We're still here, but have been extremely busy. There has also been some thought of changing the direction of the blog and discuss just how the Financial Elite have an effect on our very financial lives. Stay tuned to what happens next.
In the meantime, so far this year we have paid down additional $12,000 of debt and our debt snowball is about to really get rolling as we will be paying off our first two credit cards in July.
Showing posts with label financial. Show all posts
Showing posts with label financial. Show all posts
Sunday, May 15, 2011
Friday, March 25, 2011
Want to Know How to Become a Millionaire? Ask Jaime Tardy
Sunday, November 14, 2010
How to Determine Your Financial Goals: Both Short and Long Term
What are short terms goals? Short term goals can be anything you'd like save for or purchase. Anywhere from within the next month, this year, or maybe even the next two or three years. Next try to determine whether your goals are either something you "want" or something you "need". Dave Ramsey suggests asking yourself these three questions:
- "If we didn't purchase this item this year would it make a big difference to both of us?" If it doesn't, it slides over to the wants list.
- On the needs list, ask yourself, "If we could only purchase one of these items by saving for it this year, which one would we prioritize first?" Then, choose which would be the second and so on for both the needs list and wants list.
- "How much will each item cost?" Begin researching to what these particular items cost.
What are long term goals? Loan term goals are those that you plan on achieving in the next three years or longer. For instance, my wife and I started our plan earlier this year to be debt free in the next five years. Under normal circumstances we weren't able to pay off all of our credit cards in a few months or even year, but five years was a realistic goal. Just like short term goals ask yourself questions to determine your specific long term goals. Some of the questions you can ask yourself can cover:
- Paying off debt
- Savings
- Retirement
- Funding College for your children
- Automobile replacement
- Travel
- Pay off your home
- Starting a business
- Giving to Charity
- Paying for your child's/children's wedding
- Remodel your home
- Financial freedom
The list is endless, but you will never reach your goals if don't write them down, make a plan to execute them, and stick to them.
Let us hear from you. What are some of your long and short term goals?
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Sunday, October 17, 2010
Financial Question of the Day:Is it Really Necessary to Have a Will?
Day 290 of my Financial Freedom Countdown
I say if you are married, have children, own a home, and have any assets at all, you need a will. Many people don't have a will because they have questions like "What is a Will?" or "What is a Living Trust?" for that matter. 39.5 percent of people say they do not have a will because they don't have time to make one. Another 26.2 percent of people say they do not have a will because of the costs. The bottom line shows that 74 percent of Americans with children do not have a will. That is just sad.
Not only is that sad, but really it is stupid too. If you don't have the time, make the time. if you don't have the money, find the money. You should have a will even if you don't have many assets. If you have children and don't want the state to decide who will raise them if you die, you need a will. If you truly love your family, you need a will to that lays out step by step what to do should anything happen to you.
In order to get a will, you need to find an estate attorney. My wife and I have a trust. So, if anything happens to one of us, everything gets turned over to the trust. Now, if you only want to start your estate planning with a will, which I strongly suggest you at least have that, you and your spouse should get a "mirror image" will. In case one of you die, the surviving spouse will get everything, which is where the term "mirror image" comes from.
If the expense of an attorney is your main concern, you can try and do the will yourself. Suze Orman offers a Protection Portfolio for $59.16 (Odd Pricing), but you can prepare a will yourself. I would still have an attorney look it over, which I believe Suze recommends the same, but as I did in my case, I would still recommend having an attorney prepare the entire will. You should be able to get a "mirror image" will for you and your spouse for around $300. It is well the worth the money to make sure that your will is done correctly.
If you are in debt, it might be bad enough that your family my have to deal with the debt, but imagine the added stress of not having a will and your family not knowing your last wishes or having to deal with the state and probate. Not to mention those added costs. If you don't have a will get one. Your family is depending on you.
photos via (bobbrownlaw & mysentimentexactlee)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Not only is that sad, but really it is stupid too. If you don't have the time, make the time. if you don't have the money, find the money. You should have a will even if you don't have many assets. If you have children and don't want the state to decide who will raise them if you die, you need a will. If you truly love your family, you need a will to that lays out step by step what to do should anything happen to you.
