Debt Management Today

A Business and Finance Resource

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Mar
14

How Ready Are You for the Future?

Posted under by admin

Will you be ready for retirement? According to the U.S. Social Security Administration most of us will not be ready. They surveyed 100 Americans and here are the results.

1.5 percent are wealthy can do whatever the want whenever they want

5.5 percent are secure and can do mostly what they want with some planning

4 percent have no savings and have to keep working to support themselves

89 percent on depend friends, relatives and charities for survival

How prepared are you for an emergency and how do you compare with everyone else in the world? Below are some facts about how Americans rank among other global countries when it comes to savings.

Japanese save 21.4 percent of their income

Canadians save 14.4 percent of their income

Germans save 13.8 percent of their income

The British save 11.5 percent of their income

Americans save 2.9 percent of their income

These five steps will help you achieve debt freedom.

Assessing your financial situation. This includes recording how much you earn, spend and owe. To get to debt freedom you have to know where you are starting from.

Plans for the future. Have a vision for the future and be able to write it down, so that you can see on paper, how you want your financial situation to appear in the future. Achieving a goal depends greatly on your ability to visualize that goal. The clearer your goal, the more likely you are to achieve it.

Have specific goals. You will need to set short, medium and long range goals. Having a timeline will make it easier to see where you have been and where you are going. Short-term goals and long-term aspirations are both important when it comes to achieving debt freedom.
Simple effective tools. A simple step-by-step process for creating and tracking your wealth building is necessary.

Willingness. Once you have provided this, the rest will come fairly easily. To achieve debt freedom, you will need to take consistent action and be willing to take the steps required to reach your goal.

The will be more detail on these steps in future articles.

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