Brenda Ratliff - Primerica Representative

Financial Slavery

Slavery is more prevalent today than ever in the past. Not because of human trafficking or forced labor. That’s not what I mean.

You see years ago slaves were bound by physical chains and shackles. Today these physical restraints have been replaced by things like consumer debt. Ever wondered why they call it “MasterCard”.

Many employees are jumping in joy that companies offer to repay their student loans, forgetting that complex contracts require they work away their entire lives for these companies.

“Homeowners”, who really never own their houses, work constantly to pay interest to banks and will most likely die before paying off the loans. Did you know that the word mortgage has a root meaning of “until death”? Yet they rejoice and proudly boast how they got “approved” for a loan and are living the “American dream”.

Slavery may have been outlawed hundreds of years ago but it is alive and well, and thriving today my friends. Except that the new shackles are houses, cars, and designer brands. Some call them the golden handcuffs.

In the past slavery targeted specific races. Today, financial slavery knows no race, gender, or age. It enslaves them all.

In the past humans were forced into slavery. Today, people willingly seek it out in the form of credit card applications, mortgages loans, and car notes. Can you believe they actually make you “apply”?

Some think that “more” is the answer. More government regulation. More money in the form of higher minimum wages or higher taxes on the wealthy. But more is not the answer. It’s like pouring more water into a barrel with holes. It will never fill.

What is the answer?

Financial education. It’s the only thing that will break the generational curse of poverty and financial slavery.

So many of us don't realize this..too busy keeping up with the "Jones". If you would like info on how to become debt free please reach out! Our house is a work in progess, you are not alone! Baby steps!

So many people believe that stories like this will never be them! Sad reality is, it is becoming more and more common. This is why it is important to start learning and planning for your future when you are young, but it is never too late to start!
Start an emergency saving, planning your retirement and carry a term life policy on yourself and your loved ones are a few places to start. The loss of one person's income can be devastating to a family. Giving up one designer coffee, eating out once a week, small sacrifices that don't seems like much, will add up over a month and a year's time and result in a nice nest egg for your and your families future. For more information comment below or message me.

America's Homeless Ranks Graying as More Retire on Streets America's Homeless Ranks Graying as More Retire on Streets

#5

6 steps to avoid running out of money in retirement

5. Eliminate debt before you retire
Carrying substantial amounts of debt in retirement can eat away at your hard-earned cash. Not to mention, many types of debt, such as credit cards and student loans, can come with high interest rates.
Try to reduce or eliminate debt before you retire. That can free up more cash to put toward savings. Once you've paid off a loan, you can redirect those payments toward your retirement account.
I can help you with both retirement planning and debt repayment strategies to ensure you retire debt-free. Or perhaps you can plan to work longer or downsize on big item purchases, like a house or car, to free up money and tackle your debt.

#5

TOP 10 MOST COMMON FINANCIAL MISTAKES

5. Spending Too Much on Your House
When it comes to buying a house, bigger is not necessarily better. Unless you have a large family, choosing a 6,000-square-foot home will only mean more expensive taxes, maintenance, and utilities. Do you really want to put such a significant, long-term dent in your monthly budget?

What's on my mind? Protection. I have opened my feed everyday this week to see someone has passed from this earth and graduated to heaven "unexpectedly". And young people at that! Then I have to wonder, was their family protected? Please don't delay getting life insurance. I know it's something we don't like to talk about. But that spouse, that baby, that high-schooler that dreams of going to college...do it for them. It's not even about me being in the Life Insurance business - it's about friends and friends of friends about to embark upon the most difficult season of their life with no financial security to see them through. Breaks my heart. :(
Please reach out if I can help you plan.

#4

6 steps to avoid running out of money in retirement

4. Create good habits
Curbing your spending can also help boost your savings. Take the time to set up a budget and stick to it. You'll also want to make sure you have an emergency fund set up for unforeseen circumstances, such as a medical emergency or job loss. Most experts suggest saving at least three to six months worth of living expenses.
Your spending in retirement won't change much compared to your spending during your pre-retirement years -- so mastering good financial habits, like budgeting, investing and shoring away emergency funds, can go a long way once you do finally retire.

#3

6 steps to avoid running out of
money in retirement

3. Invest the money you save
But it doesn't stop there. Don't forget to invest the money you save. Compound interest can work wonders for your money. Just as with saving, the earlier you start investing, the more your money can grow.
Make sure you are putting your savings into a tax-advantaged retirement account, such as an employer-sponsored 401(k) plan or an individual retirement account, or IRA. Some company 401(k) plans offer matching contributions, in which case you want to make sure you're contributing enough to receive the full employer match.
But 401(k)s and IRAs aren't the only ways to save for retirement. Health savings accounts, or HSAs, and other tax-advantaged accounts can also help you reach your retirement fund goals.

https://www.forbes.com/sites/forbesfinancecouncil/2021/06/15/12-essential-considerations-when-creating-a-personal-financial-crisis-plan/?sh=56773d4e4e35

I think something like this in our schools would help our kids learn the basic day to day finances, planning for their future and learning how important financial independence is, especially as they age.

