Financial Stress Solution to Employees

A longtime resident of Des Moines, Iowa, William Elson is a financial professional who serves as a partner at Legacy Financial Group. In this role, William Elson assists clients and individuals in making financial decisions.

According to multiple studies, there is a clear relationship between financial stability, productivity, and job success. Money issues affect every aspect of an employees' life, including their relationships, safety, and physical well-being. In this case, the employee is facing financial difficulties.

Finances or money-related challenges are the leading cause of stress for 59 percent of employees, according to Lfgplanners.com. Employees seek support with their own money in 57 percent of cases. A further 31 percent are looking for specialized advice.

Legacy Financial Groups focuses on providing financial education to businesses to help employees solve their financial challenges. For over 25 years, Legacy has provided financial education in the workplace through brief presentations and workshops. Visit https://lfgplanners.com/financial-wellness.php to start a discussion with the group.

Accelerate Debt Repayment

Since 1988, William Elson has worked to help people achieve financial stability. William Elson encourages his clients at Legacy Financial Group to reach this goal by accelerating their debt repayment.

Debt repayment can feel insurmountable. Here are four steps to help get started.

1. Know exactly how much money you owe and how much you can afford to pay each month. Although it may be scary to calculate your debt, knowing how much you owe will help you formulate an accurate repayment plan.

2. List your debts from highest to lowest interest rate. Doing so helps you prioritize your payments. This is called the “debt avalanche” and will ensure the fastest repayment and the least amount of interest paid.

3. Make minimum payments on all debts except the one with the highest interest rate. Pay as much more than the minimum as you can afford on the highest interest rate debt until you have paid that debt off.

4. Add the previous debt’s minimum payment and extra payment to the minimum payment of the debt with the next highest rate until it has been paid off. Repeat this process with the next highest interest rate debt until all of your debts have been repaid.

If you need the guidance of a financial planner or more information about accelerated debt repayment, visit www.lfgplanners.com.