READING, PA / ACCESSWIRE / February 22, 2021 / Statistics show that about 80% of Americans are within some form of debt. From credit cards to mortgages, to student loans, Americans seem to have a debt epidemic. The lack of financial education across American schools, the lack of information available to young people heading into their adult lives, bloated education costs, and rising housing costs are all major factors for the continued rise of expenses and financial hardships in households across the country.
Albert McGraw, the owner of Grawson Financial, is determined to make a difference. "I service the underserviced people in the financial services industry by helping Americans get their finances together and get back up on their feet so that they can be in the position to start building wealth." It's a common misconception that financial services such as financial planning and advising are exclusive to the rich, so Albert focuses on helping the average consumer budget, manage debt, and save for retirement.
Albert McGraw's passion for helping people with their finances was born when he worked as a Command Financial Specialist in the Navy. As part of his position, he prepared military families for an extended deployment so that when the primary earner left the house to be deployed, the family would have an established plan and budget to ensure peace of mind. After 9 years of service and a pandemic that caused him to lose his manufacturing job, Albert decided he wanted to start his own business and help more Americans gain financial responsibility and security. He saw a need for his services as people were losing their jobs and suffering financially.
Since starting Grawson Financial, Albert has helped clients all over the country with debts reaching over $1 million. He has created debt management plans that end up saving clients over nearly half the amount of money they owe over a range of years. "I don't just give my clients a budget to blindly follow, I educate them on finances so they can stick to a plan forever. The client's long-term financial health is my priority." Albert credits his success with clients to his ability to relate to them. Growing up, his family struggled with finances and he never had someone in his corner rooting for his success. "I know what it feels like to dig through your change drawer for your next meal." He had to start from the bottom and learn how to properly manage his money and debt to gain financial security.
Grawson Financial has two main services: a Financial Health Assessment and Full Portfolio Reconstruction and Guide called Path to Peace. The Financial Health Assessment is a FREE assessment that reviews the client's financial situation and establishes goals along with a starting plan. This assessment establishes what the client truly needs to succeed, not just what they think they want. The Full Portfolio Reconstruction and Guide is a full breakdown of client income, expenses, debts, and investments. Each plan is specifically tailored to each client's unique situation. "If a client doesn't require all of the services within the full package then services can be declined to save the client money. I will not provide or charge a client for a service that I feel is not beneficial to them."
In Path to Peace, Albert sets clients up with a full guide on how to prepare for life's monetary emergencies, directions for and strategies on how to eliminate debt, and recommendations for making smart investments to build wealth. He shares some of the main tips he gives clients:
- Watch out for Compound Interest. "Compound interest is a killer." It is interest on top of interest, it's the addition of interest to the principal sum of a loan or deposit. "If you understand compound interest, you can pay off your expenses sooner and net great savings. But if you don't respect how quickly it can add up when bills aren't paid, it's going to hurt your checkbook. Student loans are the worst in relation to this - I would almost consider the lenders predatory because of the terms the clients feel the need to agree to. Societal pressure to go deeply into debt to acquire an education is a huge problem." Albert sets clients up with a plan on how to pay off their loans sooner to avoid paying thousands in compound interest. For example, paying off a $300,000 mortgage in 10 years instead of 30 can save the homeowner nearly $100,000 in interest-over-time, depending on their interest rate. "Paying off debt early grants the client opportunity cost savings in terms of time - which is one of the most important constants when investing for retirement".
- Cut expenses where possible. You may be thinking, "How can I pay off my loans sooner if I have so many expenses?" This is as simple as taking control of your expenses. Albert sits down with clients to establish budgets and move expenses around. Many Americans are overpaying in car insurance, car payments, phone bills, or just basic consumables in their discretionary spending. Albert helps clients negotiate their rates, find more cost-effective alternatives, and learn to live within their means. "Maintaining a budget isn't something you do once a month or a few times a year. It's a consistent behavior - like going to the gym to stay fit and healthy".
- Have 3-6 months of expenses saved in case of an emergency. When Albert lost his manufacturing job at the beginning of the pandemic, he didn't panic because he had months of expenses already prepared. This year has shown us that anything is possible, so Americans need to plan accordingly. Have a few months of expenses saved that can cover housing, bills, food, etc. so that your family is taken care of no matter what.
- Build wealth through living debt-free and stress-free when you think about your finances.
"Every single person can be a millionaire, I want to help get people there." Albert McGraw is making a splash in the financial services industry by leading with financial education. You can reach Albert on social media for free educational resources on Instagram, Youtube, and Facebook.
To learn more about Grawson Financial and its services, visit www.grawsonfinancial.us.
SOURCE: Albert McGraw