Over the past 100 years the concept of wealth in the United States has changed greatly. The value of a person is determined by the amount of money they earn or the wealth they have achieved. So it is not surprising that a decline in our wealth or a change in fortune is at the cause of so much despair.
To say it is difficult to watch yourself lose control of your money, pills your credit, and your standing in the community due to situations beyond your control is an understatement of great degree.
Like all things it rarely happens quickly. It sneaks up on you. You are going along living your life then something happens. In the case of my family, I become ill. My ability to work ended. However, the amount of money it took to cover my expenses greatly increased in the form of medical bills.
Over time the decrease in funds coming in and the increase in funds going out simply depleted all hope of a solution. Don working overtime and extra jobs simply could not make up the difference.
You lose so much more than money when your wealth disappears. There are so many things tied to your credit score. The less you have the more you are expected to pay. First your interest rates rise on one card and then the next. As you continue on you realize your car and home or renters insurance rates have gone up. We missed one payment on one card and within two months the interest rates on all our cards tripled. We simple could not afford the new rates. Credit cards became a noose around our necks. Bankruptcy became our only way out.
I added wealth to this process because we live in a culture were money is needed in order to live. We continue to work our way out of the hole caused by my medical issues. Even with insurance we continue to spend thousands each year in out of pocket expenses and deductibles.
We have a home in need of repair and retirement only ten years away. As such, I will spend my 1 hour a day continuing to look at ways to increase our wealth, decrease our debt and improve my health in order to shift our current wealth to a more secure state.