Debt Elimination

Have you experienced this? 

You’re in line at
the grocery store… 

You’re in line at the grocery store and prepared to check out. After swiping your card, the grocery attendant says, “I’m sorry, but your card was declined.” Instantly, your heart thuds against your chest and you feel as if everyone is staring at you.

I was sure I had enough money in my bank account, you think. Suddenly, you begin to sweat. To make the situation end, you reach for a credit card. The card reader flashes “Approved” and you scurry from the store as fast as you can. While you have avoided a potentially embarrassing situation, you’ve now leveraged your future for groceries that will be gone within two days.

It is the scenarios like this one that have caused millions of Americans to fall further and further behind with their financial goals. And it’s one of the reasons we at Foundational Wealth Partners are committed to helping individuals and families eliminate all debt in under 9 years or less* to achieve financial freedom and create generational wealth.

Are you interested in learning how this is possible? If so, keep reading.

Debt in America

What does it mean to spend efficiently?

During the average American’s working lifetime (18-65 years old), they will earn roughly $2,000,000 and retire with just $60,000 (6). Incredibly, this statistic hasn’t changed in 30 years.

What this statistic means is that we must be smarter with how we manage and spend money in today’s world. To spend efficiently means you need to be aware of how you spend your hard-earned dollars and be proactive in how you invest what you can save.

As holistic financial planners, our goal is to help you eliminate all debt in under 9 years or less* without spending any more than you do today.

Plan for the Expected and Unexpected (80/20 Rule)

“Life happens” and often at the most unexpected times. For example, the car transmission might go out or the hot water heater might stop working. When confronted by such an obstacle, what do most people do? You guessed it – put the unforeseen need on their credit cards. That’s how and why most people get “stuck” in the loop of compounding interest.

We want to empower you to break the cycle of constantly accumulating debt by planning for life’s expected and unexpected events. Benjamin Franklin’s age-old adage rings true: “If you fail to plan, you plan to fail.” 

Our strength is in helping you plan for 100% of the expenses that will arise in life. By doing so, your footing will remain strong as you trek the path of life.

Controlling your money means understanding where you spend your hard-earned dollars every month. Without awareness of what you earn and how it’s being spent, you expose yourself to financial risk.

We strive to empower our clients not only to understand where their money goes but to leverage it and maximize its efficiency. If you don’t control your money, you won’t be able to adhere to a plan that can help you overcome some of the many risks in life.

If it feels like you take one step forward
and two steps backwards…

That’s because you’ve been caught up playing the game of life. Failing to plan is planning to fail, and it’s evident when an emergency occurs. The #1 reason for bankruptcy in retirement is a lack of planning for care money (7). Furthermore, retiring with a large debt load is the #1 reason people don’t retire when they want how they want (6).

We want to help you break the cycle and it begins by putting a plan into place!

You can eliminate all debt in under 9 years or less.

The reality is most Americans spend three-quarters of their monthly paycheck toward paying down compounding interest and taxes. How we help clients obtain financial freedom is achieved by teaching the following:

1) How to spend money efficiently

2) How to pay fewer taxes, because the less you spend, the more you save

3) How to reduce the volume of interest you are paying to lenders

4) How to leverage every dollar earned, so it performs tasks of at least 5 different jobs

5) How to build tax-favored retirement income 

6) How to put a plan in place for long-term care 

 Our approach is not a debt consolidation for a fee program. Nor is it a program in which you are required to eat beans and rice and cut up your credit cards. What we teach is a foolproof strategy that will help you eliminate debt, reduce the volume of interest you are paying to lenders and build thousands of dollars in tax-free liquidity at the same time.

“Knowledge is power… 
But only if you Put 
It to use!”

Resources:

1. Jdickler. “With 62% of Americans Living Paycheck to Paycheck amid Inflation, More People Have a Side Job.” CNBC, 28 Mar. 2023, www.cnbc.com/2023/03/28/62percent-of-americans-live-paycheck-to-paycheck-amid-inflation.html. 
2. “Center for Microeconomic Data.” Household Debt and Credit Report – FEDERAL RESERVE BANK of NEW YORK, www.newyorkfed.org/microeconomics/hhdc. Accessed 6 June 2023. 
3. Firm, Jimenez Law. “Finances and Divorce Rates in America: Why Financial Problems Lead to Divorce.” The Jimenez Law Firm, 19 Aug. 2021, www.thejimenezlawfirm.com/how-finances-affect-divorce-rates-in-america/. 
4. “Learn More about Financial Abuse.” NNEDV, 27 Mar. 2023, nnedv.org/content/about-financial-abuse/. 
5. “The Financial Toll of Addiction.” DrugAbuse.Com, 19 Jan. 2023, drugabuse.com/blog/financial-toll-addiction/. 
6. “Get out of Debt: Your Family Bank: United States.” Your Family Bank, www.yourfamilybank.org/. Accessed 6 June 2023. 

Sirody, Jeffrey M. “Long-Term Care Can Lead to Bankruptcy: Sirody & Assoc.” The Law Offices of Jeffrey M. Sirody & Associates, 29 Dec. 2021, freshstartlaw.com/blog/long-term-care-can-lead-to-bankruptcy/.