Bahiyah Shabazz, MBA, Fabulous and Money Savvy Coach shared some insight about the financial state of the union, what it means to us and how to survive these turbulent economic times.
Raising the U.S. debt ceiling is not that alarming. In fact, we are one of the few countries that require a vote to do so. What is alarming is that the debt ceiling is so ridiculously high. This means that as a country, we have created bills that we can’t pay. This is what led the S&P to drop the U.S. Bond rating from AAA to A++. Essentially, this sends an alert to the world that this country can’t pay its bills. Now, other countries may not want to lend money to the U.S.
The national financial crises hits home with severe impact. If there is not enough money to pay lenders, then there is not enough money to pay us. This means that many government funded programs could disappear including WIC, Link and Medicaid.
One of the biggest causes for concern is Social Security. Many movers and shakers are seeking to privatize Social Security, making it less accessible to everyone. With entrepreneurship on the rise, less money is going into the fund. Then there are the baby boomers. With so many people making withdrawals at the same time and fewer people making deposits; depletion of funds is inevitable. This means that anyone who is not investing in a retirement fund could spend their senior years homeless or living with relatives. That is not a retirement to look forward to.
Mrs. Shabazz’s suggestion is “get your financial house in order” to avoid this fate. Lower or eliminate your debt. This will not happen overnight. But you can start with just one bill at a time. As you lower your debt, put the excess money into a retirement plan. Do not depend on the government to pay you. You can contact Bahiyah Shabazz online or call 219.588.6113 to help secure your financial future.
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