Carl Richards, CFP, has written "Kidding Ourselves About Our Financial Reality" for the NY Times. In the article, he describes how important it is to have a realistic starting place in charting a financial future. Speaking to this, he cites the fact that fewer households admit to having credit card debt that actually do. Among those who are honest about it, they underestimate the amount of debt they have. Mr. Richards emphasizes how difficult it is to implement a plan without being sure of one's starting place.
Posted by Michael Nissenbaum, Associate Editor, Wealth Strategies Journal.
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