There’s something to be said about paying attention to signs. On the roadways, they make sure you know how fast you can drive, when to stop and even where you are along your route. Your doctor tells you to watch for signs of certain medical problems. So as your financial counselor, I’m going to give you some signs to watch out for that may signal a looming financial disaster.
Living Paycheck to Paycheck
As I wrote in my book (shameless plug: From Debtor to Better is now available in paperback!), the average American is three weeks away from being bankrupt, unable to pay bills or put food on the table. And “the average American” means roughly 70% of Americans based on the studies I found. What happens when there’s a glitch in the company payroll or a bank error and your paycheck doesn’t get deposited on time? For most of you, that’s a scary possibility. [Read more…]