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    The Average Debt By Age and Generation (And How to Get Out Of Debt!)

    en-usSeptember 18, 2023

    Podcast Summary

    • Exploring Real Estate Investment and Debt ManagementSpring is ideal for real estate investment via platforms like Fundrise. Secure life insurance through Policygenius for financial security. Strategies to manage debt depend on individual situations, with Master Money Co offering a free debt course and a new spreadsheet for efficient debt planning.

      There are opportunities for easy investment in real estate through platforms like Fundrise, and spring is a good time to expand your portfolio. Additionally, securing life insurance is essential for financial security and can be easily obtained through Policygenius. The average debt by age and generation was discussed, and strategies to get out of debt were provided based on specific situations. For those seeking guidance on debt management, Master Money Co offers a free debt course at mastermoney.co/debtcourse. Furthermore, a new and improved spreadsheet is launching to help users plan and get out of debt efficiently.

    • Avoiding High Interest Debt for Gen ZGen Z should avoid high interest debt, focus on monthly payments, and keep credit utilization low to build wealth and improve credit scores.

      High interest debt, specifically for Gen Z individuals aged 18-24, is a significant financial risk and should be avoided at all costs. Debts such as personal loans, credit cards, and anything with an interest rate above 6% can hinder your financial growth and make it harder for compound interest to work in your favor. Instead, focus on paying off your debts each month and keeping your credit utilization low to avoid credit card debt and improve your credit score. While there are good debts, like mortgages on rental properties or small business loans, be cautious and ensure you can manage the risk. The average debt for Gen Z is $12,871, with credit card debt averaging $2,047. Avoiding high interest debt and focusing on building wealth early in life can have a significant positive impact on your financial future.

    • Effective Debt Management Strategies for Gen ZBudgeting early, using reverse or zero-based budgets, limiting credit card use, and maximizing financial aid opportunities help Gen Z avoid and manage debt effectively

      For Gen Z, managing debt effectively is crucial, and personal loan debt should be avoided at all costs. To do this, the speaker recommends learning how to budget as early as possible. Two budgeting methods were suggested: the reverse budget and the zero-based budget. The reverse budget involves saving for investing and debt repayment before spending, while the zero-based budget requires allocating every dollar that comes in. Additionally, if you're new to credit cards, limiting their use or avoiding them altogether until you're financially responsible is recommended. Lastly, researching scholarships and grants thoroughly and considering lower-cost colleges can help minimize student loan debt. Overall, budgeting, responsible credit card use, and maximizing financial aid opportunities are key strategies for Gen Z to avoid and manage debt.

    • Make smart financial decisions early onConsider affordable education, buy used cars, live frugally, avoid loans, prioritize debt repayment, focus on savings and investments for a financially secure future

      Making smart financial decisions early on can help reduce the burden of debt and set the foundation for a financially secure future. This includes considering affordable education options, buying used cars, living frugally, and avoiding unnecessary loans. For younger millennials, tackling high-interest debt, particularly credit card and personal loan debt, is crucial for long-term financial success. The average debt for younger millennials is creeping up, with student loan debt being a significant contributor. By prioritizing debt repayment and focusing on savings and investments, individuals can improve their financial situation and build wealth for themselves and future generations.

    • Effective Debt Management for Building WealthMonitor interest rates for student loans, prioritize high-interest debt, build an emergency fund, limit lifestyle inflation, explore forgiveness options, automate savings, and proactively manage debt for future financial gains.

      Managing debt effectively is crucial for building wealth. When it comes to student loans, keeping an eye on interest rates is important. If your rate is currently high, consider refinancing when rates drop. Prioritize paying off high-interest debts first using the debt wrecking ball method. Building an emergency fund is also essential to protect your wealth and ability to pay down debt. Limit lifestyle inflation as income increases, and explore options for student loan forgiveness. Automating your savings is another key strategy for effective financial management. For more detailed guidance, check out the Stairway to Wealth at mastermoney.co/stairway-to-wealth. Remember, managing debt and building wealth go hand in hand, and taking proactive steps now can lead to significant financial gains in the future.

    • Managing Debt for Older MillennialsOlder millennials should prioritize repaying high interest debt, like credit card debt, to reduce financial stress and improve overall financial health. Seek financial counseling and tax advice for significant debt. Investing in a productive workspace can also help improve financial and physical well-being.

      Managing debt, especially high interest debt, is crucial for older millennials between the ages of 35 to 44. Debt outside of mortgage debt, such as credit card, auto loan, student loan, and personal loan debt, can significantly impact one's financial situation and wealth building ability. Prioritizing the repayment of high interest debt, like credit card debt, can help reduce financial stress and improve overall financial health. For those struggling with significant debt, seeking financial counseling and consulting with a CPA for tax advice are recommended. Additionally, investing in a solid desk, like the one from Uplift Desk, can help improve productivity and overall health while working. The importance of addressing debt and finding ways to manage it cannot be overstated for older millennials.

