Finances (Save, Spend, Give)
Two | Ten Podcast
English - August 07, 2020 19:00 - 27 minutes - 18.9 MBKids & Family Business Careers mom black professional women married kids doctors goals self-help mommy Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
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What's your financial story?
Some Statistics:
Total consumer debt totaled $4.144 trillion in quarter three of 2019, a 4.7% increase from quarter three of 2018. Average consumer debt per capita is approximately $12,687 (total consumer debt as of November 2019/total US population as of January 9, 2020).Total revolving consumer debt was $1.083 trillion in November 2019Total revolving consumer debt rose 3.8% between quarter three of 2018 and quarter 3 of 2019.Average revolving debt per capita is approximately $3,299 (total consumer debt as of November 2019/total US population as of January 9, 2020).One in ten adults says they carry a credit card balance over $5,000. [Source: NBC]Total non-revolving consumer debt was $3.089 trillion in November 2019. Student loans totaled $1.636 trillion in September 2019. Auto loans totaled $1.189 trillion in September 2019.Average loans per student equal approximately $82,170 (total student loans in September 2019/total students enrolled in public or private universities in 2019)*Resource: https://www.lexingtonlaw.com/blog/loans/consumer-debt-statistics-2019.htmlBudget
Making monthly calendars full of bills and incomeOpen up the mail as many people avoid opening up their mailCash envelopes for budgeted amountsEvery Dollar is a resource (Dave Ramsey/Rachel CruzeResources:
-His/Her Money Podcast
-Dave Ramsey, 7 Baby Steps
Save $1,000Debt Snowball, Pay off all consumer debt less the houseSave 3-6 months of living expensesInvest 15% of household income in retirementSave for children’s college fundPay off home earlyBuild wealth and giveTips: (Save, Spend, Give, Earn)
Spend less than you earnHave a side hustleDelay instant gratificationCut billsUse a coin jarAutomatically save from a bank account on payday or weeklySide hustles (DoorDash, Uber, Poshmark, PT Job, What gifts do you have)Work more hours on your regular jobAutomatically invest each weekGet kids, nieces and nephews investment accounts for birthdays with $25 in them and add $5 per week or month to them.Music Credit: Mitchell Huntley, Power of Love, “Freestyle".