Imagine yourself 50 years down the road. Debt free. Ready for Retirement and not worrying about a thing in the financial life. Wouldn’t that be great rather than living like most of the world today. Filled with debt and nowhere near retirement only because they did not save and stay out of debt the correct way.
People these days are more in debt than ever. People from the age 41 to 46 are six thousand dollars in debt on average according to money.cnn. Investing 100 a month for 18 months with 5% interst will result in fourty eight thousand dollors when the 18 years is done. If us teenagers started doing that when we get jobs we will be rich and ready to live our lives. Not in debt.
Personal finance should be started at a younger age. People as young as the age of 17 should be financially responsible and educated to know how to manage their own money.
The main reason that people are in debt today is because they were not educated as kids. Most people today never had the classes that are offered today. That would mean they never knew how to save the correct way.
Being in debt is really bad for your family, friends, and mainly yourself. It will limit your opportunities in life. Say your kid wants to have a birthday party you will not be able to give him that. You also will not be able to go back to school, move houses, or make a change in your career.
Debt also makes you live with more hassle. Bad jobs, poor living conditions, broken down cars, and have callers wanting money for your unpaid bills. Would you really want to live your life like that.
Realizing you are in debt is the hardest part according to direct.gov. We will always feel that it will go away by itself, but the truth is that it will just hang around us till we pay it off. Lets say you took out a loan you might pay a lot more with the interest. So it would be best to just be paying a couple big purchases and one time so we don’t fall into bigger debt.
If we don’t pay attention to...
Please join StudyMode to read the full document