Lately I have noticed many young people are moving forward with their financial lives in fast forward. What I mean by this is that the 27 year-old couple is gearing up to purchase a $400,000.00 home in the same neighborhood as their 60 year-old parents. I believe that young people today feel a lot of pressure to jump into large financial purchases in order to prove themselves as adults. I see young couples getting married and immediately making huge purchases the week after they get back to their honeymoon. This afternoon I urge young people and young couples to take their time with large financial decisions. Don't be afraid to keep renting even though all of your friends are buying 5-bedroom houses with 3 car garages for two (2) people who drive two (2) cars. Don't be embarrassed to drive a ten (10) year old car into the ground because it is paid off when your friends are all financing the latest vehicles and pay $500.00 per month for the pleasure of driving them.
Lets face it, young people graduating from college and young professionals have not entered a great job market. Ok.....it's a terrible job market. Even though the recession is technically over most people do not see the end of the recession in their own personal finances. People are leaving school and making way less than they thought they would make when they took out the student loans to finance their educations. The unemployment rate in Indiana is still over 8%. Those who never dreamed that they would be unemployed are considering taking jobs for $10.00 per hour after being unemployed for months if not years. AND those older people still working are not retiring because their retirements are so diminished that they cannot afford to retire!!! This is endlessly frustrating for those attempting to move up in the ladder at a company because there are simply no openings. I am sorry for being so pessimistic and am not trying to say that young people should give up and walk away with their tail between their legs....quite the opposite. I am saying the young people need to work harder than ever before. And along with working harder they need to be smarter about their financial choices.
At Halcomb Singler I speak with people who wish they could go back and slow down all the time. Some people wish they hadn't purchased a home (or a vacation home) or others wish they hadn't bought the $35,000.00 vehicle. Sure, it is fun to take all of your co-workers outside to check out your brand new Acura. It is also fun to have people over for a house warming party. And it is the most fun when you can actually afford the things that you are purchasing. And for the 100th time affording something does not mean that you currently bring home enough to make the payment. While living in a large home and driving a fancy car are nice, being able to fall asleep at night without having to worry how to pay the bills is much nicer.
An for those people living in Indianapolis or the surrounding areas that are struggling with debt I urge you to speak to a bankruptcy attorney if you feel that you have no way out. Typically people feel much better after they have spoken to an attorney and have a plan for how to tackle their debt. Sometimes that plan includes bankruptcy and sometimes it doesn't, but I believe it usually helps alleviate a lot of stress. If you would like to set up a free initial consultation to discuss whether bankruptcy may be helpful to your financial situation call Halcomb Singler at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
No comments:
Post a Comment