The statistics for the typical American household weren’t to optimistic prior to the COVID-19 Pandemic. Before March 2020, 8 out of 10 American households where living paycheck to paycheck. Many new young couples fresh out of college are buried under thousands of dollars in student loan debt. Tack on the fact that the average credit card debt in those same households is roughly $17,000 and you begin to see a grave picture coming to light.
Debt is the number one reason why the majority of the US working population can’t set aside funds to properly address retirement, fund college education plans for the little ones, have an emergency fund for unforeseen expenses and be able to have adequate income protection in place. It’s the American Debt Trap.
Now fast fast-forward to the current times in the mist of the current COVID-19 Pandemic. Do you think the average American household to currently doing better? This is precisely the time when the need for having a concrete, personalized plan is absolutely necessary.
One of the services I can provide is a complementary, personalized financial needs analysis, or FNA for short. This is a up-to-the moment snap shot of all your assets minus your liabilities. That number is your current net worth. For some, your current net worth is positives and that’s a great step in the right direction. However, for most, their current net worth is negative. This is where having a concrete plan of action to help get out of debt and turn your negative net worth into a positive is simply a must.
The complementary FNA will show you how to get out of debt by using a method we call debt stacking. As we work on eliminating the debt, we simultaneously start working to better allocate those funds being freed from the elimination of debt. You work out of debt and begin to develop the necessary levels of a solid financial home.
On a scale of 1-10 (10 being the highest) how would rate your desire to be debt free, working towards becoming financially independent while being properly protected? This is your opportunity. Contact me directly at louis@louisromero.com to schedule your FREE FNA and let’s get to work!