When a person is young, they are vibrant and indestructible. Nothing can keep them down. Inexperience is what contributes to this myth. As this person gains more experience, time tempers the myth and belief that every aspect of the world is awaiting them to discover and conquer. Thoughts turn from the present to that of what the future holds.
Hindsight being what it is, if the average 22 year old had only financially planned for the future instead of just focusing in on the present, the future would be much brighter. Instead, the average middle aged man or woman is finding themselves jockeying debts and living from paycheck to paycheck with little relief in sight.
With mounting credit card debts, car payments, the expense of raising children, and a sizable death pledge, also commonly referred to as a mortgage, most of the country has not experienced this much financial stress in over 50 years. Bankruptcy then was an extreme taboo. To declare bankruptcy then was completely ruinous and few if any ever recovered. Fortunately today, that same stigma of absolute failure and worthlessness has been replaced with understanding, but tempered with caution. A bankruptcy will stay listed on a person’s credit report for 7 to 10 years depending on the type of bankruptcy declared. In other countries such as Britain or Australia, the period is a shorter 6 years and 7 years respectively.
It is still a very realistic expectation to succeed and prosper after claiming bankruptcy, however, the majority will find it challenging to adhere to a disciplined financial regimen where once the youthful carefree approach reigned supreme. Very few individuals or families can do this alone without some financial advisor or planning.
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