Le Milly J

As many are already familiar, we are a nation of debt. At this point debt has become so normalize that we allow it to linger in our lives and for some the rest of their lives. We allow our children to not run from it, we allow ourselves to embrace it. While rising the debt ceiling may look like a good short-term solution, it will have an effect on many, especially the next generation. At this point, this debt will never be paid back and when it burst, it will trickle down to everyone. We are slowly being directed to what the future will look like, inflation will just keep going up, taxes will rise, they will keep raising the debt ceiling until it burst, this may bring new financial measures even on you. This is a friendly warning for you to brace yourself and start taking your financial life more seriously. If you have children, it is time to sit down and figure out what will their financial life look in a few years and how you can help them.  Of course, I will share some simple tips you can do now. 

Simple Tips to Prepare for Your Future Financially 

• Get out of as much debt as you can, especially credit card debt. When it comes to credit card debt always remember they are in business to make money, they are not here to help you. There’s not much to say about debt but decrease it and eliminate it as much as you can.  “The rich rules over the poor, and the borrower is servant to the lender,” Proverbs 22:7. Setting Thine House In Order-Financial Health

• Save and spend your money on what is valuable. I know some are against saving cash, but at the end of the day if you have an emergency that is still the best method and quickest method to address your emergency.  Think about this as well, if at any time they decide to not raise the debt ceiling, the government will run out of money and if you are on social security, you will have no income coming in, so savings will be that cushion you will need. For those still working, increase your savings for your retirement account. If are a business owner and don’t have a retirement account, open one and start investing in it.  

• Make sure you have/create multiple sources of income. This can include active and passive income. Even if you have good salary at work or a business flowing with milk and honey, anything can happen and change that, so it’s better to not rely on one source, even if that one source is doing well now. As you can see in this new world we live in, anything and everything can happen.  If you don’t have a business and just have a job, I suggest starting a side business, even if it’s from a hobby. Also, if you have one income in the home and you are married, I would suggest whoever is not working or can’t work, to have a side business, as you never know what can happen to the person who is the bread winner. What if they can’t work, have an accident, disable, lose their job? Think about it.

• Invest and continue investing, there are so many avenues, stocks, gold, silver, palladium, solar, commodities, real estate, etc. I know some get scare every time the stock market goes down, but that is normal, if you are a long-term investor, this won’t shake you. The people running this, are still in the business of making money. The majority of the people who built wealth with stocks are long term investors, they are not in the stock market to just buy and sell in haste, in fact that is the quickest way to lose money. Be discerning when investing and find what you are comfortable with and what works for you. 

• If you can- secure your real estate/land in the next five years or less. Even if the market slow down for it bit, it will go up and many who are waiting for this crazy crash might not see it. The powers that be is doing a great job hiding and purchasing the homes themselves, so stop waiting and start securing.  

• If you have children, start/make sure you are building a cushion for them as well. Whether that is savings for college, a home or investments. I also like the custodial retirement account idea; you can start now while they are young. These account have certain criteria in order to open one, but it’s fairly easy to do. I also would suggest purchasing land for them, that is one form of securing real estate. Years ago, that is what the older generation did, gift their children with land. It’s still an option today. If you are worried about the price of land, just look for some that you can do owner’s finance, where you can pay a monthly fee, yes there will be an extra cost for you, but it’s still better than nothing or waiting to the point where even that option is not available. I also recommend/ encouraging them to have their own business as well, this will teach them to be producers not consumers. You want them to be as self-sufficient as they can be and to not rely on anyone or anything for what they need. 

• I did not forget about bitcoin/cryptocurrency, if you are comfortable with this option do what you need to do. I do believe our financial future will be more digital and you may need these avenues to purchase things, so I wouldn’t rule them out but just make sure you do your research. In life you have to diversify your investment anyways, so if this is 10% of your investment, you will be fine. Always remember to not put all your eggs in one basket, that is the number one rule in saving and investing.  

I hope this has been encouraging and thoughtworthy. I pray that God guides you through these times we are living in and that he may guide your children as well. Understand you can decide what and how you want your future to look like, you don’t have to accept what is given to you based on what is happening in the world. You have options.  Be encourage, it’s not to late even if you are starting now. Want more? See my blog post: How to Beat Inflation- Simple Tips 

~Blessings from Milly J 

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