People from all walks of life accumulate debt. And while it may seem that affluent families live the sweet life, the costs to maintain that certain type of lifestyle annually are around 20 times more than the average family. This is because, according to CNN Money, the rich often hire extra hands to do household chores for them, from cooking to driving. In the end, they seek financial coaches like JKB Financial, Inc. (doing business as American Debt Solutions) for help.
Suppose you've just received part of your inheritance, which is oftentimes a synonym for "I'm a millionaire." Before you start hiring help, ask yourself, "Why do I need to hire them?" Are you so occupied with investing your inheritance in lucrative long-term goals that you can't find time to wax your own marble floor?
According to statistics, it costs an average of $75,000 to maintain a housekeeper every year. The median annual household debt is $70,000. This wouldn't be a problem if $70,000 is just pocket change compared to your annual income and your reason for hiring a housekeeper is justified, like if you have family members with limited mobility.
To put it simply, budgeting runs on justification. Will the extra cost be worth it in the long run? If you can do these things yourself, then why not?
Besides, there are non-financial rewards in doing chores yourself. For instance, you get to try out new things when cooking and feel the pleasure of driving out in the open. As far as statistics go, if you can make do without a housekeeper and driver, you can save a total of $165,000. If you can cook your own food and walk the dog on your own, then that's an additional $106,000 savings.
This won't eliminate debt but reduce it, which is the least you can get from various settlement solutions. With more money to spare, you can invest in more lucrative goals and improve your income. Experts like JKB Financial, Inc. always remind their clients to weigh the pros and cons of everything they do with their savings.
Wealth isn't always a measure of assets. It's a measure on how wisely you’re spending your money.
Sunday, June 29, 2014
Tuesday, June 10, 2014
JKB Financial, Inc. Helps Get You Started on the Debt Settlement Path
You can’t ignore your debts and hope that they will all magically go away someday. You have to make a conscious effort to face your financial obligations, coordinate with your creditors, and work toward reducing the amounts you owe them. These tasks require discipline, proper information, and the right debt settlement solutions.
While you may consider yourself well-versed on various financial matters, be aware that debt settlement solutions are best coursed through companies like JKB Financial, Inc. (doing business as American Debt Solutions) to ensure that the whole process is as streamlined as possible. Since debt settlement involves working out solutions with your creditors to lower your outstanding balances, professional negotiation skills will certainly come in handy.
Be aware that not all creditors may be responsive to the idea of reducing what you owe them. Some negotiations do take a while, but what’s important is to convince your creditors about the feasibility of your plan and get them to agree to your proposal. In some cases, creditors would rather agree to minimize balances than to refuse such requests and face the risk of loan defaults.
To make any debt solution work, you’ll need to prepare a timeline for the debt settlement program. Take note of your payment due dates and be sure to set aside the necessary funds so you neither underpay nor exceed deadlines. Monitor all your bills and prioritize paying off high-interest debts as soon as possible.
Keep in mind that debt settlement is not a shortcut to a debt-free life as the entire process can take months, sometimes even years. However, once you’ve settled all your dues in manageable amounts, you can certainly look forward to having a fresh start. By then, it’ll simply be a matter of keeping track of your finances and committing to keep out of debt.
Nobody desires to be stuck in a lifetime of debt. Fortunately, you do not need to sell off property or assets in your possession to settle your financial obligations. A JKB Financial, Inc. referral to a trusted debt processing company can set on your way to financial independence.
While you may consider yourself well-versed on various financial matters, be aware that debt settlement solutions are best coursed through companies like JKB Financial, Inc. (doing business as American Debt Solutions) to ensure that the whole process is as streamlined as possible. Since debt settlement involves working out solutions with your creditors to lower your outstanding balances, professional negotiation skills will certainly come in handy.
Be aware that not all creditors may be responsive to the idea of reducing what you owe them. Some negotiations do take a while, but what’s important is to convince your creditors about the feasibility of your plan and get them to agree to your proposal. In some cases, creditors would rather agree to minimize balances than to refuse such requests and face the risk of loan defaults.
To make any debt solution work, you’ll need to prepare a timeline for the debt settlement program. Take note of your payment due dates and be sure to set aside the necessary funds so you neither underpay nor exceed deadlines. Monitor all your bills and prioritize paying off high-interest debts as soon as possible.
Keep in mind that debt settlement is not a shortcut to a debt-free life as the entire process can take months, sometimes even years. However, once you’ve settled all your dues in manageable amounts, you can certainly look forward to having a fresh start. By then, it’ll simply be a matter of keeping track of your finances and committing to keep out of debt.
Nobody desires to be stuck in a lifetime of debt. Fortunately, you do not need to sell off property or assets in your possession to settle your financial obligations. A JKB Financial, Inc. referral to a trusted debt processing company can set on your way to financial independence.
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