DID you know that more than 90 percent of the population lives from paycheck to paycheck? And a lot of these people don’t even have any kind of savings that they can access in case of a financial emergency. As a matter of fact, a study has revealed that most people have less than $5,000 in their savings account. I don’t know about you but for most people, that amount can’t even cover one month’s worth of living expenses! What would happen to you and your family if you had a sudden loss of income? That’s a scary thought, isn’t it?
As a bankruptcy attorney, I have found that the reason most people find it impossible to save is because a huge portion of their income goes to simply paying debts each month, mostly credit cards. For example, if you are leaving paycheck to paycheck, every penny that you take home from your job is already accounted for every month. A portion goes to rent or your mortgage, a portion goes to your other living expenses and a portion also goes to paying debts every month. Thus, after all your bills and debts are paid, you are left with nothing -- so you wait for next payday again. Okay, maybe there’s not much you can do about your expenses because they are what they are (unless you are living beyond your means). But maybe there is something you can do about your debts so that a lesser portion of your income goes to debt payments every month.
Believe it or not, most people cannot survive even for just a single month without a paycheck! That’s right, these are the people with no savings in the bank to sustain them even momentarily in case of a financial emergency. Are you one of these people? If you are, I suggest you sit down and figure out a way to make some changes with your finances so that you will never, ever be put in such a helpless situation. Plan in advance so you are not caught unprepared.
Financial problems can “snowball” easily. If you don’t pay your bills this month, next month you would need twice as much to get current. Well, if you have no savings whatsoever, just imagine how you can easily go from “being OK” to being bankrupt over a very short period of time. Did you know that statistics show that 95 percent of the population will never achieve financial independence? Thus, if you do what everyone else is doing, you will get the same results that 95 percent of the population gets. Think about that for a minute.
We are living in a society where “excess” has become the norm and people’s “yearning” capacity has exceeded their “earning” capacity. To account for the difference between the two, these people amass large amounts of debt to support a lifestyle that their income cannot afford. The result: Empty bank accounts and no plan in place to keep the family’s welfare secure should an unforeseen financial crisis strike. And remember: Life is uncertain and you never know when the next financial challenge could come. People die, get sick, disabled or they get laid off. If you do not carry insurance to protect yourself against these catastrophic events, the best insurance you can have is smart financial and debt management at all times. Remember that debt is your enemy, not your ally, in your quest for financial security.
If you are struggling with serious debt problems, have zero savings and are worried about your financial future, you may be feeling frustrated and hopeless about your situation. Don’t give up! For a free consultation and debt analysis, call Toll-Free 1-866-477-7772. Let us evaluate your situation and recommend possible options. We have offices in Glendale, Cerritos, West Covina and Valencia.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477-7772.
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