Talking about money is considered taboo by a majority of Americans. We’re more open to talking about sex, politics, or religion than we are to discussing personal money matters. Unfortunately, not talking about it keeps many Americans financially illiterate and ignorant of what it takes to become financially healthy.
When we hear the word addiction, whether it’s in a conversation or in a story on the news, we think of drugs, alcohol, gambling, or some other vice that “other” people in our world battle. We rarely think of addiction as something we personally deal with. I believe every person engages in some type of addictive behavior, often several, and the financial impact these can have are significant.
Many Americans are approaching retirement with inadequate savings. The fear of running out of money in retirement according a study done by Allianz of 3000 baby boomers revealed that 60% feared running out of money more than they feared dying. How real is this problem and what can you do if you’re approaching retirement in the next 10 years or less?
I’m going to make an obvious statement. You’ve heard it before. In fact, you’ve heard it so much that you’re going to have to fight against the natural response to stop reading and go back to whatever you were doing before you started reading this blog. I’m trying to warn you ahead of time so that you’ll do the opposite of what you want to do and benefit from what I’m about to share with you. Ready? Here it goes!