Ethically, not paying back debts is one type of theft and an act of stealing, actually!
You owe someone money and you are not willing to repay! What does that even mean?
Your savings is a big part of your financial portfolio. But don’t rely only on your savings as that will be a big mistake.
There are many other factors which are used to determine your net worth!
Money is one of the most sensitive topics, especially when friends are involved. You may feel utterly awkward when one of your desperate friends ask you to lend some money. Well, lending money to a friend is fine.
For most of the Americans, retirement means financial independence, which they achieve at the age of their 60s; mostly they draw Social Security Benefit at the age of 62 or as late as age 70.
Paying off debt is a little complicated matter which requires patience and hard work. If you are having a $50,000 debt on your shoulders, with hard work and determination, you can gradually get out of it.
Managing debts is not difficult. The two things it demands are ‘Time’ and ‘Proper Planning-aka Budgeting’.
But can you become debt free in 1 year? That’s a big question, I guess!