Financial quicksand: How to dig your way out of debt
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- Опубликовано: 10 фев 2025
- NBC’s Vicky Nguyen joins TODAY to share tips to get out debt and escape "financial quicksand" such as setting a personal strategy, never missing payments, and calling your lender to negotiate.
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#money #debt #finances
Basic money information is something that nobody is taught like they should.
Remember when Home Economics in high school was basically a cooking class, and had nothing to do with running a home?
It’s readily available, and concepts are simple. Americans look for any and all excuses to not delay gratification, though.
It's a bit annoying and unfortunate. When i was born, the national debt was $2,150 per person. Now it's over $100,000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.
Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my Financial advisor are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for the lead. I searched her up on google, and I have sent her an email. I hope she gets back to me soon.
How about don’t open and use credit cards if you are unable to pay your bills in full? Get on a budget and get a second job to help pay down debt and to help build an emergency fund.
Debt is not your friend and we all need to learn the difference between a need and a want.
💯
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Getting a loan to PAY OFF DEBT is NOT paying off debt it’s shifting DEBT ELSEWHERE 😂
Does that not help if you've decided to pay off that debt?
Smh..
I think you miss the important part of the plan which is getting a loan with a lower interest rate to pay off debt that you owe at a higher rate. In reality that is the best option for many who is in debt. If you have a better alternative why dont you share with everyone?
We love vicky
Great information, especially going towards Christmas time with a budget! Looking forward to more financial quicksand segments. 😊
If you don't go into debt, there's nothing to dig out of...Cash is King!
very good. this is definitely a good way. Just ask the creditor itself. Chances are if its a small debt or you are in need the the customer service executive may help you in time. But the important thing is never miss a payment.
good stuff is Today. these things people really need.
I would pick up more shifts. minimum wage jobs.
MONEY IS COMMON SENSE...COMMON SENSE MANY PEOPLE DONT HAVE....
Why are you taking on another debt to pay off existing debts?
The banks will not help you by giving you a lower interest rate. Also, people who have credit card debt are unfortunately like to miss a payment and then get their rate increased. Asking for a supervisor is la la land.
vicky is always beautiful
Sweater weather/N. Sapphire.
This title was misleading. I thought they were going to give tips on how to get out of debt not talk about credit card debt
The most debt I had was $50000+ with no professional job at one point. Thanks to jobs I did along with some luck with one stock, got myself debt free in January 2022 & have been that way since although I do not own a home which is not a concern with my situation.
May I ask what stock helped you get out of debt?
That’s awesome! Congratulations 🎉
What the heck. Consolidation is just getting more debt to 'pay off' debt?!
Reduce your spending, find margin in your budget and pay off debt with cold hard cash.
The economy is definitely gonna hit a wall soon😂
Once you have asian you dont want to go back to Caucasians 😂😂❤❤❤😂😂❤❤😂😂❤😂😂❤😂😂😂❤😂😂❤😂😂❤❤❤❤❤