This is the first post in a series on the basics of personal finance.
Stay Out Of Debt
The average American has $90.460 in debt. That includes a variety of debt, from credit cards to student loan debt. Debt.org writes, “The average amount of debt by generation in 2020 [was]:
Gen Z (ages 18 to 23): $16,043
Millennials (ages 24 to 39): $87,448
Gen X (ages 40 to 55): $140,643
Baby boomers (ages 56 to 74): $97,290
Silent generation (ages 75 and above): $41,281.”
Secure Single’s Algorithm recommends:
Rise Of Payment Plans
Payment plans have become more common. It is a sign of the times. You now see buy now, pay later for small things like groceries or online purchases. These are not large items that people usually put down a small percentage of, like a mortgage for a house. The rise of buy now, pay later is a problem for consumers because it encourages debt.
“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants - but debt is the money of slaves.” - Norm Franz
Basics of Personal Finance (Part 1)
You want to stay out of debt. The problem is that our culture actively encourages people to do things that may or may not benefits them that a lot of people go into debt for, like going to college.
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