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Money Guy Show

Average Debt by Age! (How Do You Compare Against Other Americans?)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 11 August 2023

⏱️ 46 minutes

🧾️ Download transcript

Summary

Debt is one of the biggest problems facing Americans. In this episode, we’ll break down exactly how much debt the average American has at different ages, what they’re doing wrong, and how to do it better. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Let's talk about debt in America.

0:03.0

How do you compare?

0:04.0

Brut, I am excited to go over this show because we have a problem, right?

0:13.9

And we know that this is a problem, but I think far too many people don't recognize quite

0:20.6

how devastating debt can be if it's used inappropriately, or at least what a weight it can be on your

0:27.9

financial wealth building journey.

0:29.8

Yeah.

0:30.8

I mean, debt is chainsaw-dangerous, you know, and the fact that if you were not scared

0:34.8

whenever you signed the dotted line to put yourself on a commitment, you're encumbering

0:40.6

yourself for the future, you need to be nervous about that.

0:44.2

Yep.

0:45.2

I mean, if you're not getting buyers remorse or you're getting fearful of what are you

0:49.2

signing up for, you're definitely not respecting the damage that this can do to your financial

0:54.8

life.

0:55.8

Now, we're not proponents saying that all debts is bad.

0:58.2

You should never use that.

0:59.2

We're actually going to talk about when debt might actually be necessary, but there's

1:03.3

a right way and there's a wrong way.

1:06.4

And so you have to assess for yourself, am I using this the right way, am I using the

1:10.2

wrong way?

1:11.2

And so one of the things we're going to walk through today is, okay, what does the rest

1:14.3

of America and what specifically peers in your age range, what do their debt loads look

...

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