Get Rid of Debt Before You Retire | How to Retire Debt Free

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Should you have debt going into retirement? On this episode of A Wiser Retirement Podcast, Casey Smith and Brad Lyons, CFP® talk about the importance of getting rid of debt before you retire. They talk about credit cards, managing student loans, real estate, and the snowball method. It is important to take control of your debt and find a payment strategy that works for you so you can have enough income to sustain yourself in retirement.

Full Summary:
Live Debt Free
As you are approaching retirement, it’s important to eliminate as much debt as possible. This includes having credit cards paid off as well as auto payments, mortgage payments, and other existing balances. Living a debt free life is a part of our core belief system here at Wiser Wealth Management because it can help you live a stress free life and save for the future.

Beware of Credit Cards
Advertising and consumerism often depict loans and credit cards as another source of income. It is important to realize they are not. Credit card companies advertise rewards programs and cash back, which can seem like a nice added benefit. This makes it easy to spend money that isn’t yours. Tread carefully and make sure you can pay off what you spend. Also, keep in mind credit cards should not be used as an emergency reserve. They should only be used if you have the resources to pay it off in the future.

Advice for Students
An optimal plan for students would be to leave college with no debt or student loans. With the rising prices of tuition this may be a challenge. However, it can be done if you apply for scholarships, work during college, and pay them off as you go. The main benefit of this is that it gives you the resources to start putting away money into a 401k or savings. Unfortunately, student loan debt often defers decision making. It can make it more difficult for future decisions such as marriage or starting a business. This is why it is important to keep loans to a minimum. If you need to take out loans make sure you have the resources to pay them off in the future.

Minimize Debt with Real Estate
Real estate can assist you in staying debt free. The main way this can be done is renting out real estate properties you own. The best thing about using real estate to eliminate debt is that it’s essentially always a good time to buy vacation homes and you can increase your nightly rate if people will pay it. To begin this process, pick a good location. Then, make sure you set aside money for emergencies. It is important to pick a home you can afford so if something happens where you can’t rent it out, you can still pay for it.

The Snowball Method
The snowball method is one of the best strategies to pay off your debt. It can be defined as paying off the smallest balance first and then working your way towards paying off the larger balances. This is important because it eliminates more debt at a faster rate. On the other hand, if you decide to go after the biggest first, there is a potential loss of interest. Overall, paying off debt one by one, and starting with the small balances first can change your life. Put yourself in a good position for the future by using this tried-and-true method.

Timestamps:
0:00 Intro
3:22 Live Debt Free
15:14 Beware of Credit Cards
24:02 Advice for Students
32:55 Minimize Debt with Real Estate
42:56 The Snowball Method

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Are You Debt Free if You Have a Mortgage, Get Rid of Debt Before You Retire | How to Retire Debt Free.

Fast Debt Relief – 3 Biggest Lies

Always ensure that you repay your loans based on the conditions and terms. Individual loans and charge card are the most common kinds of unsecured debt. Financial obligations can be bad and good for us.

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Financial Obligation Management For The Future Of Our Children

This might correspond a great deal of cash out of your pocket. Prior to you protect your loan, be sure to do the research study on your debt consolidation business. You should pay at least the minimum payment on each financial obligation.

I do not need to persuade you that MONEY is absolutely important for our life, right? We all want more of it or even better a lot of it. However what do we do to get it? Work, borrow, go overdraft, utilize charge card? It seems that it’s never enough.

Secured Debt debt consolidation loan can be taken offering any of your assets. The asset can be your cars and truck, home, residential or commercial property papers and many more. The quantity you choose can be utilized to consolidate your financial obligations that may be your credit card debts, personal financial obligations, service financial obligations and numerous more.

So how do you reach your goal? The first thing is to comprehend you require several income sources. You will not get there working one job and earning a direct income. You will need numerous sources of earnings and at least among them needs to be recurring. And among the very best and most popular ways to create this extra earnings is with a home based organization. Home company is the pattern of the 21st century and is quick becoming the company concept of the future. Home based business is low threat however high potential and if you pick a service that involves network marketing, your success will increase much more.

On the other hand there are substantial advantages to being Debt Free. Being debt-free enables you to take risks in life that you simply could not take being strained by debt. It is much easier to start a new profession, launch your own organization or take a lower paying more pleasurable job if you aren’t encumbered debt. When you are one paycheck from personal bankruptcy it is a lot easier to live by your principles.

According to a U.S. Congress report, the average United States family has debt that more goes beyond over 40% of what they make every month. In recent studies from 2008 the average balance rose 30.5% to an average of $7350.00. According to the same report put out by U.S. Congress, customers have Revolving Debt totaling an amount of $950 billion.

Online protected debt consolidation loan is the fashion of the day. As it takes less time and makes your search immediate. You get variety of loan quotes, repayment term, and low rates of interest from lending institutions. Then the ball is in your court and you are the one who takes choice concerning the selection of your lender.

Focus on conserving for rewarding causes. This is the last in the list of 7 clear ideas on how to be debt-free. Buying your own home (or a dream home) in the future or preparing for your kids’s university education is top concern that will assist you to focus and get rid of unnecessary expenditures. Financial objectives are a way of getting rid of temptations to buy and own lesser products and services. Make these objectives sensible to help make you feel a sense of accomplishment.

Being mostly debt-free does have some drawbacks. Becoming Debt Free requires choosing in your lifestyle. That’s the trick to ending up being financial obligation complimentary.

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