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Most Americans live paycheck to paycheck. You can break the cycle.

If you’re like the majority of Americans, you might be living paycheck to paycheck. That’s according to a recent report where 61% of U.S. adults said they spend all of their income every month on bills like housing and food.

We’ve hit a perfect storm where pandemic funds have dried up, inflation has been running hot over the past year, and wages have struggled to keep pace. The result is dwindling savings and record-high credit card debt, and it can feel like you’re barely treading water.

This is a huge problem. It means you’re not saving for a house. It means you’re probably not saving for retirement. And it means that an unforeseen expense could send you spiraling into debt. 

In our office, we’re getting more calls than I’ve ever seen from people asking for help. They feel like they’re in the exact same place month to month, and they’re not making any progress. They are feeling the need to get a plan together to figure out how to attack this new financial world.

To make things worse, if you have student loans, that problem could be exacerbated when payments resume this fall. We’ve met with many clients whose payments are estimated to be well over $1,000 a month! You may not be that deep into student debt, but any new payment is going to influence your budget. Should you refinance? Reconsolidate? Many variables will come into play. 

But I have some good news. It is possible to break yourself from the cycle of living paycheck to paycheck, even with so many economic factors working against you. But it’s tough to do that on your own. It’s crucial that you work with an experienced financial advisor who can look at the big picture and create a detailed plan to help you get out of debt, build an emergency fund, and save for retirement.

This is a tough time to be a young person trying to afford basic necessities while battling debt. The hangup many young folks in this situation have, though, is that they don’t have any extra money to spend on hiring an advisor to manage their financial well-being. Or they feel like they need significant money first in order to start their investment journey. At Family Financial Partners, we work with individuals and families during all stages of life. From young folks just getting out of college to newlyweds, retirees, and everyone in between. Our primary goal is to meet you where you are at in life to simplify your pathway toward financial freedom.

If this describes you, please don’t hesitate to contact me or anyone else on my team today. This is what we do best, and we’re more than happy to get you started with a zero-cost, zero-obligation conversation.

Although there is no assurance that working with a financial advisor will improve investment results, a financial advisor can provide education, identify strategies, and help you consider appropriate long-term financial strategies.

Article by Dillon Harper, Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.

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