In order to get a will, you need to find an estate attorney. My wife and I have a trust. So, if anything happens to one of us, everything gets turned over to the trust. Now, if you only want to start your estate planning with a will, which I strongly suggest you at least have that, you and your spouse should get a "mirror image" will. In case one of you die, the surviving spouse will get everything, which is where the term "mirror image" comes from.
If you are in debt, it might be bad enough that your family my have to deal with the debt, but imagine the added stress of not having a will and your family not knowing your last wishes or having to deal with the state and probate. Not to mention those added costs. If you don't have a will get one. Your family is depending on you.
photos via (bobbrownlaw & mysentimentexactlee)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Wednesday, October 13, 2010
Financial Question of the Day: What is a Will?
Day 286 of my Financial Freedom Countdown
In our last post I answered the question "What is a Living Trust?" I also discussed that if you have a trust you must certainly have a will. My wife and I have a trust plus a will that is included in our entire estate plan package, but what is a will?
A will, also known as a "Last Will and Testament," is very simply a document a person designates who will receive his or her property after his or her death.
Not only does a will provide property distribution instructions, it also can include instructions for the appointment of an executor to handle your estate and an appointment of a guardian for any minor children. However, in most states, the court can override your appointment if it is deemed to be in the best interest of the child or children. It may also give directives regarding responsibilities once held by the deceased.
A person making the will is called the "testor," and the person receiving the property is the "heir" or "beneficiary." Usually, personal property conveyed via a will is known as a "bequest" and real estate is conveyed by a "devise."
If you are in debt you definitely want to get a will. Although, you won't bequest your credit cards to your family, you may be leaving your debt behind for them to deal with and having a will helps your family have a lot less to deal will. If you don't have a will, get one. Remember, where there is will...there is a way. No pun intended. ;-)
For more legal information about estate planning, probate, wills and living trusts check out http://www.citylegalguide.com/.
photo via (yesyeman)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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A will, also known as a "Last Will and Testament," is very simply a document a person designates who will receive his or her property after his or her death.
Not only does a will provide property distribution instructions, it also can include instructions for the appointment of an executor to handle your estate and an appointment of a guardian for any minor children. However, in most states, the court can override your appointment if it is deemed to be in the best interest of the child or children. It may also give directives regarding responsibilities once held by the deceased.
A person making the will is called the "testor," and the person receiving the property is the "heir" or "beneficiary." Usually, personal property conveyed via a will is known as a "bequest" and real estate is conveyed by a "devise."
If you are in debt you definitely want to get a will. Although, you won't bequest your credit cards to your family, you may be leaving your debt behind for them to deal with and having a will helps your family have a lot less to deal will. If you don't have a will, get one. Remember, where there is will...there is a way. No pun intended. ;-)
For more legal information about estate planning, probate, wills and living trusts check out http://www.citylegalguide.com/.
photo via (yesyeman)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Monday, October 11, 2010
What is a Living Trust?
Day 284 of my Financial Freedom Countdown
My wife and I put our bank accounts in the name of our trust this week. The thing is we executed our living trust two years ago. Our homes were immediately put in the trust right after we executed it, but for some reason we didn't get around to make the change to the bank accounts until now. Since we were off this week I decided let's go ahead and get this done already, but you may have asked yourself, what is a living trust?
Most people have heard a lot about living trusts and the benefits of having one. Basically, a living trust is created during your lifetime where you retain control over the assets that are placed in the trust, but no longer own them.
I think it is beneficial for everyone to have a living trust. Especially, when you are in debt. Earlier this year one of our creditors garnished our bank account because we were delinquent on our credit card payments. Since we also banked with the creditor they were able to do that. However, if we had the account in a trust at the time, they wouldn't have been able to do that since the trust would have been considered a third party entity. So a trust provides asset protection, but be careful that many people and organizations that recommend that you have a living trust may be more interested in getting paid than in providing estate planning for you.
Even once the living trust is executed, you still need a will to go along with it to deal with matters beyond the scope of the trust. Any professional worth their salt who prepares the trust for you, should also provide the will to go along with it.
