Families Financial Wellness Solutions™
Have you or some you know ever felt as though your financial situation was out of control? You owe more than you can pay? Will an unanticipated expense completely derail your finances and put you behind the notorious eight ball for months? Do financial concerns cause stress in your marriage, family (immediate and extended) or other relationships? Have you ever skipped meals or overeaten due to financial stress? If so, you are not
financially well. It doesn’t need to stay that way.
Financial stress is impacting Americans even as the economic recovery begins to broaden. Financial insecurity negatively impacts marriages and other interpersonal relationships. It often leads to reduced productivity and loss of focus at work.
According to a Consumer Financial Protection Bureau 2014 report the problem is widespread:
The Federal Reserve reports the median balance of retirement accounts among Americans who are even saving for retirement is less than $60,000. The median account value for Americans aged 35 to 44 is just $42,700. The median value for Baby Boomers aged 55 to 64 years old is $103,000. This shows a severe sustained underfunding of retirement savings. Continuance of this behavior does not bode well long-term for neither personal nor national economies.
One of the longest relationships we have in our life is with money. Finances or the lack thereof significantly impact lives and choices from womb to tomb. For many of us that relationship is often dysfunctional and stressful. Chronic stress causes emotional, health, and spiritual problems. Money is so much more than dollars and cents to us.
It’s not usually the lack of finances that causes the divorce, but the lack of compatibility in the financial arena. That incompatibility often comes from differing beliefs about money. Our beliefs often inform our behaviors and opinions.
What are your beliefs about money? Are they limiting you? Are you misinformed?
If you are, it is no surprise. Financial education is not a required part of the curriculum at any
level of school.
WalletHub, a financial decision making site, assessed Michigan be among the Top 10 Dumbest States for Financial Literacy: 2014. The rating was based on two categories: knowledge and education; and planning and daily habits. (Overall Score: 42nd out of 51; Literacy: 46th out of 51; Behavior: 35th out of 51)
For many their financial education comes through the school of hard knocks and T&E U. (Trial and Error University). Taught by experience. The problem with that is “Experience is a hard teacher because she gives the test first, the lesson afterward.” The results can negatively impact our credit score and limit other financial opportunities, such as employment or home ownership, for seven years or more.
Without financial wellness it is difficult to impart proper values to children and grandchildren. Without the proper foundation, the next generations may be doomed to a lifetime of financial insecurity. It is malpractice to allow our youth to enter what is often a “trick and trap” economy for the financially ill-informed. Learning begins at home.
Most Americans do not enjoy a sense of “financial wellness.” Financial wellness is an intricate balance of the mental,spiritual and physical aspects of money. It is having an understanding of your financial situation and taking care of it in such a way that you are prepared for financial changes. It is not necessarily about being wealthy, but it is a state of psychological well-being in which one feels they have control over their current finances and financial future.
The proper balance of these aspects are the key to achieving financial wellness. Achieving or maintaining financial wellness has many challenges for every rung of the American economic ladder. Money issues can keep you up at night whether you have it or not.
The journey toward financial wellness can be started the privileged, the deprived and anyone in between. Although the challenges may be different for each circumstance, the need is universal. The only requirement is to start and then stay with it.
One-to-one financial coaching offered as part of CDC Families Financial Wellness Solutions™ can help on your journey to financial wellness. The program will help you “go from where you are, to where you want to be.” Coaching is done by MSHDA and NCHEC certified counselors with no agenda other than helping you reach your goals. We provide objective non-judgemental support on your road to financial wellness.
For More Information Contact CDC at:
firstname.lastname@example.org or Phone: 313-873-0064 x18