendly relationship with China. But we’re also standing firm that the president is the leader on this,” said Navarro on “Sunday Morning Futures.”

Trump is still considering more tariffs on $50 billion worth of China’s exports and another $100 billion they would consider taxing to make up for the massive deficit. If this goes through, China threatens taxes and tariffs of their own and to cancel any of the new trade deals that have been hammered out.

It appears to be a tit for tat stare down between the two world’s economic superpowers. No one knows if Trump is serious about imposing tariffs or is just using the tactic for positioning. So far, he has been able to successfully get many countries to come to the table willing to renegotiate deals just to stay in the good graces of the U.S.

President Trump has long believed that other countries have taken advantage of American industry and reap far more benefits from trade than we get in return. It was one of many economic promises he made during the campaign.

Tariffs and a trade war would be bad for the world’s economy and for consumers, who would be required to pay more for tariffed items to cover the increased cost.

We’ll continue to cover this story as it develops.

Written by adminJune 1, 2018

Credit & Debt Settlement

One of the main reasons why people push off debts until a later time is they aren’t sure they can afford it AND keep up with their many rituals and lifestyle choices.

For example, if you go to Starbucks every morning, is that a luxury you’re willing to get rid of to save money? You can save $140/month by brewing your own coffee. If that’s a luxury you don’t want to abandon, that’s your right, but being in debt isn’t just a small problem you can push off until later.

Saving money should be your highest priority. You don’t have to give up all the things you love, though. There should be a happy medium where you get to enjoy life while handling your debt masterfully.

Here are 5 things to consider:

1) What does this indulgence mean to me?

Does it sincerely help you in some way? Maybe that morning coffee is a ritual you’ve been doing since college and it helps you get on your feet the right way. That’s great! But you’ll have to weigh the financial risk versus the reward.

The reality is, coffee in the morning can be done much cheaper and you can find a new way to wake up and be energized for the day that doesn’t involve coffee at all. If you’re unwilling to sacrifice this indulgence, then you’ll have to cut corners in other ways to make up for the pricy decision to stick with expensive Starbucks.

Take stock of the things you love and be willing to part with some of them, while keeping others. You’re going to have to figure out ways to save money for a little while until your debts are mostly paid off and you become financially free. You’ll have a lot more money to spend on the other side of debt mountain.

2) What are the benefits of this luxury?

When you sit down to write a list of all the things you buy throughout the month, whether it’s coffee, Netflix, expensive cable channels, unlimited phone plan, etc, you should be able to tackle each one and ask a simple question: what do I really get out of this? Do I need it? Is it THAT important to have?

3) Would I really miss it that much?

You might find that a lot of your spending is on frivolous things that you really can do without. There are alternatives, such as keeping Netflix and Hulu instead of cable, which will save you a massive bundle. If you think you’ll miss your local stations too much, get a TV antenna and those channels will come for free.

Again, it’s okay to keep a few indulgences, but really look to see where you can cut some of your monthly payments down as far as you can.

4) Look for bundled deals.

Right now, my phone plan offers Netflix and Hulu free. That’s a great bundle deal that saves me a bit of money each month. Let’s say you take a little more time to clip coupons for grocery shopping and go on days that offer 10 for $10.

Becoming financially free is all about making better decisions. You can do it, even if you have Champaign taste on a beer budget. Pick your battles. Eat out with coupons while cooking at home more often. Using a Kroger card at the store can save you $.10/gallon on gas, which adds up.

5) Add up your total potential savings.

After making your list and writing down the cost each of each of those things, you’ll start to see the big picture. Simply removing costly cable and eating at home will save you as much as $3,000 in a single year! I bet there’s a lot you could do with that extra money, which includes paying off debt and/or putting it away for a rainy day.

The secret to financial freedom is not getting caught up in thinking you need this or that and splurging at a time when you can barely afford it. Many Americans have debt up to their eyeballs, but don’t know how to say “NO!” to themselves when the next shiny toy comes out. This is why debt is at its highest levels in history.

Sacrificing some now will create a more successful you in the long run.

