Financial Fallacies: Are You Living in Debt Denial?

Do you lose sleep over the amount of debt you’ve accumulated and can’t see a way out? 

Do you dream about living debt-free in life and finally start saving for your retirement? 

Ever wonder how other people manage the wealthy lifestyle? 

Are You Living in Debt Denial?

Living debt-free is a realistic goal of everyone, even if you are a wealthy person but how you get there depends a lot on how much debt you have and what kind. Retirement Shield Canada Insurance helps people to those are in over their heads and looking for ways to have secure savings, not debt. Debt-free lifestyle means to have a rational approach to everyday spending habits of money even if you have wealthy income fixed-income investments. There is a very thin line between to be financially independent is to be debt-free and it’s complicated to cross this line without a piece of financial advisor advice. There is very little to do with your savings and income, one can get rid of debt by aggressively pay off one’s long-term mortgage debt and by eliminating one’s high-interest consumer debt. Without strategic steps debt will be even worse than having a negative impact, by paying off debt faster you need to pay less interest on your debt. As per one survey, the total consumer debt outstanding in Canada was almost $200 billion up from $20 billion in 1975 and destined to reach $535 billion in 2015. If we don’t rotate the debt throughout the lives, it will ultimately transfer that debt to their estate upon the death and will never get out of debt. Besides, retirement could be pushed back if the interest rate on the long-term mortgage will not be paid on time. There’s not a lot of things in life that are guaranteed–except for death and taxes. Here is Retirement Shield Canada Insurance financial advice:

• Detail Oriented: Reviewing and keeping track of scrutinizing every penny makes this process easier and give you growth in your capital savings. Debt-free individuals have a more responsible attitude towards money and use an expense tracker either daily, weekly, or monthly.
• Be Practical: Who says we can’t always get what you want? Be practical about spending your hard-earned money. We are not living in the stone age people, be practical who has a motto of debt-free living. Go for comparison first before buying small to a big purchase, instead of running for high-designer brands invest in quality items that serve multiple purposes and will stay for a longer period to multiple seasons.
• Be Confident: Money handling has two pillars one being practical and second be confident that label you with an independent person living debt-free. Justify themselves with lavishly spending on material objects will not display your wealth status, be practical in spending habits to have a healthy, wealthy living. 
• Be Patient: To enjoy a debt-free lifestyle, a good thing to display patience in your purchasing habit, avoid racking up a mountain of debt after understanding the need and demand of the situation. We need to spend more time to save up and stick to the budget plan especially true for those who have good future images in their mind. If they want something that’s not in their budget, they’ll wait until they can afford it, until it goes on sale, or just say no altogether. 
• Goal-Oriented: You never know what the future may bring, but debt-free individuals do their best to plan for it, whether it’s something small like a vacation, a big expense like a child’s college fund, or a lifelong goal such as retirement. 
• Set Boundaries: Debt-free live means to set boundaries, spend less than the earning is key to maintaining a savings account and an emergency fund. Scarifying the use of credit cards is a pride moment than sacrificing the money on debt, setting boundaries to follow the budget and sticking to certain plans. 
• Consult Retirement Shield Canada Insurance: This doesn’t take extra time or effort to consult Retirement Shield financial advisor, they will understand your current debt risk and interest rate to provide you the best ways to come out of it. They have wiser plans to benefit you with maximum savings and minimize the risks. Whichever approach you take towards eliminating financial debt, Retirement Shield commitment will ensure you will have a debt-free retirement and right investment plan. 

We’re not suggesting you permanently cut the credit card but until or unless you learned how to manage the use of credit card does shift on a crash diet. A good debt process is designed not just to eliminate debt, but to also teach you the ins-and-outs of credit card management. In simple words, Retirement Shield financial advisor says “play your cards right” to pay your balance in full every month on time. Above financial advice will help in avoiding dreaded interest fees and raise the credit score Finally, we always recommend setting up an emergency fund and go for a right investment plan, so whenever a true emergency arises you can pull money from your own funds without reaching for the credit cards and to take debt from others. It might surprise you to realize how few initiated steps will reduce financial stress and without credit cards, life isn’t that bad as it seems. If you ultimately give them up to your habit of credit cards and want to save you and your family’s future than consult https://retirementplanning.rshield.ca/, “info@canadainsuranceplan.ca” or call them at 416-613-9535, 780-851-5216 & 604-409-8991.