Bankruptcy Affecting Seniors —— Ways To Avoid Debt

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Bankruptcy Affecting Seniors

Baby Boomers are referred to as those of us who were born between 1946 and 1964 and are often a difficult group to analyze and target.

Baby Boomers are in all life stages – from single to married with young children to empty nesters and everywhere in between.

Ready For Retirement

And of these boomers, only  25% of this age are confident their savings will last throughout retirement.

Are you one of the 25%? are you ready for retirement? How do you compare to other Boomers?

Most boomers don’t have enough savings, and are not managing their accounts well enough, and therefore are relying heavily on Social Security.

And, we know from many studies that  life expectancy is longer than ever before, we  can now be expected to live in our 90s and with that, the needs for health care is greater

And with the ever-increasing cost of healthcare on a whole, cause many families hardships unless they have planned for it.

It is true that some of us may have more access to retirement income than our forebears, but it is also true that a lot of us are also carrying more debt.

Most of us are still carrying mortgage debt when we reach the retirement age of 65  ant which is up from 22% in 1995 to 38% in 2013 according to the Joint Center for Housing Studies at Harvard.

And we are taking more debt into retirement than previous generations, and mortgage debt is the biggest fact. It is believed this is due to the refinancing boom before the housing crash.

According to  Lori Trawinski, senior strategic policy adviser at the AARP Public Policy Institute.

During  the years leading up to 2008, homeowners took advantage of low rates and deductibility of interest to refinance, The equity was taken out and used  for things like education or a new car,

The higher debt levels will have a variety of effects on us, some of us will be stuck in homes with paying a very high mortgage (or underwater mortgages)  others will use low-interest mortgage debt to keep more cash on hand or to keep other money invested longer.

They are providing financial support

Some 58 percent of boomers are providing financial assistance to aging parents,

And boomers are even more ready to help their children, whether it is helping in buying a home or car or college fees.

And a lot of us have children that for one reason or another have to move back home, and quite often these kids do not contribute to the expenses that they help to create.

In some cases, money is taken out of their retirement accounts to help their kids, but the assistance is coming out of funds that otherwise could be additional savings.

Some boomers are working around the problem of not having enough savings by staying employed far into their 70s, at least in part-time positions.

But not all of us boomers can work longer because of health reasons it may not be a realistic option for every person.

Physically demanding jobs are often difficult for older workers, and learning a new skill could be a difficult challenge.

There are certain things that one can do to avoid getting into uncontrollable debt

 Prioritize your needs

Before making a purchase be sure the item is essential to you. Avoid non-essential items,

Avoiding semi-essential and non*essential will have a positive effect on our finances.

Make behavioral changes

We can make some behavioral changes. For instance, we can cut out the fancy coffee drinks from our favorite coffee place, we can bring our lunch to work instead of buying lunch from the lunch cart or restaurant,

It may seem like a small amount of money, but when the cost is added up every day you will see the extra amount you save by making behavioral changes, you will realize how much you can save over time.

Consider debt consolidation

If you are in a lot of debt you may want to consider speaking to a debt counselor, A debt counselor can be found with any debt consolidation company.

So Instead of paying different debts with different interest rates, you may want to consider this option where you consolidate different loans under a single loan. This can simplify your life and get you out of debt faster.

There is also the option of earning extra income, and this can be done not only by seeking an extra job but by creating your own online business.

I am recommending online marketing which is also affiliate marketing, you may be wondering what exactly affiliate marketing.

Affiliate marketing

Wikipedia defines it as “a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts”.

Simply put, affiliate marketing is an agreement between you and a company, to promote their product and receive a commission if someone buys that product.

I know some of us have been scammed by those ads that say “Make money online!!! Be your own boss! Work from home!” and if you are like me, you thought sounds too good to be true must be a scam

And I was very skeptical because I also had other thoughts about my abilities to work online, without supervision, I had no knowledge about online marketing, no technical knowledge, I am an older boomer and my typing proficiency was less than 30wpm.

But I came upon an add, about Wealthy Affiliate that offered free membership with no strings attached, no financial information was asked for so I took the plunge, and I am still there, with no regrets.

If you are new to affiliate marketing there are some process I would recommend,

Pick a topic

Firstly, pick a topic(  your niche) and this should be something you have an interest in. or something you are passionate about.

If you are unable to decide just what you would like as a niche, Wealthy Affiliate will help you choose a direction of your business from over 1,000,000 different niches.

 Build a website

Next up, you need to build a website! I thought this would be extremely confusing and difficult, but it really wasn’t. At Wealthy Affiliate, the process takes less than 30 seconds to build a beautiful looking, mobile, and revenue ready website.

