Freedom from Debt

Freedom From Debt | Staying Debt Free
 
If You Were Debt Free Today, Would You Know How to Manage Your Money to Become Wealthy, Retire with Dignity and Change Your Family Tree Forever?

As a Consumer Bankruptcy Attorney I meet and counsel people every day who have no idea how to build wealth and avoid the trap of being in debt. Most people never receive any education or instruction on just how badly being in debt cuts off their ability to build wealth and have financial security for the rest of their lives. Bankruptcy can give you the chance to be debt free but then what would you do? I would like to explain to you how you can change your family tree forever and get financial peace of mind to never have money problems again for the rest of your life.

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Most people think it is normal to have debt. Why? Because our culture has changed over the past 30 years to trick people into thinking that this is normal behavior. Everybody uses credit cards, everybody has car payments, everybody has a big mortgage...right? Your single biggest tool to retire with dignity and not be a slave to banks is your income. The problem is that most people give out all of their monthly income to banks and never invest or save. The government, the banks and the media say that you have to keep spending to keep the economy going. Sound familiar? The problem is that once you buy into this line of thinking, they are the master and you are the servant.

Everyday I meet people who have debt. Maybe you got sick or injured. Maybe you just borrowed too much with the idea that you could pay it all back someday. So you work and work and pay out all of your monthly income to banks. Never saving for retirement, never saving for your children's college, never having savings to cover emergencies, pay cash for a car or just be secure financially. However you got there, the question is how do you cure the problem and get out of this mess?

Bankruptcy can usually help provide you with debt relief. Whether you liquidate under Chapter 7 or reorganize to save your home under Chapter 13, the bankruptcy law can usually help with solving the debt problem. As your Consumer Bankruptcy Attorney I will advise you, represent you and guide you through the process that is bankruptcy. The bigger question is what will you do once the debts are gone? Will you apply for new credit cards? Trap yourself in $500 per month car payments? Think that it is normal to always be in debt and just think that one day you will start saving for retirement and building financial security and freedom?

Unlike many Consumer Bankruptcy Attorneys, I believe in educating and giving my clients the tools to succeed in building wealth and a secure financial future after bankruptcy. Handling your bankruptcy case is my domain and I can represent you very effectively based on your situation. But I want to open your mind to the reality of being debt free and staying debt free and illustrate to you just how this is not only possible but essential to your future. Let me give you a few examples.

Cars. The single biggest roadblock to saving and investing for the future is being straddled with car payments for overpriced vehicles that you finance. Most people believe that they will always have a car payment. The thinking is that you have to have a car, everyone drives a $25,000 car, if I have to have a payment I may as well drive what I want. The average car payment is about $400 per month. Do you realize that if you paid yourself $400 per month from age 25 to 65 and had an average return on investment of 12% (the average stock market return over the last 70 years) that when you reached age 65, you would have $4,705,909.00! I know. Wow! Instead, if you saved up and paid cash and drove a $5,000 car, you could instead invest that car payment and be well on your way to becoming a millionaire when you retire.

Mortgages. Just think if you had no mortgage payment. Most people think that everyone has a mortgage payment, you will always have a mortgage payment and the average mortgage payment is $1,500 per month. Do you realize that if you paid yourself $1,500 per month from age 25 to 65 and averaged 12% return on your investment that when you retire, you would have $17,647,158.77 I know. Wow!

Credit Cards. The credit card companies are nothing but legalized loan sharks. Their business model is to mail applications to everyone (dead people and pets included) and get you to charge more than you can afford to spend. Then they charge you very high interest rates and when you are late or slip at all, charge you default rates of interest of 30%. Credit card debt is dumb. You will never be financially free and secure if you play their game, no matter how good your intentions are to repay. You will not beat them at their game. The only way you beat them, is to not play their game.

Are you beginning to understand how this works? It is not your fault that nobody has ever explained this to you. Our schools do a horrible job in educating us (future consumers and wage earners) how to handle money. It starts with credit card companies preying on college students or young adults generally. Here, you're pre-approved, go spend money you do not have. Then the car loans, then the mortgage. But this isn't the only problem I see on a daily basis.

Lifestyle. The other major factor in not saving for retirement, children's college, emergencies and having the ability to pay cash for things you need is living beyond your means. Most people do not act their wage. They want it all now, like a child, and feel they deserve the best of everything regardless of how they intend to pay for it. Again, this is a cultural change (brainwash) that has changed in America over the past 40 years. Why? Stagnate wages, inflation, a devalued dollar, many reasons. The truth is that to mask the lowered standard of living in America, our culture has disguised the lowered living wage and standard of living by the proliferation of easy credit. This has given people the illusion that they can still have everything they want now despite making less in real dollars (compared to 30 to 40 years ago). The government and the banks perpetuate the illusion and off to work we go to pay debts incurred to offset the fact that over time our money has become worth a lot less than it used to be worth.

The only way out is to live on less than you make so you can save and invest the difference. Seven out of ten households in America live paycheck to paycheck. Are you beginning to see that if you are one of the 3 out of 10 that doesn't, that you can begin building wealth, be financially free and never have money problems? That you truly have the power to change your family tree forever and not only retire rich but you can make you children millionaires when they retire? Let me give you some other examples.

Your Child, the Millionaire. Most people don't start thinking about funding their retirement until they are in their 20s or 30s or worse, their 40s. Do you realize that if you open an IRA for your 15 year old and fund it with $2,500 and they never make another contribution their entire life, that when they turn 65 (averaging 12% return) they will have $1,000,000! I know. Wow! Just think if they added to this account as they begin working. Funding the future now is cheap but it is much more expensive the longer you wait.

College funding. Did you know that if you open an Educational Savings Account (ESA) for each child and contribute the maximum (currently $2,200 per year) this can grow tax free until they 18? If you do this when they are a toddler, there will be money for college instead of student loans. Think if you also opened a Roth IRA at the same time and funded it with just $2,000. Your toddler would retire a multi-millionaire!

You see, I want you to succeed financially in your life. Yes I can prepare and file your bankruptcy case and help you get debt free sooner, as determined case by case. It is what I do and have been doing for almost 15 years. But then what? Will you get new credit cards? Finance a car you really can't afford? Get a mortgage that is more than 25% of your take home pay? Never invest or save for retirement, college, or emergencies? Never build wealth and change your own life and your family tree? You have the power to change how you think about debt and how you can truly become financially free. Then the more income you make, the sooner you see the rewards pay off and you can actually change your life!

Whatever has brought you to this point, I am confident I can advise you on the best solution and whether bankruptcy can help. But I want to do more than just file your bankruptcy case. I want to empower you with knowledge and some basic tools so that you can stay free from debt and change your life and your family forever! You can really do this and I am confident I can help.

Richard R. Baker, Esquire
Consumer Bankruptcy Attorney
Bachelors of Science in Finance
Juris Doctorate