In reference to 8 Scary Financial Statistics – and How to Avoid Becoming One by Susannah Snider [US News Money], this is further motivation to get your financials in order. Here are the 8 scary financial statistics:
When reading through these, I often think about why or how someone would end up in this situation. For example, two-thirds of Americans would struggle to scrounge up $1,000 in an emergency. A few questions come to mind including:
If you are on the wrong side of the fence regarding any of these 8 scary financial statistics, then you should really take a step back and understand why. One of the very first steps is becoming educated to understand the financial landscape. For the financially uneducated millennials out there, learning the basics of money will help you knock #2 off this list [Only 24% of millennials demonstrate basic financial literacy]. In actuality, becoming more educated in terms of managing money will help solve many of the 8 scary financial statistics.
In general, there is no overnight cure for debt. There is the super small possibility of you winning the lottery and being able to live independence of financial worry, but if you are not educated on how to handle money, eventually you will end up in the same situation. Learning the basics of money management is super important and very easy to do because there are so many free resources available. It will take time to reduce your debts to a point you feel comfortable. It may also take time to save up enough money to help you our on a rainy day. The key is to bring in more money than you are spending. It is very important to control your spend and make sure you are not using your money for meaningless stuff. Just be patient and keep doing the right things. This will bring you to success!