Family caregivers play a vital role in providing care and support to their loved ones.
However, the responsibilities of giving care often leads to financial challenges and debt accumulation, making it crucial for them to take proactive steps towards improving their financial assets and debt issues.
A new report published from the 33rd annual Retirement Confidence Survey (RCS) finds that caregivers are more likely to have lower levels of assets and more likely to have problems with debt than non-caregivers.
Over fifteen years ago, I faced these challenges and created a life plan assessment to help me determine where I was falling short in each domain, including finances. Click on the link to access The Life Plan Assessment https://carolmarak.com/life-plan-assessment
Took inventory of my assets, savings, and debts. Calculated income and expenses to get a clear picture of my financial status.
Identified my essential needs and prioritized them, including housing, healthcare costs, and daily living expenses.
Then, I tackled debts by listing credit cards, loans, and medical bills.
I generated extra income by working several part-time jobs by freelancing.
Saving and investing are crucial for long-term financial security. It’s crucial to start by building an emergency fund, avoid going into debt, and setting aside savings.
Consult with a financial advisor to develop an investment strategy that aligns with your risk tolerance and Retirement goals. .
I am by no means a wealthy person. However, I have more peace of mind after implementing these steps.
So, assess where you are right now by applying the assessment. https://carolmarak.com/life-plan-assessment
Then create simple steps to make improvements. Be sure to visit the Solo and Smart YouTube channel for more advice and tips. And share and like this video – it helps to get the word out.