Some advantages and disadvantages of trusts are:
For more information about estate planning, probate, wills and living trusts visit www.CityLegalGuide.com
photo via (JWellerLaw)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Most people have heard a lot about living trusts and the benefits of having one. Basically, a living trust is created during your lifetime where you retain control over the assets that are placed in the trust, but no longer own them.
I think it is beneficial for everyone to have a living trust. Especially, when you are in debt. Earlier this year one of our creditors garnished our bank account because we were delinquent on our credit card payments. Since we also banked with the creditor they were able to do that. However, if we had the account in a trust at the time, they wouldn't have been able to do that since the trust would have been considered a third party entity. So a trust provides asset protection, but be careful that many people and organizations that recommend that you have a living trust may be more interested in getting paid than in providing estate planning for you.
Even once the living trust is executed, you still need a will to go along with it to deal with matters beyond the scope of the trust. Any professional worth their salt who prepares the trust for you, should also provide the will to go along with it.
Some advantages and disadvantages of trusts are:
- It does not help you with federal estate tax.
- Helps you get privacy while you are alive.
- Helps you avoid probate tax on a state level.
For more information about estate planning, probate, wills and living trusts visit www.CityLegalGuide.com
photo via (JWellerLaw)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Tuesday, September 7, 2010
Some Time Off Helps Keep the Debt Away
Attention Financial Elite Fans! We're still going strong. It's been a good week since we've posted anything, but we are still here. Just finishing up a low cost vacation. We'll be back very soon to continue our journey of paying off six figures of debt in 1,825 days along with financial tips to live a better life. Stay tuned.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Sunday, June 27, 2010
Free Beach House Vacation in Newport!
Not only was staying in the ocean line home absolutely free, I didn't spend any more than I would have staying home. I have a friend (I have to mention a fantastic friend) who was offered the free stay from a client and ours truly. We then bought a bunch of groceries and just hung out and cooked at the house. So it was a really refreshing getaway that was relatively cheap.
I wish all vacations could be this cheap and it was an opportunity that I would have never passed up, but I definitely need to find a way to do it again.
Anyone have any great ways to vacation for next to nothing? Let's hear your tips.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
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Saturday, June 19, 2010
Think Your Financial Information is Safe if You Have an Apple...Think Again.
From CNNMoney.com: Apple is the new hacker bulls-eye
Recent iPad security scares are a sign that Apple's devices are a growing target for hackers, spammers and malicious coders.
[A] "skilled attacker" could take advantage of a weakness in the iPad's Safari Internet browser to launch a spam attack from a compromised iPad.
Cybercriminals try to hack the software that most people use to access the Internet, and increasingly, that software is made by Apple.
[A]pple is now the second largest smart phone maker in the United States, behind only BlackBerry maker Research in Motion (RIMM).
I don't have a Mac, but have many friends who love them. Especially, since they don't have virus problems. As more and more people move to Apple products more and more viruses will attack them. Hackers need to learn to use their talents for better things rather wreck havoc with people's computers.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Recent iPad security scares are a sign that Apple's devices are a growing target for hackers, spammers and malicious coders.
[A] "skilled attacker" could take advantage of a weakness in the iPad's Safari Internet browser to launch a spam attack from a compromised iPad.
Cybercriminals try to hack the software that most people use to access the Internet, and increasingly, that software is made by Apple.
[A]pple is now the second largest smart phone maker in the United States, behind only BlackBerry maker Research in Motion (RIMM).
I don't have a Mac, but have many friends who love them. Especially, since they don't have virus problems. As more and more people move to Apple products more and more viruses will attack them. Hackers need to learn to use their talents for better things rather wreck havoc with people's computers.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Sunday, June 13, 2010
Think You Can't Be Debt Free? Listen to This Testimony.
Do ever feel like you will never get out? I am telling you that you can. I have paid off six figures in debt once, have gotten back into six figures of debt again, and I am working diligently on paying it off once more. I am telling you if one person in the world is able to live a debt free life so can you.
Here's a testimony from Jamie Tardy from Eventual Millionaire. I discovered her blog from an article she posted at Get Rich Slowly entitled, "I paid off $70,000 in Debt and Quit My Job!" I love this gals attitude and philosophy on life. "Life is about more than money," Jamie says.