6 steps to avoid running out of money in retirement

2. Save as much as you can

The sooner you start saving, the more time your money has to grow.
In your younger years, even a small amount of savings can go a long way. The longer you wait, the more you'll need to set aside to meet your goals. So it's always a good idea to try and put away as much as you can.
You should save between 10% to 15% of your gross salary, which also includes any contributions you may receive from your employer.
But the bottom line is to save whatever you can, even if it's not a full 10% of your income.
No matter your income or savings levels, having a realistic financial plan can help maintain your financial security through all stages of retirement.

6 steps to avoid running out of money in retirement.

Start Planning Now!

It's never too late to start planning. Although it might be impossible to know how long you'll live or what your health may look like in the future, there are things you can plan for now that can set you up well for retirement.
Unfortunately, many people wait until they are almost ready to retire to start planning for retirement. Decades before you retire, you should start evaluating your numbers.
Figure out what age you plan to retire, how much you are saving, what your estimated expenses are, how much income you will need to live on and how much you already have saved for retirement.
Evaluate your estimated Social Security payments to get a better sense of how much it will contribute toward your retirement income goals.
Keep in mind those estimates will vary based on when you start collecting Social Security payments.
If you plan on retiring in your mid- to late-60's, you really have to plan on living well into your 80's and 90's -- especially for women.

If your life insurance has the word group in it, it is not worth the paper it was written on

OK getting on soap box..... who reading this is relying on life insurance through your employer??? If you are and you care about your family read this. These are the standard AND the extra that this local family is paying monthly for. Now group is a great benefit it's cheap or free BUT!!!! I have only had 20% of the claims I have handled pay out.... This one is for a large local employer and it will ONLY pay out if the employee is currently and consistently working 30+ hours a week. Well most don't die like that. We are sick, cancer, diabetes, heart failure. So you get sick, are off work, loose your benefits and then die.... Oh and look at the spouse or family coverage. They can't be sick either.... If your family is relying on this stuff let's fix that ASAP! Don't put it off, sadly you just never know. 😞 I've sat across from far to many spouses who were left holding the bag.

Is your family protected financially if the unexpected happens to the wage earner(s) in your home? If your family lost half or even all of the income,what would happen to those left behind?
Today's world is unforgiving... even if you think you are uninsureable, contact me for possible options that would not leave your family wondering what to do next in your absence. We have options that can help!

How hard is your money working for you?
Are your retirement $$ growing?
Interested in learning how to double your hard earned $$ faster?

Put your answer to the questions below in the comments..

Comment a 😊 if you know or have you been shown the Rule of 72?
Comment a 🤔if you would like to learn the Rule of 72?

**Talking About $$ Can Protect Your Marriage!**

Are you keeping money “secrets?” If so, you could be putting your marriage in jeopardy! Being dishonest with money can seriously hurt your relationship. Schedule time with your spouse to discuss these important financial topics.
1. **Spending Habits: **At least 1 in 10 people keeps a financial secret from their partner. The most common secret? Credit card debt (42%). Everyone needs some personal spending money, but if you are regularly hiding purchases or lying to your spouse about spending, consider the long-term negative effects it could have on your relationship.
1. **Hiding Debt:** Do you have credit card debt you are hiding from your spouse? If so, schedule time to discuss it with them and come up with a plan to pay it off.
1. **Long-Term Financial Goals:** Are you and your spouse on the same page when it comes to your financial goals? This includes saving for things like education for the kids and retirement. At what age do you hope to retire? A whopping 43% of couples don’t agree on their expected retirement age.

Do you own your own Life Insurance policy?
Do you have a hard copy in your files?
Do you know that many companies have a war exclusion in the fine print?
Did you realize that 9/11 was considered an act of war?

Another name for it would be "Income Protection Insurance"
If you don't have this coverage, don't you think that it is just as or more important than home or car insurance? Leaving your family financially worry free as possible in your absence.
Message me for more details or an appointment.

Still true in 2021!
People don't plan to fail, they fail to plan! Mainly because we were not taught! We are told go to college, get a good JOB ( which stands for Just Over Broke)
Everyone NEEDS to start young planning for future/retirement... make those small sacrifices early and you won't be scrambling later!

Want to know you FIN (Financial Independence Number) ??

Want an FNA (Financial Needs Analysis) for yourself and/or your college age child starting out on their own!
And no, you don't have to pay thousands for it, I just happen to know where it can be done for FREE! 😉

Another satisfied client!

They are saving just over $150 a month on their auto insurance, apple's to apple's!
Home insurance stayed about the same, because they added some additional coverage the wanted and added their boat! WOW!

When was the last time you requested a quote? Message me for information!

To bad we were and are still not taught financial wellness in school!

We are taught to have employee mentality and how to build someone else's dream, but my question to you is, do you think outside the box? How often do you think about money and being your own boss, controlling your hourly wage??

Do you have a safety net (life insurance) set up for your family? Would they be better or worse financially in your absence? PM me for more info?

It starts with that first step and $49! Want to know how and what's included?

Something to think about on your Monday!

Is this better in the moment or could it benefit your future for when you retire??
Message me for more information!

See my answer below and add yours!

Message me for more information!