Americans are facing financial challenges today as never before, and a lot of us have been forgotten by the typical financial advisor. There are many people who have not sought financial advice because they felt it was out of their reach.
Nevertheless, it is just as important to the person who earns less than $100,000 a year to plan for the future, and they also deserve someone who is knowledgeable to assist them in having a comfortable retirement, as well as be prepared for financial emergencies and pitfalls that hit us all from time to time during our lifetimes.
Here’s just a few of the challenges the average American family is facing today, very serious challenges that will be the root cause of many of us retiring poor or having to return to work in our “golden” years.
1. The number one reason Americans are not saving, or saving very little for the future, is that we are drowning in debt! The statistics for 2015 show the average American carrying 15,000 balance on credit cards, 168,000 on their mortgage balance, 27,000 owed on their car loans and a whopping 48,000 owed on their student loans.
2. Taxes! The average American pays out 24% of their total income in taxes, that’s all types of taxes, payroll tax, income tax, sales tax, property tax, car tags, etc, etc. Why there’s probably even a “we haven’t figured out what to call it” tax!
3. Due to the above listed debt and taxes, the average American is only able to save 2% of their income. That’s a huge challenge, and so this rate of saving has most American families heading for financial disaster!
If, and that’s a big if, the average American were able to sit down with the typical financial advisor, after agreeing to the fee, here’s what they will likely be told to do.
First the advisor will ask for example, “do you like coffee, do you go to some of the famous coffee franchises every day? What do you spend there? Let’s say you answer $50 dollars a month. The advisor writes that down and asks “do you like to watch sports and movies on TV? Do you have cable? How much does that cost you? You answer “$150 a month”, and the advisor writes that down also. Next the advisor asks you if you go out to eat? How much does that run you? You answer “$200 dollars a month”
The advisor adds those amounts and says “I just showed you how to invest $400 dollars per month towards your future.”
Now, I would like for you to answer this question, do you really want to scale back your family’s lifestyle to accomplish saving more money? I didn’t think so, I wouldn’t either!
What if you knew there was a much better way to accomplish the same goal without giving up any of those things that were mentioned? Well absolutely… there is a better way!
First, a great advisor that looks out for you will teach you how to reduce some of that debt you’re paying out every month to all of those credit card, auto loan, and mortgage companies, without a fee.
The great advisor will also show you how to reduce your taxes legally and take the money you save in both of those areas and create an excellent savings every month towards your family’s future!
You will accomplish things like, paying off your debt, building a comfortable and secure retirement, put your children through college, have a good size fund for emergencies and for emotional spending, and do all of this on your present budget, with the same money you’re paying out now every month for debt and taxes. And you get to keep your lifestyle!