Kent E. Irwin, ChFC, CLU, CAP, co-founder and CEO of eFinplan.com. eFinPLAN is the first and only web-based comprehensive consumer financial planning software designed for people who are trying to do a lot of their own financial planning. Find out more about how do-your-self financial planning at eFinPLAN.com
1. Negative Spending
Have you created a budget and do you stick to it? If not, you may be spending more money than you make. People who have created a budget have a good idea of their monthly income and expenses and can accurately diagnose their financial condition. Other signs of negative spending include the inability to pay off credit cards each month and spending money on fun things before you have paid for necessities.
2. No Rainy Day Fund
Do you have little or no money in savings accounts, retirement plans, and investment portfolios? When something breaks, or difficult circumstances such as unexpected medical expenses or a job loss happens you must draw down what little savings you have and go deeper into debt.
3. Too Much Debt
Do you have so much debt that you are having difficulty meeting your expenses each month? Are you
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