YOUR MONEY
Debt-Free & Living Easy
Are crushing bills holding you back from retirement? Wipe away financial burdens, and live the good life. ::
Wolf, 57, who is married and lives in Kutztown, Pennsylvania. Wolf says she became debt-free
years ago by following a basic three- step process. The first step, she says, is to write
your goals down on paper and hang that list where you can see it daily. Set concrete goals, such as paying
off a certain credit card by a specific date or reaching an emergency savings goal, also with a date. Review progress on your goals monthly, she suggests. Second, track your actual day-to-
day spending habits. “Write down everything you
spend for at least one month,” she says. “You’ll be amazed how that $12 takeout lunch adds up in a month. Then review and see how you can redirect your spending.” Doing the first two steps creates
room for the third, which is prioritizing wants and needs. Knowing the difference is crucial
and depends on your personality. “I’m not a car person — I drive a 2005 Honda Civic with 235,0000 miles on it — but I love to travel,” Wolf says. “So, if I drive that car, I can put
BY GREG BROWN D
o you have a plan for your post-work life? Maybe some golf and tennis and a once-a-year cruise
somewhere warm and tropical? Perhaps it’s just finally finishing
your dream home, or spending more time with your family. It can all sound really good . . .
until harsh financial reality steps in, that is. For millions of Americans with a mortgage, car payments, and other significant debts they need to pay off before they could ever even consider retiring from their 9-to-5, it can seem nearly impossible to dig out and step away from work without worry.
76 NEWSMAX MAXLIFE | OCTOBER 2021 Many end up resigned to the idea
that they’ll have to keep a job for the rest of their lives. Of course, that may be true for
some folks, depending on just how deep their debt hole is. Others, however, simply need a smart plan of attack. We’ve tabbed some financial experts to tell you how.
THREE-STEP ACTION PLAN The ideal situation is to start retirement with no debts at all. “As a former bank chief marketing
officer and personal finance junkie, I can say that debt-free living and great living are achievable for most people, and very enjoyable, too,” says Holly
resources to traveling. If I purchase an expensive car, I wouldn’t be debt- free and I would have to take money from savings, which could impact our retirement.” Financial advisers agree on the
importance of ending major debts, such as housing. “When you retire you do not want
to be paying rent or mortgage, which for many people is their largest living expense,” says Len Hayduchok, a certified financial planner based in Hamilton, New Jersey. “People should consider options
like living in a condo or a trailer, or perhaps an RV, like one of my clients did — traveling all over the country and eliminating rent, mortgage, and property taxes.” Aside from housing, financial
advisers strongly advocate for limiting or stopping all high-interest
EPICSTOCKMEDIA/SHUTTERSTOCK
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