I have begun pursuing what Jamie is working on in her own life. Become debt free, do what you love, and make millions doing it. All in that order. It is basically what I had intended when I started my "It's a Wonderful Financial Life" project.
In 2006, Jamie's debt looked like this:
Four years later Jamie is debt free, has two children, and is living her life as a business coach. Were there is a will, there is a way.
Jamie has inspired me to make the following goals:
Kudo's to Jamie for sharing her story. Check it out below and check out her blog it's pretty cool.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
Here's a testimony from Jamie Tardy from Eventual Millionaire. I discovered her blog from an article she posted at Get Rich Slowly entitled, "I paid off $70,000 in Debt and Quit My Job!" I love this gals attitude and philosophy on life. "Life is about more than money," Jamie says.
I have begun pursuing what Jamie is working on in her own life. Become debt free, do what you love, and make millions doing it. All in that order. It is basically what I had intended when I started my "It's a Wonderful Financial Life" project.
In 2006, Jamie's debt looked like this:
- Honda Civic $19,300
- Student Loan 1 $3,400
- Student Loan 2 $22,780
- Home Equity Loan $24,560
Four years later Jamie is debt free, has two children, and is living her life as a business coach. Were there is a will, there is a way.
Jamie has inspired me to make the following goals:
- I will get my six figures of debt paid off in the next 3 to 5 years
- I will continue to get my health back.
- I will continue to structure my life that I am able to do the things I love.
- I will continue to strive to develop a residual income by doing what I love so I can live a life of peace and abundance.
Kudo's to Jamie for sharing her story. Check it out below and check out her blog it's pretty cool.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Friday, June 11, 2010
Which Order Should I Payoff My Credit Cards?
This go around with my latest bout with six figures of debt, I decided to give Dave Ramsey's way a go. As Dave says, "Personal finance is 20 percent head knowledge and 80 percent behaviour." Making some quick decisive strikes against your debt will motivate you to continue going and get that debt paid off. When you are able to see the credit cards paid off one after the other you'll begin to see results and think, "I can do this."
Ironically for me following this method is causing me to payoff my higher interest rate cards first. Since the majority of my high balance credit cards have been put on balance liquidation programs (BLP), they now have zero to five percent interest rates, so I am paying the lower balance cards first, but they happen to be the higher interest rate cards at the same time.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Tuesday, June 8, 2010
Get to Know the Author of Financial Elite
While talking to myself today I decided to ask myself some questions about myself the readers of Financial Elite might be interested to know. So here's how the interview went. "Hello me, it's me again."
Briefly describe yourself
My name is John and worked in the finance industry for 20 years. Working in numerous areas of banking from teller to mortgage loan officer. I also have a degree in Finance and Banking.
Why did you start Financial Elite?
Finance was the furthest thing from my mind when deciding my career choice, but I ended up working in banking for 20 years. I have served in many positions in banking from one end to the other so I have heard or experienced many financial situations, whether it be with myself personally or situations clients had shared with me. Even though I worked in the field for so long I can't say I actually loved working in the field, but I do love talking about finance. I would like to be like Suze Orman or Dave Ramsey and share my experiences to help people with their debt, credit and finances. Hence Financial Elite was born.
What's one best practice you've implemented to better manage your day?
Prioritising. This is a skill I learned from taking a Franklin Covey day planner course. There have been times when I fell off the wagon with prioritising and it reflects in times when I am in debt. When I focus on prioritising debt seems to disappear and the road to financial freedom becomes visible again. When you prioritize a task you should ask yourself, Does it still add value? Is it more or less important than before? What new tasks have greater impact and take priority? But it's not all about finances. Since I have begun prioritizing again, family time has become paramount, as is time for fitness.
Everyone seems short of time these days, if you had an extra hour a day, how would you utilize it?
I would use it to think, meditate, and pray. Taking time to relax and reflect helps me to prioritise, which in turn frees up more time to spend on other things like time with family.
Besides finance, what else interests you?
I like being entrepreneurial, whether it's blogging or working on my business. I also have a vintage toy collection that keeps the kid in me alive.
Name a significant event that had a great impact on your life?
