Although residents in Hialeah and in Miami-Dade County are rejoicing at the end of the recession, there is an even larger crisis that can cause yet another economic plight.
The United States and cities like Miami and Hialeah are facing a financial education crisis; it is increasingly difficult for us to understand the intricacies of finance. Fortunately, the Consumer Financial Education Bureau is addressing this matter by making important financial documents more legible, Putting new rules in place to protect consumers from people looking to profit from this ignorance, making sure that companies are abiding to the consumer protection laws and most importantly educating consumers. Since the economic crisis in 2008, many people have unanimously agreed that financial literacy is crucial! Financial literacy, however, is only a stepping stone to financial well-being; there are four factors to financial well being:
- Live within your means: To live within your means, your bills and expenses must not overlap your income; in order to accomplish this you must minimize credit card usage and refrain from making unnecessary purchases.
- Have a safety net: Having a safety net means that you have funds available to cover your expenses in case of a crisis that renders you unable to work. This “safety net” can be savings, insurance or family.
- You must have a plan: This plan does not have to be formal but, you must know what steps you need to take in order to accomplish your financial endeavors.
- Financial Freedom: When a person has true financial well being, their finances allow them to do things they enjoy.
Everyone can achieve financial well being by tracking their expenses, setting goals that will allow them to achieve their financial endeavors, and last but not least, starting a savings account. Having good financial habits and making balanced financial decisions might seem difficult to some but, it results in less headaches and better quality of life.
If the debt isn’t allowing you to obtain the financial well-being you deserve, a chapter 7 bankruptcy might be your best option. Call our office to schedule a free consultation with Hialeah bankruptcy attorney Alberto H. Hernandez to discuss your case today!
Source: CNN Money