    • Effective debt management for financial growthConsolidate low-fee debt, avoid new high-interest debt, budget, cut expenses, invest, and teach financial literacy to secure a better financial future.

      Managing debt effectively is crucial for financial growth. Debt consolidation can be a helpful tool if it comes with low to no fees and interest rates. However, avoiding new debt, especially high-interest ones, is even more important. While budgeting and cutting expenses are essential, investing should also be a priority, especially for older millennials. Teaching financial literacy to children is also vital for passing down generational wealth. By following these steps, individuals can work towards becoming debt-free, building wealth, and securing a better financial future.

    • Teaching kids about finances and protecting against fraud for all agesFinancial literacy is essential for managing debt, protecting against fraud, and building wealth. Parents can start by teaching kids about finances, while adults should focus on increasing income and securing insurances. Older generations should protect against fraud and maximize retirement contributions.

      Financial literacy is crucial for individuals and families, especially when it comes to managing debt and protecting against fraud. For parents, teaching kids about financial literacy through relatable examples, such as buying favorite brands, is a great start. However, for those in debt, focusing on increasing income and securing necessary insurances is essential. For older generations, protecting against financial fraud becomes increasingly important, and taking steps like deleting personal information from the Internet can help reduce risk. Additionally, maximizing retirement contributions is important for those aged 45 to 54, as retirement is approaching. Overall, financial literacy and protection are key to building and maintaining wealth.

    • Unique financial priorities for different retirement stagesMaximize employer matches, downsize for investments, repay debt, reassess retirement plans, build long-term emergency funds, avoid cosigning loans, plan for elderly care, avoid large purchases, be mortgage-free, and educate younger generations.

      Individuals at different stages of life have unique financial priorities when it comes to retirement planning. For those still working, maximizing employer matches and considering downsizing to invest profits are important. For baby boomers nearing retirement, focusing on debt repayment, reassessing retirement plans, and building long-term emergency funds are key. Regardless of age, avoiding cosigning loans, planning for elderly care, and avoiding new large purchases are essential financial habits. For retirees, being mortgage-free and educating younger generations about financial independence are crucial. Overall, effective retirement planning involves a lifelong commitment to financial literacy and discipline.

    • Managing Debt and Prioritizing Health for a Secure Financial FutureBaby boomers should eliminate or limit credit card use, focus on health through nutrition, exercise, and discounts, work an extra year or two, avoid scams, and have a financial protection plan. Older generations should live within means, reduce tax liability, stay informed, and avoid new debt.

      Managing debt and prioritizing health are crucial for baby boomers to secure their financial future. For those with credit card debt, eliminating or limiting use and paying off balances weekly is recommended. Focusing on health through nutrition, exercise, and seeking senior citizen discounts can also help reduce expenses. Working an extra year or two to pay off debts can provide significant financial relief. Additionally, avoiding financial scams and having a financial protection plan in place are essential. For the silent generation and those aged 70 and older, living within means, reducing tax liability, staying informed on Social Security and Medicare changes, and avoiding new debt are important strategies. The average debts for these generations include credit card, auto loan, student loan, and personal loan debt. By implementing these tips, older generations can improve their financial situation and enjoy a more stress-free retirement.

    • Maintain health and avoid high-interest debt for wealth buildingFocus on health through free gym memberships and avoid high-interest debt for financial growth. Smart financial decisions lead to upgraded life.

      Prioritizing health and avoiding high-interest debt are crucial steps towards building wealth. Exploring options like free gym memberships through programs like SilverSneakers can help maintain health, while avoiding high-interest debt is essential for financial growth. For more money-saving hacks and tips, check out the All the Hacks podcast, where host Chris Hutchins shares tactics for optimizing spending and increasing net fulfillment. Remember, you don't always have to spend money to make money; instead, focus on making smart financial decisions to upgrade your life.

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    It will surprise you. 

    It will move you. 

    And it will help you live a richer life. 

    Tiffany Aliche is THE money expert. 

    Known as The Budgetnista, she is a New York Times bestselling author who has helped 2 million people just like you save, manage, and pay off massive debt. 

    This is not your usual “make-a-budget-and-stick-to-it” advice. Tiffany’s take on $$ will help you see your money in a completely different way so that you understand how to make more of it and save it with ease. 

    After you listen, you’ll have THE 5 money skills you need to gain financial freedom.

    For more resources, including links to Tiffany’s book, the links Mel mentions, and Tiffany’s social media platforms, click here for the podcast episode page.