Getting married (the second marriage). I don't know what I would do without my wife. She is such a great supporter of me. But the other event that has had an impact on my life is our wonderful baby girl. My wife and I have been in process of adopting her and she is the most amazing little person. My wife and I have struggled with infertility for years. I think experiencing that has made me more appreciative of my wife and of our child.
When you were a child, what did you want to be when you grew up?
Batman. I love all things Batman, but as I got older I had an interest in being an architect or a doctor (OB/GYN).
Tell us something about yourself that readers would be surprised to know.
I kind of touched on this earlier. I love toys from my childhood. I grew up hooked on Batman. I also grew up when the Star Wars craze was hot and heavy. So my toy collection mainly contains Batman and Star Wars items.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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Briefly describe yourself
My name is John and worked in the finance industry for 20 years. Working in numerous areas of banking from teller to mortgage loan officer. I also have a degree in Finance and Banking.
Why did you start Financial Elite?
Finance was the furthest thing from my mind when deciding my career choice, but I ended up working in banking for 20 years. I have served in many positions in banking from one end to the other so I have heard or experienced many financial situations, whether it be with myself personally or situations clients had shared with me. Even though I worked in the field for so long I can't say I actually loved working in the field, but I do love talking about finance. I would like to be like Suze Orman or Dave Ramsey and share my experiences to help people with their debt, credit and finances. Hence Financial Elite was born.
What's one best practice you've implemented to better manage your day?
Prioritising. This is a skill I learned from taking a Franklin Covey day planner course. There have been times when I fell off the wagon with prioritising and it reflects in times when I am in debt. When I focus on prioritising debt seems to disappear and the road to financial freedom becomes visible again. When you prioritize a task you should ask yourself, Does it still add value? Is it more or less important than before? What new tasks have greater impact and take priority? But it's not all about finances. Since I have begun prioritizing again, family time has become paramount, as is time for fitness.
Everyone seems short of time these days, if you had an extra hour a day, how would you utilize it?
I would use it to think, meditate, and pray. Taking time to relax and reflect helps me to prioritise, which in turn frees up more time to spend on other things like time with family.
Besides finance, what else interests you?
I like being entrepreneurial, whether it's blogging or working on my business. I also have a vintage toy collection that keeps the kid in me alive.
Name a significant event that had a great impact on your life?
Getting married (the second marriage). I don't know what I would do without my wife. She is such a great supporter of me. But the other event that has had an impact on my life is our wonderful baby girl. My wife and I have been in process of adopting her and she is the most amazing little person. My wife and I have struggled with infertility for years. I think experiencing that has made me more appreciative of my wife and of our child.
When you were a child, what did you want to be when you grew up?
Batman. I love all things Batman, but as I got older I had an interest in being an architect or a doctor (OB/GYN).
Tell us something about yourself that readers would be surprised to know.
I kind of touched on this earlier. I love toys from my childhood. I grew up hooked on Batman. I also grew up when the Star Wars craze was hot and heavy. So my toy collection mainly contains Batman and Star Wars items.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Sunday, June 6, 2010
Do You Still Go Into a Banking Center? Automate Your Finances
I remember when I first got into banking 20 years ago there was such a push for automated banking that by now I thought there would a great reduction in the amount of banking centers. Especially now that there are so many alternatives to banking.
One of the greatest things since the invention of the ATM itself is Bank of America's Deposit Images ATMs. Now more than ever, Bank of America customers are looking to ATMs for more than just cash. and the bank is responding to their needs. The bank recently completed a conversion to Deposit Image, and this network of more than 13,800 Deposit Image machines eliminates the the need for envelopes, tallies the total, and provides a receipt that includes an image of all deposited items. I love these ATMs and think these are the demise of banking centers in the future. You can make a deposit without out waiting in line. You can even get a copy of the check you deposit if are worried it will get lost.
With the summer season getting underway Bank of America has several other automated banking services to help you bank while you are traveling.
Here are some tips for maintaining your finances during Summer travel:
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
One of the greatest things since the invention of the ATM itself is Bank of America's Deposit Images ATMs. Now more than ever, Bank of America customers are looking to ATMs for more than just cash. and the bank is responding to their needs. The bank recently completed a conversion to Deposit Image, and this network of more than 13,800 Deposit Image machines eliminates the the need for envelopes, tallies the total, and provides a receipt that includes an image of all deposited items. I love these ATMs and think these are the demise of banking centers in the future. You can make a deposit without out waiting in line. You can even get a copy of the check you deposit if are worried it will get lost.
