Weekly Recap: MoneyMasterClass - Segment 26
In the journey of life, changes are inevitable, and this is especially true when it comes to retirement. For many, retirement signifies a transformation in perspective, which can have a significant impact on financial decisions.
A renowned speaker, known for their books like "Money Rules", "Debt Free Forever", "CEO of Everything", and "Money Smart Kids", has firsthand experience with this shift. They found themselves in a financially challenging relationship that left them with tens of thousands of dollars of debt.
The speaker, now an advocate for financial literacy, encourages those in similar situations or burdened by debt to seek help. One such resource is the Money Master Class, available at https://www.hoyes.com/. The class offers resources, spreadsheets, and quizzes to help manage and overcome debt.
Another valuable resource is https://www.nomoredebts.org/, a website that provided assistance to the speaker during a difficult time.
When it comes to debt, there are free resources available to guide you through debt management strategies. GreenPath Financial Wellness, a national nonprofit, offers certified debt counselors to help with debt management, budgeting, and debt repayment plans. Money Management International is another free resource for credit counseling nationwide.
HUD-approved counselors are available across the country, offering free or low-cost advice on credit issues and debt, particularly helpful if the debt involves housing or foreclosure concerns. The Financial Planning Association also provides pro bono financial planning for vulnerable groups, including domestic violence survivors, which may be relevant if a partner racked up debt fraudulently in the other's name.
In cases where one partner incurred debt in another's name, it is especially important to seek advice on dealing with potential identity theft or fraud. Nonprofit credit counselors can assist in understanding rights, negotiating with creditors, and exploring debt relief options such as debt management plans or settlement.
It's also crucial to plan for the potential changes in financial needs during retirement. Gail, another advocate for financial literacy, emphasizes the need to consider the amount of free time that retirement provides. Retirement preparations are important for future financial stability, and a retirement budget is an essential consideration for this planning.
The adjustment to retirement can take time, and changes in relationships are a potential consequence of this transition. It is recommended not to make significant life changes in the first year of retirement. However, sharing this post with friends could help spread awareness about these valuable resources and the importance of financial planning during retirement.
In summary, key free resources include GreenPath Financial Wellness, Money Management International, HUD-approved housing and credit counseling agencies, the Financial Planning Association, the Consumer Financial Protection Bureau, and local community centers, libraries, and credit unions that often offer free financial education, counseling sessions, or workshops. These services can guide you through debt management strategies and address complex situations like fraudulent debt incurred by a partner, helping you rebuild financial stability without additional cost.
- Recognizing the impact of retirement on financial decisions, the speaker, who struggled with financial hardship in the past, endorses the Money Master Class (available at https://www.hoyes.com/) for managing and overcoming debt.
- As one transitions into retirement, it's crucial to account for the additional free time and potential changes in financial needs, as highlighted by Gail, another advocate for financial literacy. A retirement budget is an essential aspect of planning for future financial stability.
