Debt can be like an annoying ex that won’t go away and keeps coming back.
You made yourself clear, but for some reason, it just won’t let you go.
Especially when you’re at retirement age, when you’re going to soon lose your income source.
All the frustrations and questions popped up in our brain, “This is impossible to retire with a huge debt. How can I live? How can I take care of my family?”
Now you need a clean break up with it!
You’ll need someone who is professional and has sufficient updated knowledge to analyse your needs and flaws from a neutral 3rd party perspective.
Here are some basic steps to start with.
- Categorize your debt.
- Unavoidable debt: Health expenses / Emergencies / Mortgage
- Avoidable debt: Emotional purchase / Prestige Purchase
- Understand “avoidable debt” and avoid it.
When we purchase a product, we THINK we need it. Do we really? Simply ask yourself: Am I gonna die without it? Do we already have something that’ll serve a similar purpose? Should we have a cool down period before we buy it or at least look around for more information and is more of a bargain?
- Identify your future income sources and develop a savings plan to clear debt
Having debt is not the end of the world. We just have to be down to earth, keep our income source going and try to get back on track. We don’t have to be Bear Grylls living in the wild in survival mode, but reducing unnecessary purchases will definitely speed up your debt clearance process.
- They didn’t stick to the plan and be persistent.
- The info they looked at is not what they need for their body
- They missed details that should be considered as well like the size of the portions of their meals or other genetic issues.
- Stick to the plan with commitment!!
Easier said than done. Exactly! That’s why it deserves a paragraph.People look for diet/exercise to lose weight. They spent so much time on google searching for healthy recipe and burn-fat cardio to follow, but they still failed. Why?
Without you executing the plan, It’s going to be like having a nice set of suit that tailor made for you but you just let it sit in the wardrobe collecting dust. IT’S A WASTE! Of your time, your money, and the talent of the maker.
Realistically speaking, a financial planner has no problem in analysing your situation and what’s the best you can do, but you’ll need to commit to it too. We have the updated knowledge and professional team to look after your financial health, you want a clean break up with your the debt and get back on track to your happy life and get ready for your retirement? No problem! You’ll need to be pro-active and we will need to do this together.
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