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238 What Is Your Level of Financial Fitness
Manage episode 330505500 series 2786297
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So how is your financial fitness at midyear? You already know that we are in a cost-of-living crisis and it is not pretty. The kitchen table issues include the price of eggs, milk, and bread continue escalating and it also includes the dramatic cost of gasoline continues to skyrocket.
I would be remiss if I didn't discuss the price of housing and rents continue increasing due to a shortage of housebuilders which was offset by the pandemic and skilled homebuilders. The lack of houses on the market is resulting in the American Dream of purchasing a house, slowly but surely coming to an end.
That's is not all, the housing shortage is resulting in a 42% increase in rents, and in some cases such as the city of Miami, the rents have increased by 58% over the past two years. Time is going to test everyone and it is one of the reasons why your financial fitness is so important during 2022.
First things first, find out what your net worth is, it can tell you where you are today. Next, assess how much debt you have and attack it, and become debt-free. You will save a lot of money by not paying interest on your credit cards, personal loans, and more.
Do not and I repeat do not pay off your credit cards and go back and charge them to the limit, it is self-defeating. Do me a favor, and recommend this episode to your family, friends, and colleagues. Provide a five-star rating on Apple Podcasts, thank you for your support.
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