Episode 17- Why Debt Freedom Is Especially Critical for Adult Only Children and Strategies to Get There

Oct 22, 2020 · 9m 55s

Description

While freedom from debt is beneficial to us all, it's especially critical for the adult only child. When we carry debt, we limit our ability to financially invest in our...

While freedom from debt is beneficial to us all, it's especially critical for the adult only child. When we carry debt, we limit our ability to financially invest in our future. As only children, we will most likely become the sole caregiver to our parents one day, and we have to be prepared. It must be a priority for us to take advantage of the present to fully invest in the life we want for ourselves. It also better positions us to help our parents as they age, especially if they might need financial assistance from us. The more we have in the present to invest in our future, the fewer unexpected, unwanted compromises we'll have to make in our own financial lives in order to provide a safe, healthy, secure future for our aging parents.

In this episode, I discuss three specific strategies for debt elimination and redirecting those funds towards our dreams and goals: 1) Snowball 2) Avalanche 3) Snowflake

Here's a link to the article by Cameron Huddleston (guest on Episode 7) that I reference during the episode: https://dollarsprout.com/how-parents-finances-could-become-your-liability/

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Information

Author	Kimberly Page
Organization	Kimberly Page
Website	-
Tags	#agingparents #avalance #babyboomers #caregiver #caregiving #debt #debtelimination #debtfreedom #financialfreedom #financialplan #financialplanning #onlychild #onlychildren #snowball #snowflake