This article provides practical advice for individuals in their 30s who are facing financial challenges such as tax debt, high-interest loans, and living paycheck to paycheck. It emphasizes the importance of taking immediate action to address tax obligations, explores strategies for managing debt, and encourages readers to seek career opportunities for financial growth.
You have your work cut out for you, but I have no doubt in your ability to fix your money problems and get your finances in order. You're in your mid-30s. You owe taxes. You can barely pay back your loans. You have no retirement savings. You're living paycheck to paycheck. How can you get your financial life in order and start to build a plan so that someday you may buy a house and have enough money to retire? Your top priority is tackling your tax debt .
Don't ignore the IRS' notices or delay any further, as penalty charges and interest add up quickly. Contact the IRS to discuss your options, including a potential payment plan. A payment plan will not remove any penalty and interest charges, but it will provide structure and a path forward to paying your tax debt. (Can’t call right away? Decide on a date and time to pick up the phone.) The risk of other difficulties with the IRS will go down the sooner you address your late tax payments. If you are dealing with high-interest or predatory loans (with an interest rate of 40% or higher), research ways to pay off those loans quickly if your credit permits. Explore loans from local community banks or credit unions, which often extend more flexible loan terms, making refinancing easier and more affordable. Opening an account with one of these institutions may allow you to consolidate by paying off the predatory lender first and then repaying the bank or credit union at a lower interest rate. If your debt is extreme and you can no longer afford to pay your bills, you may qualify for bankruptcy. While a serious step with significant consequences, bankruptcy can offer you a fresh start. If you do go through the process, don’t take it lightly. This is the time to become diligent about. Learn to budget effectively and reflect honestly on the factors contributing to your financial challenges. In the future, consider working with an ADHD-informed Certified Financial Planner® for tailored support. Especially at your age, explore career opportunities to increase your income to avoid reliving the financial troubles of your past. Find a career path that aligns with your passions and strengths and contributes to your financial goals. More income will put you on a path toward saving for a house and becoming financially independent. You can do this.
Financial Advice Debt Management Tax Debt Bankruptcy Career Opportunities
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