Headed in the Right Direction: Managing Debt for Millennials

Three simple words can strike fear into the heart of any millennial:

Student.

Loan.

Debt.

The anxiety is not surprising: In 2015, US college graduates had an average of $30,100 in student debt, and the average Canadian college graduate had $26,819 in student loan debt.
Nearly $30 grand? For that you could travel the world. Put a down payment on a house. Buy a car. Even start a new business! But instead of having the freedom to pursue their dreams, there’s a hefty financial ball and chain around millennials’ feet.
That many young people owing that much money before they even enter the workforce? It’s unbelievable!
Now just imagine adding car payments, house payments, insurance premiums, and more on top of that student debt. No wonder millennials are feeling so terrible: studies showed that Canadian students who had to take out large loans were in a state of poorer mental health than their peers, and 57% of American millennials report that paying for essentials alone is a “somewhat-to-very-significant” source of stress.
Now is the time to get ahead of your debt. Not later. You have the potential to manage that debt and get out from under it!
So how do you do that? Sometimes improving your current situation involves more than making smarter choices with the money you earn now. Getting out of that debt ditch means finding a way to make more.
There are 2 things you can monetize right now:
  • Your education
  • Your experience
Both have their own challenges. You may not have spent much time in a particular field yet, so not a lot of experience. And what if you’re working a job that has nothing to do with your major? There goes education.
Two speed bumps. One right after the other. But you can still gain momentum in the direction you want your life to go!
How? A solid financial strategy. A goal you can see. A destination for financial independence.
Debts can become overwhelming – remember that stat up there? But with a strategy in mind for the quick and consistent repaying of your loans, so much of that stress and burden could be lifted.
Contact me today. A quick phone call is all we need to help get you rolling in the direction YOU want to go.
Written by: WFG1926703-1017

Comments

Post a Comment

Popular posts from this blog

Open Enrollment Health Insurance Ends December 15th! Why this matters.

Image
Open enrollment for Health Insurance for 2018 will end on December 15th. If you do not have a Health Insurance Plan by that date, you could be fined a minimum of $695 in 2018. Are you covered? Do you need to be? Many jobs give some kind of health care. But not every millennial is lucky enough to have a job with these perks, or good enough coverage to really help them in an emergency. What is Health Insurance for? Health Insurance is there to help you in a crisis. Hospital bills can be extremely costly - with the average cost of a stay in the Hospital being $10,000! ( https://myphysiciansnow.com/how-much-will-that-hospital-stay-cost-you/ ) Emergencies happen, and you need care. Health Insurance makes this more manageable. Instead of having to pay all of that amount, you make monthly payments of anywhere between $20-$300 (depending on what you want and what you qualify for. See link at bottom of this post to get your own quotes). After the monthly payment, you also have a
Read more

A Day With The Producer of "Think and Grow Rich"

Image
Mr. Shin and I! "Think and Grow Rich", written by Napoleon Hill, has sold over 100 million copies world wide! It is constantly changing the lives of everyone who comes across it. If you haven't read it yet, I would definitely recommend it. A lot of it is about increasing your income, but it is also fabulous for personal development. "You're never going to make a living if you are always working to live" - John Shin Last month I had the opportunity to spend a day learning from John Shin, the producer of the movie made from the book, "Think and Grow Rich". John Shin is an incredible man. His family moved to the USA from the Philippines when he was about 1 years old. He holds a B.A. in Business Administration from the University of Southern California, an M.B.A., and earned a Jurist Doctorate Degree in Law. Since then, he has been working and training in the Financial Services industry for over 23 years. He has been featured in Forbes magazine
Read more