Susan was a very driven woman. She graduated college with a business degree, worked for a manufacturing company, and was respected by her peers and boss, Karen.
Susan was the sole provider. Just six months ago, her husband Kirk became ill and hospitalized. They release him after four months. Unfortunately, Kirk had to take multiple drugs daily for the rest of his life. Kirk passed in 3 months. Within 90 days of Kirk's passing, Susan received a medical bill for 75,000 dollars.
In just six months, Susan went from having her life mapped out to becoming a single mom of 3 and an additional $56,000 in medical bills.
Karen encouraged her to update her resume and consider new employment. The pressure became too much, and Susan. Like a tsunami, the tears began pouring down her face. All her boss could do was console her and give her a tissue. After 30 minutes, Susan was able to gather herself and go back to her desk. Eventually, Susan was able to find a new job.
One day, Susan was sitting at the dinner table with her friend Pam. While Susan talked about her new job, Pam asked her, "What is your plan to get out of the rate race?" Susan replied, "What is the rat race?" Pam said, "It's when you find yourself running in circles and never able to get free from your bills." Susan replied, "No one had ever talked to her about the rat race. "I thought getting a degree was enough."
Pam took out the calculator, added the principal and interest, and told Susan it would take 25 years to pay off the student loan if she just made the minimum payment.
Susan was in complete shock, her eyes wide open and mouth open. After my husband's passing, I never considered paying attention to the financial situation because he took care of all the business. For the next 2 hours, Pam shared with Susan about creating a second income stream to help pay off the bills much faster.
Although Susan's story is fictional, we all are subject to unexpected events that could instantly alter our lives. For this reason, developing a family financial playbook reduces stress, eliminates confusion, and gives us peace of mind. The one tool that could have help Susan and anyone in this sitution is a family financial playbook. How do you feel this story relates to your situation?
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