Money Matters: Your debt is proof you can save money

  • December 6, 2018

BY: CHUCK DUDLEY, Vice President
(501) 318-0010  |  cdudley@argentfinancial.com

Chuck Dudley

Chuck Dudley

This is the second in a series about debt and how it can affect you. Again, I want to thank my friend and associate in Ruston Byron Moore for the ideas contained here today.

We’ll look at another case study of a young couple who is awash in debt and can’t see their way out.

There is always a solution, sometimes you just have to work harder for it. Or have someone with your best interest at heart to show you the way.

As 2018 comes to a close (my goodness…….18 years into the new century in the books), it’s time to take stock of your situation and look forward to how you can make 2019 better. And, of course, beyond.

LET’S STUDY KYLE AND SARAH

Kyle and Sarah had a problem. They were a young couple who wanted to do things right financially. One thing they were always told was to save money, but they just couldn’t seem to do it.

That’s how they ended up in my office – looking for answers.

I looked over the financial information they had provided me, and I told them I had good news – the proof that they were capable of saving! They had debt.

They gave me a puzzled look, which is more or less what I was expecting. I explained, “Every month you make payments for your student loans, auto loans, and mortgage. Every month those payments get deposited into the bank accounts of the lending companies. If we can come up with a plan to deal with the debt, you can take those same payments and put them in your bank account. Voila! You’re saving money.”

They both agreed it sounded great, but Sarah had a question. “With the amount of debt we have, it will take us decades to pay it off. Won’t that be too late?”

I agreed, waiting decades to start saving was too late. But it also wasn’t the only option.

I worked with Kyle and Sarah to develop a plan that would allow them to start saving a small amount of money today and have their lenders completely paid off in under 10 years. It wasn’t magic, it just required the right strategy.

Would you like to know if that same strategy can work for you?

HOW DO WE LEARN HOW TO SAVE?

Well………that is the point, isn’t it?! Just like last month, only a different but related question.

We start with gathering financial information on you personally. It’s no more than a 2-3 page sheet, but properly completed, it helps us get an idea of where you are. Honesty is most important here. If you go the doctor, you tell him everything, right? You want him to be informed so he can make a proper diagnosis.

It’s the same with your financial health.

Want to find out a different strategy to return interest paid back to you?

Then send me an email or call, and I’ll send you the form to complete.

Maybe, just maybe, we can show you how to get completely out of debt in 10 years or less. Or at least take a big chunk out of it.

You can wait……………or you can start today to find the answers. It’s up to you.

ACTION PLAN

If you really want to learn how to recapture your cash flow, we will listen. We’ve been able to help families and businesses learn to use money wisely, and we’d like to help you too.   We would be honored to visit with you about how to help you and your business. My number is 501-318-0010, or you can send me an email at cdudley@argentfinancial.com. Or text me at 501-282-1854.

An hour of your time spent analyzing your situation might make a lifetime of difference.

Arkansas Insurance Producer # 1005698