The stock market has rebounded and unemployment claims are down – staying below the 300,000 per week level for the longest stretch since 2000. Nonetheless – all is not good for many people.
Wage growth has been near non-existent over the last 3 years when we have seen employment gains. Even more distressing, RealtyTrac reported on Thursday that U.S. foreclosure activity increased 15% in October. On top of this, the student debt problem lingers over most young Americans, imposing a significant financial burden upon them, that most commentators say will reduce growth in the housing sector for many years.
I can certainly relate. When I graduated law school (yes, it was some time ago), my student loan payment was $89.00 per month and it escalated up over 15 years to $149.00. My wages as a young attorney were less than those of today, but the difference was not that substantial. Our first house payment was $800 per month. Many young college graduates face student loan payments equal to or greater than our first mortgage payment, and their wage base is not dramatically different. Even worse, I remember that I was not rolling in cash back then– so imagine how it is now?
The holidays are coming. My suggestion is that you give yourself and your friends a gift that could be worth hundreds of thousands of dollars over your life time. What is it? We have a seminar next Wednesday, November 19th, at our offices called “Controlling Your Debt.” The focus is on making sure attendees know their options. It is not about any one strategy – it is about selecting the smartest strategy among various options with one goal: “preserving future income for you and your family.” If you can figure out a way to end the payment of $1,000 – $2,000 each month to pay interest and service your debt, and instead begin to save that, tax deferred in an IRA or 401k over the next 10-20 years, we’re talking about a lot of money that will be there when it’s time to slow down and retire. Believe me– it’s not a pipe-dream. In fact, given this tough world where we must fend for ourselves, it’s a necessity.
So, if you can spare 1.5 hours – invite your friends and family and join us on November 19th. To register, click on the image below.
Enjoy the weekend and be sure to listen in on Saturdays from 8:30 to 10 AM on WDFN 1130 AM – on iHeart at CLICK HERE!– and watch the show on TV 20 on Sundays at 11 AM. Law and Reality is not just information – it’s entertainment!