Ted Bauman is dissecting the American tax plan and personal debt with his recent article, Debt: The Invisible Threat to Your Wealth. In the article, he discusses taxes and why they have become so important to many Americans. Not only do they represent the subtraction of some of their disposable income, but for some Americans, they are forced to cut back on things they may need to accommodate those taxes.
The problem is that taxes are just a scapegoat for the real problem, individual debt. Credit card companies continue to artificially inflate prices, but people are not as aware of it as they should be because they believe that they are getting quality with the larger price tags. Unfortunately, this is not true. In some cases, such as car loans and mortgages, they may end up paying way more for something worse. Things do not need to stay that way, Bauman says.
According to him, if Americans took a closer look at their personal debt they could be making up that 15 to 20 percent they see coming out of their checks. The interest could be killing them financially and sometimes they may even buy things they don’t need because they have access to the funds to purchase it. Eliminating personal debt is the key to saving money. Bauman explains that it could make up for the tax cuts, for some it could do even more. Instead of cutting back on public programs, he asks consumers to just cut back on their overuse of creditors in general. It might be hard at first, but it will save this big in the long run.
When it comes to financial planning, Ted Bauman is a go-to expert in his field. He has been consulting on finances and investments since he finished school at the University of Cape Town in South Africa. Obtaining two graduate degrees in Economics and History, not only does Bauman know about the past but he has a keen insight into the financial future. He has used his excellent resources to further himself along in his career, gaining leadership roles within the financial field. After starting out as a fund manager for a small housing project, he launched himself to the top and started traveling the world to learn his craft. He relies on those experiences heavily in his writing to provide readers with information that will help them eventually secure their futures.