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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!


March 14, 2023

Stephen Armstrong

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