238 What Is Your Level of Financial Fitness

So how is your financial fitness at midyear? You already know
that we are in a  cost-of-living crisis and it is not
pretty. The kitchen table issues include the price of eggs, milk,
and bread continue escalating and it also includes the dramatic
cost of gasoline continues to skyrocket.


I would be remiss if I didn't discuss the  price of housing
and rents continue increasing due to a shortage of housebuilders
which was offset by the pandemic and skilled homebuilders. The
lack of houses on the market is resulting in the American Dream
of purchasing a house, slowly but surely coming to an end. 


That's is not all, the housing shortage is resulting in a 42%
increase in rents, and in some cases such as the city of Miami,
the rents have increased by 58% over the past two years. Time is
going to test everyone and it is one of the reasons why your
financial fitness is so important during 2022.


First things first, find out what your net worth is, it can tell
you where you are today. Next, assess how much debt you have and
attack it, and become debt-free. You will save a lot of money by
not paying interest on your credit cards, personal loans, and
more.


Do not and I repeat do not pay off your credit cards and go back
and charge them to the limit, it is self-defeating. Do me a
favor, and recommend this episode to your family, friends, and
colleagues. Provide a five-star rating on Apple Podcasts, thank
you for your support.