The Financial Coach from Capital Budget Strategies, LLC recently worked with a family with serious debt issues. The couple were in their 50s with no retirement savings and a minus net worth. Both parents had good jobs and the three teenage children were thinking about college.
We sat down in their kitchen and reviewed all their financial statements, including their pay stubs, credit card and bank statements, car payments, mortgage, utilities, groceries, etc. Together, we created a personalized household budget, developed a Snowball Debt Repayment Plan, set up an emergency fund and opened an on-line savings account paying 1.7% interest!
As we were closing up, they mentioned their upcoming family vacation to Disney World, which they were going to pay with credit cards. Fortunately, we were able to talk them into postponing the vacation until their financial situation improved.
The point is this family was not “acting their wage.” Yes, they had a great combined income, but they also purchased a house that took up 42% of their income (recommended limit is 28%), they purchased brand new, expensive cars and they had large credit card payments every month.
The key to finanical security is taking control – not losing control.
This family could very easily have been living a financially secured existence, but they had a serious issues with spending money they did not have. With family, work and life – who wants that additional stress?
Our motto is simple, “If you can’t pay cash for something, you cannot afford it.”
For $149, Capital Budget Strategies, LLC, Austin’s best Money Coach, will sit down with you and your financial statements and provide an honest, unbiased assessment of your finances. In about 4 hours, we will build a personalized budget to get you back on track.
We can meet at your home, your office or our home-office in Central Austin. We can meet during the day, in the evening and even on weekends.
The $149 not only pays for the initial session, plus includes one follow-up session at the 1, 3, or 6-month mark to review your progress and answer any questions. Of course, you can contact our Financial Coach anytime with questions.
Why not decide to start 2020 off right – with learning how to act your wage!
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