    Connect with Mel:

     

    Her Parents Stole And Destroyed Her Financial Future

    Her Parents Stole And Destroyed Her Financial Future

    Check out these fun things:

    Patreon: ⁠https://www.patreon.com/calebhammer⁠ 

    My socials: ⁠https://linktr.ee/calebhammer⁠ 

    Do you want to be in a Financial Audit and you're in the Austin area? Email castingcalebhammer@gmail.com

    Sponsorship and business inquiries: calebhammer@creatorsagency.co 

    _______________________ 

    Timestamps: 00:00 Job and income 02:47 Your parents should be ashamed 12:33 How did you GET HERE?! 16:07 Do you even take responsibility? 16:55 Card Rating 20:48 Not even a little bit, dude 30:09 Wait you said this was OVER 36:27 Your budget isn't real 42:43 This is your budget 49:04 Here's the plan 51:06 SOFI 55:19 What you need to get over this 59:28 Hammer Financial Score

    --- Support this podcast: https://podcasters.spotify.com/pod/show/calebhammer/support

    EP290 Affordability and Debt Management with BDO

    EP290 Affordability and Debt Management with BDO

    As inflation pressures rise, more and more Canadians find themselves compelled to reevaluate their spending habits, seek effective budgeting techniques, and even consider additional sources of income. In this episode, Jennifer McCracken, a Partner and Senior Vice President at BDO's Vancouver office, will be joining the show to discuss BDO Canada's Affordability Index Spotlight, providing a comprehensive assessment of affordability and debt management among Canadians. Jennifer highlights the warning signs of financial distress, such as cutting back on essential expenses to meet debt obligations, particularly concerning for younger Canadians who face an alarming amount of debt. Moreover, she emphasizes the importance of improving financial literacy and breaking the taboo surrounding conversations about personal finances.

    For those listeners facing tight budgets and significant debt, Jennifer offers practical advice and effective debt management strategies. She addresses the overwhelming feeling of paycheck-to-paycheck living and provides guidance on where to begin in tackling debt-related challenges. Jennifer emphasizes that individuals should not feel embarrassed or ashamed about their debt and explores the options available, including the process and considerations involved when filing for bankruptcy. 

    “People shouldn’t be embarrassed or ashamed about having debt.” - Jennifer McCracken

    This Week on Young Money:

    • Who BDO Debt Solutions are and what they do.
    • The findings of BDO Canada’s Affordability Index Spotlight.
    • How people are currently coping with inflation pressures.
    • The current issues with debt in Canada.
    • The most surprising thing found in the study.
    • Advice for those on a tight budget dealing with significant debt.
    • The options available when filing for bankruptcy.

    Key takeaways:

    1. Know your options.
    2. Create a budget.
    3. Understand how to deal with your debt.

    Connect with Jennifer McCracken:

    Resources Mentioned:

    Rate, Share & Inspire Other Young Millionaires-in-the-Making 

    Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to Apple Podcasts and leave us a rating and review. Visit our website to learn how easy it is to leave a review on Apple Podcasts.

    Don’t forget to share your favorite episodes on social media! 

    Follow the Young Money Podcast on iTunes so you never miss an episode and reach out to us on FacebookTwitterLinkedIn, our LinkedIn Company Page, or by visiting our website.

    Alina Trigub: For building wealth, how does investing in the stock market compare to real estate?

    Alina Trigub: For building wealth, how does investing in the stock market compare to real estate?

    With an MBA in Finance and Management from Rutgers and a Bachelor of Business Administration in Accountancy from City University of New York, Alina Trigub has worked as a Tax Accountant at Ernst & Young, as well as in the private accounting sector. She also has twenty years of successful technology experience. Alina has also worked for TF Management Group LLC, a private equity real estate fund management company, where she was the Head of Investor Relations. Alina is an active real estate investor with a concentration on the commercial real estate buy and hold strategy. Alina offers her expert and in-depth experience to support investor education through personalized one on one coaching, articles, animated video-series, and presentations as a sought after speaker at numerous real estate events. Alina lives in New Jersey with her loving husband and two awesome kids.

    In episode 406 of the Fraternity Foodie Podcast, we find out why Alina decided to come to the United States to attend Baruch College, how working as a Ernst and Young tax consultant helped to shape her, what it was like moving to the Information Technology sector for work, how she started her real estate journey, how investing in the stock market compares to investing in real estate, what college students should know about investing in their 401K or a self-directed IRA, and advice to college students on managing their debt. Enjoy!

    Rich Girl Roundup: The Debt Deep-Dive—And How to Strategically Tackle Each Balance

    Rich Girl Roundup: The Debt Deep-Dive—And How to Strategically Tackle Each Balance
    Credit cards, lines of credit, student loans—debt is a normal part of life. How should we prioritize our debt(s), and what’s the best way to pay them off? Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. Transcripts, show resources, production credits, and more can be found at: https://moneywithkatie.com/rich-girl-roundup-debt-deep-dive. Learn more about your ad choices. Visit megaphone.fm/adchoices