In this world we live in, it’s easy to feel like we are missing out on things. We have social media showing us all the highlights of people’s lives. They have big houses and nice cars. From the appearance of things, it all comes so easy. It’s more than enough to make one wonder what they are doing wrong. We live in a society where there is a lot of judgment based on the possessions we have. Part of financial peace is not measuring yourself against others. You have to run your race. If you don’t, you will worry yourself to death trying to keep up with everyone else.
We’ve been sold a bill of goods that success is to own a nice home with some nice cars. The vision of the picket fence with kids playing runs in many minds. While there is absolutely nothing wrong with having that life, the problem is that this life often comes with crushing debt. Over 70 percent of Americans are living paycheck to paycheck. In most households, what is considered the American dream is actually a nightmare.
Debt is an aggressively marketed item. Opportunities to go into debt are everywhere. In actuality, you can take out more debt that you can comfortably handle. How is this possible? It is because banks make their profits by lending money and the more payments you make, the more profit they get. Don’t let a loan officer tell you what you can afford. There's a reason loan officers will bend over backwards to get you into an 8 year car loan or approve you for a house loan that takes up a high percentage of your take home pay. Their profits come from getting you the biggest loan you can get. If you struggle to make ends meet, that’s your problem. They have gotten their commission. You have to learn to be the ambassador of your finances and set boundaries.
The American dream of owning a home with some nice cars has come at too great a cost for many households. Americans are smothered with debt and this adds stress that will weigh your life down if you allow it. Make your American dream a lifestyle where you get to sleep at night with no concern as to how your needs are going to be met. The key is financial peace, not showing off to everyone else to look like you’re wealthy. There is nothing wrong with the nice house, cars, and the picket fence, just make sure you own those things and not the other way around.
Since we are not taught personal finance in school, this leaves us more vulnerable to being taken advantage of when it comes to our money. For that reason, financial coaching is instrumental when it comes to learning how to build wealth.
Often times, good deals are good for the lender, not the consumer. If you want to learn how to set financial boundaries, don’t hesitate to call us. You don’t have to be rich already to prosper. Ordinary people can build wealth too.