Written by adminMay 31, 2018

Saving

As with nearly every other facet of our modern world, the homes we live in are becoming smarter and more technologically advanced seemingly with each passing year.

Thanks to millions of dollars of investments into car technology, we now have vehicles on the road that are safer, cleaner, and can drive and park by themselves without driver intervention.

No, we still don’t have flying cars yet, but the advancements in home technology will completely change how we live our lives.

With huge advancements in biometrics, you can own a smart home that knows who you are, what you like, and can even help you conserve energy. It does this all by remote access. You wear a bracelet or some similar type of device and it will tell you apart from other family members living in the home.

By reading your heartbeat, the house can determine your mood and preferences. Is your skin warm or cold? It will adjust the temperature in the room. Does it sense you’re about to walk into your study? It will turn the lights on for you (and turn them off again when you leave).

There are a lot apps as well that will allow you to see who’s at the door, detect movement, turn on lights, and even play custom music to your specifications.

In simple words, you can control your whole living experience from your wrist or smartphone. The more you wear and use this technology, a pattern about your habits begins to emerge. That means your home will only get smarter and adapt.

Making Economic and Environmental Sense

As technology and the internet continues to improve our lives, it opens the door for more opportunities to live smarter and more connected to all that goes on around us.

For example, the refrigerator with a touch screen, webcam, and app you can pull up on your phone. If you forgot to check if you need a gallon of milk on your way home from work, all you do is pull up the app and can see exactly what’s inside the fridge. While this technology is cool, scientists are fundamentally changing the way we use refrigerators so they’re also environmentally friendly as well.

Rather than using coolants in a process known as water vapor compression to generate cold air, researchers have found new ways of keeping your food cold using magnets. It’s called the magnetocaloric effect, meaning you can raise or lower the temperature of an object by changing its magnetic field.

Another uses a cooling fluid that’s water-based, cutting down on the amount of electricity used. That’s great for the environment and the pocket book.

Any time you get to add new technology to an already established system, and discover new ways of doing it better while not harming the environment, it’s a slam dunk. Consider the various wireless sensors designed to make your home more energy efficient. They will control lighting units, heating and cooling systems, and the like by measuring the temperature of the room, humidity and light levels and adjust accordingly.

There are even advanced windows which are highly insulated and can detect the amount of sunlight in a room. They will darken or lighten, much like transition lenses on a pair of glasses that go dark to protect your eyes when you step outside into a bright, sunny day. This measure will save consumers money and energy.

Nearly every part of your home is upgradable to more energy-efficient and bill saving options. With smarter and more efficient appliances, roofs, windows, siding, and insulation, all connected to smart technology, biometrics, and apps, your home will know how to keep you comfortable while saving the environment and your pocket book.

Written by adminMay 31, 2018

Credit & Debt Settlement

We’ve been doing our best to keep track of the tariff situation, as we know it will mostly impact the consumers of products than it will any one country.

After the U.S. and China seemed to cool down talk of a trade war, Trump isn’t backing down asserting his desire to improve the balance of trade he says has been unfair for so long. While he was able to successfully negotiate with China, the same can’t be said for the EU.

Last Thursday, Trump’s team and European officials made one last attempt to negotiate a deal in Paris, but it isn’t looking promising, potentially damaging trade relationships with European countries and inflaming tensions with our allies.

According to France’s finance minister Bruno Le Maire: “Global trade is not a gunfight at the OK Corral. It’s not about who attacks whom, and then wait and see who is still standing at the end.”

You can tell Europe is frustrated with the prospect of tariffs set to take place on aluminum and steel before the end of this week. It doesn’t appear a new deal will be struck beforehand, but the determination will be whether Europe thinks Trump will actually go forward with his plans.

He wants to impose tariffs of 25% for steel and 10% on aluminum in an attempt to force companies that use cheaper, foreign steel and aluminum to buy from the U.S. instead. So far, President Trump has only focused on Asia, giving our allies a reprieve, which expires at the end of the week.

The fear of everyone else not named Donald Trump is that a retaliatory trade war with Europe is the last thing the global economy needs, especially now when things have been on the upswing for the most part.

