Vanilla Ain't a Color in the Rainbow ~ Jen McDonough
Are you or someone you know living "vanilla" when it comes to your personal finances?
CNN Money reports that almost half (48%) of homeowners under the age of 40 are currently underwater on the their mortgages - meaning they owe more than their homes are worth. The article reports, "Unless they can get a short sale, their lives will be difficult to turn around." It also went on to say, "Now, as they approach middle age, they have nothing to show for their investments."
Dave Ramsey reports that "70% of Americans are living paycheck to paycheck."
Yahoo Finance reports "A study done at Harvard University indicates that medical expenses is the biggest cause of bankruptcy, representing 62% of all personal bankruptcies. One of the interesting caveats of this study shows that 78% of filers had some form of health insurance, thus bucking the myth that medical bills affect only the uninsured"
Quite simply, people today are trending towards skating on thin ice when it comes to personal finance.
Sounds harsh right? Well, it is sadly true. Our family was definitely skating on thin ice when it came to personal finances not long ago. I can tell you that being a part of the 70% of people living paycheck to paycheck can bring a life filled with stress, embarrassment, and fear.
When our family was hit with an medical crisis in our lives, it not only hit us emotionally, but also financially. We definitely were not prepared and it almost destroyed us financially.
I hope to never have a friend, colleague or person I know ever experience what we went through. Seeing the above statics however, I know personal finance devastation WILL happen to many of our friends, neighbors and relatives at some point in their lives. My goal is to share hope and inspiration to others that are facing what we went through.
If you know someone or yourself are living "vanilla" when it comes to personal finances, please know that living average does not mean it is the way it has to be. Don't sit around and dream that pot of gold at the end of the rainbow, take action to change. Please visit our free resources page by clicking HERE. You will find plenty of helpful resources to start you on the road to personal transformation.
Question: For those living "vanilla", what small step will you take action on TODAY to live like the colors in the rainbow (extraordinary)?
Live Beyond Awesome.
Attention To Those Looking to Help Spread Hope: Our book Living Beyond Rich is due out in a few weeks and it WILL hit home for those who you may know that are suffering from financial troubles. I am asking you to please consider joining my book launch team that will be spreading hope and inspiration to others later on this year. If you are interested, please click HERE (it will be fun and simple I promise).