A money skill that will last a lifetime
Looking for money skills that last a lifetime?
Don’t rely on short term fixes.
Cashing in your retirement could mean you do not have the tools or knowledge to prevent going back into debt.
Transferring money from credit card A to zero percent interest credit card B will not solve your emotional spending.
Your immediate problem is “solved.”
Or so you think.
Cashing in retirement means that there wasn’t enough saved to cover the unexpected bill from life happening.
A missed opportunity that could create any of these four financial challenges years later:
- Debt comes back
- Still nothing in savings
- Cash out retirement again
- Nothing or less money than planned for retirement
Transferring money to and from a credit card gives you the feeling of financial accomplishment.
While you may save some interest, financial challenges may sneak up on you.
- Debt on new credit card not paid off by end of promo period – which means a lot of work for little financial gain
- Instead of one credit card available to max out, there is two.
- Opening a new card did not pay off debt – it simply moved it
- Still no plan to pay off either credit card
If the short-term “fix” isn’t helpful in the long run – can that be called a solution?
Instead of looking at how to make your money situation easy today,
Ask yourself, what decisions would me in five years want me to make today so my life is easier then?
If you don’t know that answer or have an answer but unsure how to get there…
I provide personalized financial coaching sessions that relieve financial concerns and address root causes of money issues. My clients receive the tools and confidence to reach their long-term financial goals. If you desire this takeaway, I’d love for you to introduce yourself to me here: https://calendly.com/carlsonfinancialcoaching/15min