If the tariff goes through, and a new deal can’t be made, it’s expected the Europe will impose tariffs of their own. Peanut butter, orange juice, and other U.S.-made products are on the list the EU has threatened will receive tariffs if Trump goes through with it.

“This will only lead to the victory of those who want less growth, those who don’t think we can develop our economies across the world. We think on the contrary that global trade must have rules in a context of multilateralism. We are ready to rebuild this multilateralism with our American friends,” said Le Maire

Trump hopes that tariffs will help spur American economic growth and has rallied against unfair trade deficits since he started campaigning. But French President Emmanuel Macron has a different idea.

“Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade. Nothing. These solutions might bring symbolic satisfaction in the short term. … One can think about making voters happy by saying, ‘I have a victory, I’ll change the rules, you’ll see.’”

His belief is tariffs won’t help. It might bring a short boost in economic success, but due to the higher prices and retaliatory tariffs, eventually someone is going to lose their job, leading ultimately to higher unemployment.

Written by adminMay 25, 2018

Saving

The secret to saving money is knowing how to spend it wisely. If you want to have a few extra bucks saved in your account for rainy days, for that family vacation you deserve, or for anything else you might need, then you have to be practical about how you spend.

Here are 5 easy ways to save money throughout the year.

1) Pay your bills early and on time.

I get it. You hate to pay bills. It’s a part of being an adult we all loathe. But, if we want things, then we need to pay for them. If you want cable and high-speed internet, it’s going to cost you a good chunk of change. The phone bill for you and the family will require a blood sacrifice and your first born.

We’re not saying you should get rid of that stuff, but if you’re going to have it, then make sure the bill is paid on time every month. Most of these accounts require commitments and if you miss a payment, you’ll be racked with late charges, penalties, and your credit score can take a hit. The last thing you need to do is shell out even more money for services.

2) Have an emergency fund.

You might think this is a waste of time and money. A lot of people don’t bother to save, either because they don’t think they can afford it, or they don’t anticipate something happening. In realty, that’s not a smart choice to make. Things WILL go wrong at some point in your life.

A recent survey said that a majority of Americans don’t even have access to $400 if something were to happen. If you got into an accident tomorrow, and you couldn’t work for a while, how tough of a situation would you be? If you’re living paycheck-to-paycheck and have nothing saved in the bank, you’d really be hurting.

The best advice is to have about 6-9 months saved up in the bank, which is the average time it takes to find a new job or get back on your feet after an accident.

3) Learn how to say no to impulse desires.

One of the biggest financial blunders Americans make is taking on more debt when they can’t even afford the debt they have. They see something they want, really can’t afford it, but mindlessly swipe the credit card and magically believe it will take care of itself later.

Monthly payments will eventually catch up to you, you’ll get late, have fees and penalties added on, it will wreck your credit score, and before you know it, you’re drowning. It happens to millions of Americans every year.

As I stated in the previous point, things happen all the time. It’s better to not have that shiny new toy and put the money in the bank for a rainy day, then to barely eek out every month. Do yourself a favor and just say no.

4) Refinance your student loans and get help paying them off.

We’ve covered this topic a lot on this blog. Student loans are a burden on so many people. They are preventing former students from getting a house and even from being able to work their dream job…the whole reason why they went to college in the first place. A lot of states will revoke your license to work if you have unpaid student loans.

If this is you, there is help out there! Government programs, refinancing loans into one payment so you’re working with a smaller interest rate, and so much more is available to you. To learn more, feel free to give us a call!

5) Don’t borrow from your retirement.

One misstep plenty of people take is borrowing from their retirement whenever they need a few bucks, but that approach is like robbing your future self of the retirement you deserve. Not only is it a risky move, you can be charged extra for pulling money out early. The big question remains: what will you do in retirement if you can’t replenish the fund?

Getting involved in this vicious cycle of poor money habits won’t offer you an ounce of financial freedom. It might make you feel good for a few days being able to buy what you want, but after some time, that joy becomes stale as you (and millions of others) regret the decision. Be smart, learn to say no, and save as much as you can. You’ll be happier for it.

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