SimpleCents Guide to Manage Your Money
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
the simple sense guide to manage your money. Chapter one. What everybody ought to know about being in debt. Turning your financial troubles around starts with some self awareness. To initiate a life changing journey, you must understand why you are where you stand right now. The reasons for getting in debt and staying in it are just a few, and the first chapter will outline the most common ones, the ones which applied to the vast majority of us. Most people are in debt for one simple reason. They spend more money than they make. The reason most people are in debt is incredibly simple, but it is rarely pointed out. They spend more money, then they make much of the time. Your debt problem stems from this one simple cause. More than 40% of Americans spend more money than they earn due to credit cards and loans. Unfortunately, spending more money than you make is an extremely common practice. In fact, in the United States, over 40% of us spend more money than we make, which leads to our financial life, which is centered on debt. If you also tend to spend more money than you make. You are essentially selling your income to the future. If you do not have a plan in place designed for catching up to the amount of money that you have spent already, then the debt that you run up will then begin to accumulate even mawr debt due to the interest which will be caused. You are probably all too familiar with the vicious cycle that results from interest and the compounding of interest. When you run up debt, eventually, you will most likely end up paying interest on your interest. Unfortunately, this lifestyle spending mawr than you make serves on Lee to perpetuate the myth that in the future you will be able to catch up on your debt, a myth which helps to keep you year after year in the same exact position as you were before.