And let me just say you gotta tune in online for all 4 weeks of this series…it’s gonna be a good one.
Here are a few of the statistics that Craig shared…
- Average household debt in the U.S. is now 136% of the household income.
- For those carrying a balance, the average credit card debt is $14,517.
- The average 21-year-old owes $12,000. By 28, they owe $78,000.
- The average number of U.S. households living paycheck to paycheck is 55%.
There are many of you reading this today, and YOU are financially struggling. You are drowning in a ocean of credit card debt, you are spending more than you make every month (and you don’t see a way to make more) and there are some of you that are creating a lifestyle of debt/paycheck to paycheck that will be lived out by your kids as well.
So, here are…
5 FINANCIAL DECISIONS THAT WILL WRECK YOUR KIDS
- VACATIONING ON CREDIT CARDS: Thinking that “you deserve a break today” and vacationing on your credit card will wreck your kids. How will this wreck your kids? You will spend years paying off this debt, you will be STRAPPED, you will fight with your spouse, you will have to say NO to your kids to every financial ask and you will create a second generation of kiddos that are driven, strapped and constantly think about money.
- NOT FUNDING YOUR EMERGENCY FUND: Dave Ramsey talks about the EMERGENCY FUND and 9 ways to build your EMERGENCY FUND HERE. If you don’t take the time to build your $1K EMERGENCY FUND you will always be playing catch up and may find yourself in a situation where you won’t take your son to the Doc because you don’t have the money or you don’t have enough money to buy “enough” food for your family…so you charge it on your credit card (SEE #1)
- BANKING ON GET RICH QUICK SCHEMES: Years ago (might I stress years ago again) I was invited to participate in a pyramid cash-ola scheme. I paid a grand to get in, recruited more to get in, made my way to the top and got paid a few grand…IT WAS FREAKIN AWESOME, and illegal! My good friends that I recruited to be a part of the cash money, cha-ching, bling bling, pyramid scheme are no longer friends, because they DID NOT make it to the King Chair Pay Out Spot.
- CREDIT CARD USE: Yeah, a no-brainer that I have already mentioned a thousand times…but tear up your #$*!?! credit card!
- MAKING FINANCIAL PROMISES YOU WILL NEVER KEEP: So many parents promise “one day we will go skiing”, “next year you can get a phone”, “one day we’ll get studio tickets to Arsenio Hall”, I think you get the idea…stop promising, put a debt elimination plan in place and work the plan.
DO NOT ignore and act as if you did not read this post!
WATCH week #1 of STRAPPED now!
Join the conversation & leave a comment: Which 1 of these financial decisions do you need to reverse today!