Fidelity did a study to look at how Americans were feeling about their finances as they headed into 2020 and a new decade, and whether they were making a resolution to improve their financial situation.
The study concluded that the desire to achieve money goals trumped goals in other areas by a significant amount. Financial goals included: save $5k, commit to a budget, reduce debt, and learn to manage investments. Did you have one of these resolutions this year? Cue COVID-19, and these goals never seemed wiser!
Fidelity also asked Americans–spanning all generations–what they were worried about. Here are the top financial concerns they identified:
- 51% Unexpected expenses
- 38% Personal debt, such as credit cards, mortgage, student loans, etc.
- 36% Not saving enough for short-term and/or long-term needs
- 33% Rising health care costs
- 23% The economy, stock market volatility, or interest rates.
These concerns are totally understandable considering what this study by Career Builder found among worker:
- 78% of workers are living paycheck-to-paycheck to make ends meet.
- 66% would struggle to pay for a $1000 emergency.
- 40% couldn’t come up with $400 cash.
- 71% of all workers say they’re in debt.
- 46% of debt holders say their debt is “manageable”;
- 56% say they feel they will always be in debt.
It should be noted that 18% percent of all workers have reduced their 401k contribution and/or personal savings in the last three years; more than a third (38%) do not participate in a 401k plan, IRA or comparable retirement plan; and 26% have not set aside any savings each month in the last two years. What does this all add up to mean??
Americans’ personal finances are DISEASED.
It all means that, despite repeated New Year’s resolutions to improve their finances, and despite the steady increase in the average household income, 3 out of 4 people you know or meet–maybe even you–are one fallen domino away from a big financial mess! It means that 1 out of 2 people are completely unprepared for the future, near and far, and that 1 out of 2 people feel their debt burden is PERMANENT. It really means that, despite their best efforts, people do not have the proper tools they need to do things differently, and they are STRESSED, SCARED, and/or STUCK.
What should you and I do with this depressing information?
In the psychology and coaching world, we know that THOUGHTS enable action, and ACTION holds the true power of change. It might seem normal to be stuck in financial stress and scarcity, but it is NOT inevitable. You CAN build something different if you are willing to invest in a new tools. Einstein said, “We cannot solve our problems with the same thinking we used when we created them.”
Let me help you get new tools! As I went through the list of America’s financial concerns, wondering who could help people resolve these heavy concerns, I thought, “That’s me! . . .Me, me, me . . . me also . . .Pfoo! I am really close on this one. . . Really, really close. . . ” —Bill Murray, Groundhog Day.
The only thing keeping me from being the perfect fit is whether or not you reach out.
Let’s pretend you are home at night. You or your spouse have cancer, and you just had another long, stressful day of uncertainty. Your friend calls late, or someone starts banging on the door at 1 am. You’re annoyed. They are being a pest. You answer the door, and there find someone who really cares saying, “Hey, we’ve discovered a cure for cancer. We need to get you guys to the hospital for treatment right away!” Suddenly that person is not so annoying; they’re your greatest blessing!
Now let’s say no one in your house has cancer but you have a friend down the street who does. You would rush together to bang on their door and let them know the great news. Am I right?
Well, I’m that person who really cares, banging on your door to tell you that we have the proven cure for financial cancer, and we need to get you or your loved one started on coaching right away!
I am offering all of you a 60-min consultation at no charge. That’s right, 60 minutes to get together and discuss your concerns and goals so we can find out if coaching is what you want. The consultation is free, and you can start on your journey to be free of whatever is ailing your finances. I’m talking true-to-the-core, open-the-closets-without-shame kind of freedom. I am confident you will be amazed at how quickly your commitment to coaching will help you go from apprehension to abundance, from scared to prepared, from hurting to happy. Next year will finally be different if you act today.
My success rate is 100%. That’s right. EVERYONE I work with walks away with exactly what they were looking for. I’m committed to helping you and those you love have that level of success, too. You can be the champion in your finances with your very own financial Mrs. Miyagi to help you karate chop your concerns and debt for good.
Want to help me spread the cure for financial cancer?
- Share this post with everyone you know. More than half of them will really appreciate it, and the other half knows someone else who will!
- Find out if coaching can help you solve your problem or achieve your goal.
Here are three delightful stories of clients with very different coaching motives.
Mackenzie, a new college grad from Utah, signed on with me because she was overwhelmed by her car repair bills and medical debt, and she was miserable at her job. She completed her very first homework assignment and reported right away, “I noticed that I had more money to work with than I had originally thought, and that felt really empowering.”
A couple with young kids from Kentucky wanted to get a bigger house, but they had not had a conversation about money in years that didn’t end in a fight. After spending a little time with me on productive ways to have these conversations, they reported on their first post-coaching money council. “Going with a 7 [out of 10] only because we didn’t finish all we had planned and have plans to do another council this evening! But as far as emotions and not arguing, a 10!” They did get their bigger house.
Just this week, I enjoyed watching the giddiness of Jeff and Bethany, a great couple in Kentucky, who are approaching potential retirement. They started coaching because she was concerned about where all their money was going, how to afford kids’ college, and worried that she would have to continue working in her physically demanding job into her 60s. After just three months of coaching, they are officially on track to retire totally debt-free in only 8 years and with more than enough money–together! Their moment of realization was priceless!
It is my mission to help you and those you love to live abundantly. How can I help you with that?
Let me know now.