financiallybroke
Do you ever feel like you’re swimming upstream against your financial current? You are not the only one who feels this way. As of July 2023 — sixty-one percent of consumers were living paycheck to paycheck, according to the New Reality Check: The Paycheck-to-Paycheck Report. In addition, 64 million Americans have debts that are in collections. Due to being stuck in the cycle of living paycheck to paycheck, there is little room for savings, breathing room, or achieving financial goals. The good news is that you can break free of the “broke” cycle with actionable steps and the right mindset. Ack...
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In most households, food represents a significant portion of their budget. Among U.S. households, for example, food accounted for 12.8% of spending in 2022%20and%20transportation%20(16.8%20percent).), which is third behind housing (33.3%) and transportation (16.8%). Interestingly, a similar trend happened in the 1980s, when consumers spent 11.3% of their disposable income on food. Additionally, the average grocery bill for a U.S. household is $5,703, according to data from the Bureau of Labor Statistics released in late 2023. If you’re wondering, that’s about $475 a month. What’s more, spendin...
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Your gut sinks with that sinking feeling that wakes you up in the middle of the night. You’re completely and utterly broke. Everybody experiences bad luck from time to time – job loss, unexpected bills, or just plain bad luck. You are not the only one, though. Ninety-two percent of your fellow Americans agree with you. What’s more, it is estimated that less than half (45%) of Americans can comfortably live on their current income. Whatever the reason, being broke is stressful and challenging. More importantly, there are steps you can take to help yourself through this difficult time. That said...
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You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your ownWhatever money you have in a bank accountStocks, bonds, and mutual funds invested through a taxable brokerage accountA Roth IRAYour prized vinyl, stamp, coin, or art collectionHaving a say in how your estate is distributed is essential to your estate planning. Although it may seem daunting, saving your loved ones thousands of dollars will likely be worth the effort now. In short, you and your family ca...
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From the 17th century, the term broke referred to being without money. More specifically, the word derives from the old sense of impoverished, which signifies helplessness, shame, or embarrassment. People are not born broke, but they make decisions based on their actions, not as a result of circumstances. To put it another way, it’s a thing that happens to you. You go broke, busted, or even bankrupt — the ‘rupt’ comes from an Italian word for broken. In the Victorian era, you were said to be ruined. Despite the fact that the phrase this is why I’m broke has been used in colloquial speech and w...
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