The end-of-the-month problem isn’t just what you’re taking in, it’s more likely what’s going out. Navigating the line between income and expense is a lot easier with a financial road map: A household budget.
A will is not a one-and-done exercise, because life doesn’t stand still. Circumstances change, and when they do, you’d best update your will or risk unintended consequences.
There are many formulas for figuring out how much money you need to retire. Almost all of them can end up being wrong for a variety of reasons.
Personal debt problems can arise from numerous circumstances, including health crises, theft, property damage, or loss of income. These situations are beyond the debtor’s control and arise through no fault of his or her own. But in other cases, it’s our own purchasing decisions that contribute to amassing a burdensome amount of debt, and it’s entirely avoidable.
In the modern world, it’s probably fair to say that most of us like to get what we want quickly. We like fast food, same-day delivery, on-demand entertainment and fast passes at the theme park. And sure, it would be great to “get rich quick” in the stock market too. 
Living a debt-free life is a dream for many Americans. Sadly, it’s becoming an increasingly harder dream for many to realize. As a nation, we’re virtually drowning in debt, and it can have serious consequences. It can mean struggling to get married, have children or start a family or business.
Debt and the American way of life have become synonymous. From the 1850s when the Singer sewing machine company first introduced installment loans so that more homes could purchase its revolutionary appliance, a rising standard of living and debt have gone hand in hand.
Think you know how much you’ll need to retire comfortably? You might want to think again. According to the Schroders Global Investor Study 2018, which surveyed more than 22,000 investors from 30 countries, 15% of retirees lacked sufficient income to support a comfortable retirement.
Imagine two farmers. One farmer’s crop consists entirely of corn. The other grows a mix of corn, wheat, soy and potatoes. Then one season a terrible blight destroys many corn plants and significantly reduces yields. Which farmer is going have more of a problem?
Consumer debt surpassed $14 trillion in the beginning of 2019, and it’s a trend that’s showing little signs of slowing down. Home mortgages, student loans, credit cards, payday loans, home equity loans, personal loans, car loans — it seems there’s no shortage of ways to dig yourself into a financial hole.
The end-of-the-month problem isn’t just what you’re taking in, it’s more likely what’s going out. Navigating the line between income and expense is a lot easier with a financial road map: A household budget.
A will is not a one-and-done exercise, because life doesn’t stand still. Circumstances change, and when they do, you’d best update your will or risk unintended consequences.
There are many formulas for figuring out how much money you need to retire. Almost all of them can end up being wrong for a variety of reasons.
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