Overwhelmed, but you're not alone
To say a lot is going on in the world right now seems like an understatement, doesn’t it? Unfortunately, many people have a lot of fear and anxiety regarding their finances. The stats below from a recent Ramsey Solutions study confirm how many feel about these situations.
Most Americans feel similar about their finances
After a recent study by Ramsey Solutions, results showed it was common for many Americans to have similar feelings about the world around them and how it affected their bank account(s).
80% of Americans are worried about the economy
3.98MM people/month quit their job in 2021
4MM people/month quit their job in 2022
Inflation is at its highest in 40 years
37% of Americans are struggling or in crisis with their finances
25% of Americans say they’re relying on credit cards more to make ends meet
Nearly 4 in 10 Americans have $0 in savings
Half of Americans say finances have had a negative impact on their mental health
4 in 10 people have cried or had a panic attack over their money in the last year
82% of Americans are somewhat or extremely worried about their student loan payments restarting
There is HOPE
While all of these issues exist, there is hope. There is no shortcut or secret. However, we believe the basic principles that Ramsey Solutions teaches work exceptionally well. They are tried and true, straight from God and Grandma. They work 100% of the time. Dave Ramsey calls them the Baby Steps.
It doesn’t matter where you are in life; you can begin anywhere and anytime. For those who are serious about getting their financial situation under control, Dave and his team put together a course called Financial Peace University which is a nine-lesson course that teaches you how to save for emergencies, pay off debt fast, spend wisely, invest for your future, and build wealth. If you become a client with us, you will have access to Ramsey+; this membership of Ramsey+ includes access to Financial Peace University so that you can take this course at your leisure.
If you want to learn more about the 7 Baby Steps, this article on our website outlines them well. The baby steps are a proven step-by-step plan to help you achieve your financial goals.
A common question is, “how long will it take me to pay off debt or build savings?” While everyone’s situation is unique, we have listed the average time frames for people to complete the 7 baby steps below. Again, these are averages, so if you have more debt than the average or make more than an average income, your time frames will likely vary accordingly.
Baby Step 1 – Build a $1,000 Emergency Fund - 30 days
Baby Step 2 – Get out of consumer debt - 18-24 months
Baby Step 3 – Build a 3–6-month Emergency Fund - 6 months
Baby Steps 4,5,6 – Intentional until retirement
Baby Steps 7 – Live and Give like no one else for the rest of your life
If you are feeling stressed and overwhelmed with your finances, we hope this article has let you know that you are not alone but that there is HOPE! Please contact a Financial Advisor or Financial Coach who will help you take the next step in your financial journey. We would be happy to help!
WHEN ANXIOUS AND STRESSED ABOUT FINANCES, FIND HOPE WITH RAMSEY SOLUTIONS
March 14, 2023
Stephen Armstrong
Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.
Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.
Whitaker-Myers Wealth Managers is not giving tax, legal or accounting advice, consult a professional tax or legal representative if needed.
Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.
