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.
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