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The true cost of consumer debt

A sudden emergency or a general rise in expenses may be a couple of reasons why people incur debt. Or, it could be from a nice vacation or general mismanagement of cash flow. In either case, credit card and other consumer debt is something that can’t be ignored and can have the most damaging impact on a person’s financial future. Credit card debt is widely held in the U.S. Over 43% of Americans have held the same debt for more than 2 years and the total sum has reached $1 trillion, according to CNBC(^1). Junk lending, as it’s sometimes referred to, remains a hugely profitable business, earning $163 billion in 2016 (^2). The average interest charged is 16.7% and don’t forget about the late

The evolution of long-term care

If you’re facing aging parents who might need care or are planning for your own care, then you may be struggling to find options. The U.S. Baby Boom generation is undersupplied with care facilities and staff and it’s reflected in the increasing cost of skilled nursing care. The national median cost is $100,000/year^1. Long-term care, or assisted living, is generally required for anyone who needs help with eating, bathing, getting dressed, toileting, transferring, or continence. By 2030 there will be over 61 million people over the age of 66 and as people live longer, 70% of them will need care^1. Depending on what stage you are in your planning life, there are a few options to consider as yo

How to settle an estate

My condolences if you’ve recently lost a loved one. The last thing, I'm sure, is that you'd rather not deal with the financial issues that comes with settling an estate. This can involve enormous complexity and take months or sometimes years to completely settle an estate. This article is to give some clarity on what's involved as well as illustrate the importance of proper planning. If the decedent has a will, this will help the courts authorize the executor or executrix to go ahead with distributing assets to heirs. It's this person's job to carry out the instructions and wishes of the decedent. If there is no will, the court will assign someone to act as in this capacity. Not having a wil

How to retire in Mazatlan and why you should

The dream of forever sunshine, glorious beaches, and wonderful people is yours in retirement. More than 2 million Americans live in Mexico, according to the Guardian^1, but I think the number is much greater. If you're doing financial planning, you may realize that your income in retirement (social security, pension, dividends, etc.) may not be enough to give you the quality of life that you're used to. Mexico is the alternative to an overpriced retirement in the states as the cost of living is less than half.^2. The cappuccino index, one of my favorite indicators, illustrates Mazatlan's cup of frothy joe costs $1.61. San Francisco pours the same joe for $4.46^3. Real estate is also much les

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Eureka Wealth Management is a registered investment adviser in the State of California. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment advisory services. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.