Shores Financial LLC’s Post

The world of personal finance, debt, and debt management are so much a part of life that it can be argued we are desensitized to the impact of having debt. It is also no secret that people are accumulating more debt than ever before. Let’s take control of your finances together!

Finance Word of the Day - Debt Debt is a term used to describe something, usually money, owed by one party to another. It is a common tool used by individuals and companies to make large purchases that may not be affordable otherwise. While it can be helpful in the short term, it's important to remember that debts must be repaid, usually with added interest. Understanding debt is crucial for anyone looking to manage their finances effectively. By knowing the ins and outs of debt, you can make informed decisions about when and how to take on debt, as well as how to pay it off responsibly. Stay tuned for more Finance Words of the Day to help you stay on top of your financial game! #Finance #Debt #FinancialLiteracy

Debt can be useful in many situations, like when buying a house or a car. But it is not the way to pay for daily expenses. Read this article to understand sound approaches to managing debt.

Navigating your loan options while under debt review? Our blog has got you covered. https://bit.ly/3uqTYAl

Don't forget to Pay Off High-Interest Debt. High-interest debt, such as credit cards, can rapidly pile up and become overwhelming. Prioritize paying off these debts first, while continuing to make minimum payments on your other obligations. Know more about finance!

Struggling with debt? Find out how debt management programs can help you regain control of your finances. Read More: https://lnkd.in/dVuCvfec #debtmanagementprograms #financialfreedom #debtfreejourney #FinancialStability #creditcounseling #DebtReduction #budgetingtips #FinancialLiteracy

Know this before taking debt!! the 20 10 rule tell you about debt? The 20/10 rule of thumb is a budgeting technique that can be an effective way to keep your debt under control. It says your total debt shouldn't equal more than 20% of your annual income, and that your monthly debt payments shouldn't be more than 10% of your monthly income.

If you understand how and when to use debt, you will create wealth, if you don’t, you will pay the price of ignorance.     Good debt is productive; it brings you closer to your financial goals by helping you put more money into your pocket. It works like a pivot and will help you lift huge weights- exploiting the available opportunities. I have always discouraged people from taking a bad debt. This is debt for consumption, where no value is added.   But there is another side of the coin; the productive debt.    Productive debt generates cash flow into your pocket, unlike bad debt which takes money from you. You can leverage debt to accumulate wealth in the following ways:

Tip #4 -Manage your debt Here are the most common strategies people commonly employ to eliminate debt.  •    Debt avalanche approach – You pay the debt with the highest interest rate or largest amount first, as fast as possible, while paying the minimum on the other debts. •    Debt snowball approach – You pay the smallest debt first, as fast as possible, while paying the minimum of the other debts. •    Debt consolidation – Combine loans into a single payment. #SleepingGiantFinancialServices #SteamboatSprings