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Articles Posted in financial wellness

stockfresh_469655_road-to-recovery-words-on-pavement-up-arrow_sizeS-300x300We have never experienced a situation like this before. America is in a national state of quarantine and millions of workers are furloughed. Fortunately, there are stimulus checks and unemployment compensation available, but these are not going to solve all financial problems. Many Americans are facing a severe threat to their financial wellness and it is causing high levels of stress and anxiety.

 

Mistakes Caused by Panic

 

The media has numerous stories of people going to stores and buying more toilet paper and other products than they need. Other reports tell of possible rent freezes and other ways to assist people. The major problem, however, is decisions that are induced by money fears. Continue reading

stockfresh_4734675_debt-concept_sizeS-300x192Personal finances can be tricky. Folks who live from paycheck to paycheck can get easily confused. They might forget to pay an invoice and incur a penalty. The same people could also overpay a bill and have nothing left for emergencies. A crisis like a medical bill may need a large sum of money to settle. Where is all the money?

The confusion can disrupt anyone’s financial wellness. Young employees, fresh out of college, can get in the habit of overusing their credit cards and confront a real problem when the grace period for college loans ends. People who want to buy a house discover they cannot save enough money for a down payment. The problems keep rising along with the debt balances. Continue reading

stockfresh_7102501_college-debt_sizeS-300x300Graduation is coming soon. It might not be the grand occasion it used to be because of the coronavirus pandemic, but for many young people, their time in school is about to end. They will be facing real-world challenges and a major one involves money. Graduation is when they must start paying back all their college loans. Few are ready for the task of paying those large bills. Their financial wellness could take a hit.

 

The Mountain of Debt

 

College loans were the primary funding vehicle for their college experience. It isn’t surprising the resulting debt can be in the six figures. The monthly repayment statement is a big shock to many graduates. Continue reading

stockfresh_225020_eraser-and-word-debt_sizeS-300x200Many employees are frustrated by personal finances. They are making decent money, but they aren’t sure where it is all going. Big purchases or medical bills can be a hit to the wallet, and the person doesn’t know what to do.

 

The money problems don’t always threaten financial wellness. However, anyone will get anxious if personal finances appear out of order. Countrywide Pre-Paid Legal Services knows that money matters can stress out a person. We have a benefit plan that assists members as they negotiate financial waters. Continue reading

dollar-sign-stones-240x300COVID-19 has disrupted ordinary lives and that is an understatement. It is more than just quarantines and stay-at-home orders. The financial wellness of ordinary citizens is placed in jeopardy and certain arrangements are threatened. Alimony is one of those.

 

The court establishes in the divorce decree how much a spouse needs to pay the other. It is based on the financial information at the time. Granted, the loss of a job or income can be an issue. The difference between an ordinary job loss and the coronavirus pandemic is that the temporary loss of employment was the result of a state decree. Continue reading

stockfresh_1345661_happy-family-near-new-house_sizeS-300x200It is easy to be anxious about big purchases. These can require loans that take years to pay off. Buying a house is an enormous six-figure commitment with potentially harsh consequences. Real estate is not for the faint of heart or for the uninformed.

It Is a Major Adjustment

House ownership is a significant middle-class status symbol. It tells the community a person is successful enough to afford a mortgage. That mortgage, however, could be a grenade waiting to explode.

A problem that surfaced in the Great Recession of 2008 was the mortgage ignorance of many people. Folks didn’t know the dangers of balloon mortgages or other debt instruments. Their financial wellness consequently suffered. Continue reading

stockfresh_479551_house-in-hand_sizeS-300x200Real estate agents on television will showcase the house bargains that are just waiting for a buyer. They will stress the positive, but once the house is sold, the buyer learns the negative.

A naïve first-time home buyer isn’t aware of the pitfalls of real estate. The house might have structural problems and the buyer might be using a balloon mortgage to pay for the home. Financial wellness might soon be at risk.

 

People Need Real Estate Education

 

A house is what every employee would like to have. Unfortunately, not every person understands real estate. Housing and mortgage financing can be a real mystery. Whether a person is buying a dream, or a nightmare depends on what he or she knows. An employer can help by offering a financial wellness program that includes education. Countrywide Pre-Paid Legal Services provides a benefit that has a real estate education option. Continue reading

01the-importance-of-a-comprehensive-legal-plan-article-4102-thumb-320x210-86253-thumb-320x210-86254-300x213Human resources understands the impact of depression on productivity. People who have anxiety or disturbing thoughts are distracted. Deadlines and business benchmarks might be ignored as a person tries to deal with inner demons. Depression can be expected any time a person’s financial wellness appears to be in jeopardy.

Hard Lessons in Life

Young employees are especially vulnerable to stress brought on by finances. This is more than just having to deal with a personal budget for the first time. Many are faced with paying off college debts that are staggering. Others must deal with credit card obligations and even health issues that can drain a normal paycheck. Worries about finances will affect a person’s decisions. The opportunity to buy a house may seem to be completely out of reach and saving for the future looks out of the question. Continue reading

stockfresh_1104622_falling-credit-cards_sizeS-300x200People, by now, realize they were perhaps a little bit too generous at Christmas time. The credit card statements have come in and the debt balances are higher than usual. This can be a direct threat to the financial wellness of some people. The credit card debt may already be substantial and they are paying double-digit interest rates on the balances.

 

The figures can be frightening and may lead to some drastic decisions. A person has to be cautious in dealing with credit card debt, however. Paying the monthly minimum is essential, but too much can leave a consumer strapped for cash and not able to fully pay other obligations. Some have no concept of a personal budget and are floundering. Credit card balances can be managed and can be lowered. It requires a little strategy along with frugality. Continue reading

stockfresh_4665102_student-loan_sizeS-300x300It is a new semester on college campuses and the last one for many seniors. College days are about over, and the monthly student debt bills will soon begin. Some seniors already have accepted job offers, but loan repayments might take a big portion of their paychecks. The cost can harm financial wellness.

 

College debt can be enormous with a person perhaps owing more than $100,000. New graduates have not faced the payment obligations the size of a house mortgage. Drastic steps such as forbearance and even declaring bankruptcy can appear to be the only options. However, desperate decisions are not necessary. Continue reading