This question comes up all the time when I talk with people about getting out of debt or structuring their finances. Lets be realistic, a mortgage or rent payment is a large chunk of change to pay out monthly. What I have found is that moving back in with my parents after being independent in college is unrealistic for most millennials. The reason is because our parents still perceive us as their children … I mean we kind of are…but we should still take advantage of the opportunity to get a
The 20 something, young adult struggle is in full force as I am typing this. I have received countless emails saying Phil congrats on your success, but please help me. In this post, I want to address the tough times and give inspiration into what the future holds for all of us. Take a minute and step back, away from your perceived problems you have going on right now and think about 3 things you are thankful for in your life. The struggle is real, but our perspective is what
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I had a conversation with a friend the other day and he said to me, “Phil, I never talked to anyone about money until I met you.” This in turn made me think. I never realized how many people go through life with a trial and error approach to money management. This approach lands most of us in debt while we are still attempting to figure out a plan that works. So, the million dollar question is, Why Don’t We Talk About Money?
The proof is in
“If you fail to plan, you essentially plan to fail”
The average Class of 2016 graduate has $37,172 in student loan debt and $3,176 in credit card debt. With this staggering debt ($40k) looming over the heads of 20 somethings, I think it is about time we discuss life after college and how to structure your finances.
What I have found is that there are two main problems that plague us when it comes to financial responsibility.
Our school system does not teach us how to structure our finances. Aside from a Home Economics class I
According to a recent CNN study, 76 percent of Americans live paycheck to paycheck.
Only 32 percent of Americans keep a household budget per Gallup.com.
When you take those two statistics into consideration something does not add up. 3 out of 4 people live paycheck to paycheck and close to 1 out of 3 people budget their money. Based on the numbers I would say that the 76 percent of Americans who are living paycheck to paycheck are not budgeting their money.
Why don’t we budget?
A lot of times