State-of-the-art, ultra-powerful, and secure hosting will allow you to grow your business with Wealthy Affiliate.

Fill your website with relevant content

Fill your website with content that will be useful to the people who are interested in your niche, and do not think you do not know much about your niche, you will be doing research and in time you will become an expert.

. Promote your website

When you’ve set this up, all that’s left to do is promote your website so you can get more people to your content, and more potential for commissions from referred sales.

People are your business. Without people, you have nobody to sell or advertise to.

Within the first few lessons at Wealthy Affiliate, you will learn all about the most current traffic techniques and how you can get an ABUNDANCE of relevant customers to your website.

 Find products to promote

Once your website is up and running with your relevant content you are now ready to monetize your site.

Once you have traffic, you need to “make money” from this traffic. This is the fun part.

Without spending a dime, you can promote all the top brands in the world through affiliate programs.

As a Wealthy Affiliate member, you’ll learn how you can choose from close to 600 MILLION products/services and easily promote them on your website. No inventory. No shipping. No support required.

This is a video of one of the lessons this is lesson  6 phase 1, please take a look

getting your site ready for search engines
Getting yore site ready for search engines

At Wealthy Affiliate, there are two forms of memberships, the FREE and the premium.

The difference between the two is the amount of information and tools that are available in both.

With free membership, you will have access to the first phase which is 10 lessons of the Online Entrepreneur Course.

At the end of phase 1, you will have built your beautiful website ready for business.

Premium Membership

With the premium membership, you will get the tools to grow and maintain your website

Here is the premium billing

Here is a tip from me, you can join for free and look around, I think you will be impressed and if you would like to see more you can go premium for a month (if you go within the first 7 days you pay only $19.00) and you will see the great information and tools that will be available.

Here is a video of one of our live presentations that is available to premium members.

level 1 lesson 4
Building your own Niche Website

I am not telling anyone that affiliate marketing is going to be an overnight success, it is not.

It is going to take time, dedication. patience, and hard work, I would like to share a post by one of our members

Do not be doubtful of your success I have a favorite quote that keeps me motivated. Whatever the mind of man can conceive and believe, it can achieve.” – Napoleon Hill

My final thoughts

Affiliate marketing is one of the best ways to earn money online, there is no big expense involved, no additional rent to pay, no building upkeep, no stock, no handling of customers, no returns.

You can work from anywhere, no commuting to and from an office, make your own schedule,

Here are some comments from a couple of our members

“Wealthy Affiliate transformed me. It turned this ordinary guy with no clear career path into someone who will ALWAYS be able to generate an income online. At Wealthy Affiliate, you get ABSOLUTE clarity in every aspect within an otherwise foggy and often confusing ‘online biz’ industry. Thank you for everything, Wealthy Affiliate!”

Marcus (Marcus WFHW)

Current Premium Member

It’s been over a decade since joining WA and it has helped me achieve financial and personal freedom that a job could never provide me. At one point my wife and I were able to quit our jobs, buy our dream home and travel the world with our daughter as a result of the business WA helped me build. Here’s to another decade of success for all of us!”

Eddy (EddySalomon)

Current Premium Member

Now you can become a member for free, after looking around the platform I would suggest you at least build your website and you decide affiliate marketing is not something you want to do you can quit and you would have lost nothing.

In becoming a member of Wealthy Affiliate you have not made any commitment to Wealthy Affiliate you can stop at any time.

You can become a member by clicking on any of the links throughout this post, and I will be your personal coach, Wealthy Affiliate also boasts a community of very helpful members drawn from 193 countries.

Thank you for reading this post please remember to share and you can leave your questions and comments in the space provided at the bottom of this and I will respond ASAP

NOTE:  This post includes affiliate links, which, if clicked on and a product purchased, I get a small commission (with no increase in cost to you).

2 thoughts on “Bankruptcy Affecting Seniors —— Ways To Avoid Debt

  1. To add to your other testimonials, o would like to say that I. Also a premium member on wealthy affiliate and it has been awesome. It is truly a way to make passive income and passive income means making money while you’re not even at work. Though I just joined, it’s really been a great ride and I see myself becoming even successful. So is Wealthy affiliate a way that one can make money online? And clear debts? I’ll say YES and absolutely. Great post altogether. Awesome.

    1. Hi Henderson, thank you so much for your comment and welcome to Wealthy Affiliate, and from your enthusiasm I know you will be successful, Yes, this is one of the best ways to earn not only an active income but a passive income as well,  Wishing you all the best. 

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