Did you get a look at today’s front page of the USA Today? There’s an
article about senior adults and their credit card debt. I’ll put a link at the
bottom of this page, but I think that the following few sentences sum
up the issue:
Unmanageable debt is forcing some older people to delay retirement.
It’s nudging others already out of the workforce back in. And
it’s causing a record number of seniors to seek bankruptcy-court
protection.
I hope that you will take a second and read the entire article. Many seniors,
struggling with the rising costs of health care, are going into debt in order
to meet their financial obligations. This is a very sobering article. If you are
a young person, I suggest that you take this article, and its conclusions,
to heart.
There are times when I want to “relax” a bit and buy things that I don’t
really need. An article like this one really helps to put things into perspective.
Please note: There is a line in the article about talks about a family that had to pay $140,000 in health care costs that insurance didn’t cover. This sounds like a lot. But think about this: A ONE-TIME investment of $5000 growing at 12% would equal a little over $140,000. So, do you really need that new HDTV? How about those “sweet rims” for your car? The decisions that we make NOW will dramatically affect the quality of our lives in the future.
To read the entire article, click here.
NCN,
Thanks for the link. That is kind of a scary story. I am a believer in paying bills, but if I as the 85 year-old man in the story I think I would not worry much about the credit card bills.
Merle Sneed
Hmm, an investment that grows at 12% annually? You want to let me know how to do that? I would be thrilled with an investment vehicle that would guarantee growth of 12% annually.
Beth B, For most 30 year periods, the stock market as a whole averages a 10 to 13 percent return. Of course, when you begin to invest will determine the actual rate of return. If I’m wrong, and you could only find a 5 or 8 or 10 percent return, then my point is MAGNIFIED. You need to start saving, now, as early as you can!