With the summer season getting underway Bank of America has several other automated banking services to help you bank while you are traveling.
Here are some tips for maintaining your finances during Summer travel:
- Stay in control with Text Banking: With Text Banking, you can access your account balances, recent transaction and credit card bill information from your cell phone. It's simple, convenient and provides information within seconds so you can view your account information whether at the beach or on the road to your destination. Learn more about Text Banking or call 800-604-9961 for details.
- Make bill paying easy with Online and Mobile Banking: Online Bill Pay lets customers pay virtually anyone, set up recurring payments and set up bill pay reminders. You can also transfer funds or pay bills from any web-enabled cell phone using Mobile Banking.
- Stay on top of your money with Alert Services: There is a large selection of alerts (41 to be exact), including several real-time alerts that are sent directly to you when there is activity on an account. When you are away from home or a computer, you can easily set up balance thresholds so you can stay in touch with your finances.
- Get travel discounts through Add It Up: Add It Up® is a free and secure online shopping website that rewards customers with up to 20 percent cash back on their purchases at more than 270 online retailers.
- Go paperless with online statements: By switching to online statements, you can manage your account easily while reducing mail waiting for you at home when you return. When you go paperless you can view the same information as on your paper statement. You can also see your cleared checks Online, plus receive an email notification when your statement is available online.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Friday, June 4, 2010
I Believe in as Many as Six Impossible Things Before Breakfast
I just watched Tim Burton's version of "Alice in Wonderland" and it inspired me to keep moving forward with my "It's a Wonderful Financial Life" project by giving me somethings to think of each day before breakfast.
In the movie Alice's father makes the statement I believe in as many as six impossible things before breakfast hence, he can make impossible things possible, which in the end always make him successful at whatever he pursues in life. Alice later remembers this statement and it helps her achieve her destiny in Underland. Her six impossible things were:
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
In the movie Alice's father makes the statement I believe in as many as six impossible things before breakfast hence, he can make impossible things possible, which in the end always make him successful at whatever he pursues in life. Alice later remembers this statement and it helps her achieve her destiny in Underland. Her six impossible things were:
- There are drinks that can make you smaller
- There are cakes that can make you bigger
- Animals can talk
- Cats can disappear
- There's a place called Wonderland
- I can defeat the Jabberwocky
- There are banks that will help you payoff your credit cards through their balance liquidation programs (BLP)
- There are banks giving loan modifications to borrowers in distress
- There is a difference between "wants" and "needs"
- Credit can be repaired
- There is a place called financial freedom
- I can defeat debt
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Wednesday, June 2, 2010
It's a Wonderful Financial Life Days 1 and 2
My financial turmoil feels as if it coincides precisely with the other turmoil I feel in my life. I am not sure if I totally feel like I am unhappy because I have so much to be thankful for: a beautiful wife that loves me, a beautiful healthy daughter, a home, a means to earn income, at least 3 meals a day if not more, what more could anyone ask? I am generally happy by nature and always strive to have a positive attitude. I guess I just feel like something is missing.
The massive debt load we're carrying just seems to put a damper on everything and I think it takes away my feeling of being in control. I follow The Simple Dollar regularly and a recent post called "Finding the Fire: Nine Things I do to Make Each Day Great," kind of lead to my inspiration to find things I can control and that would help me feel happier and got me started on my "It's a Wonderful Financial Life" project.
I love lists. The guys out there who hate "Honey do Lists," send them my way. I'll hook you up. The longer the list the better. Checking each item off gives me such a feeling of accomplishment you have no idea. Another inspiration for the project was "31 Days to Build a Better Blog" from the ProBlogger himself, Darren Rowse. Items on a list are tasks and Darren's ebook has a daily task for 31 days straight, which is right up my alley. Having lists helps me to focus and the feeling of accomplishment leads to the feeling of happiness.
Besides assigning myself taks I've decided to start working on areas I can improve my life in besides my financial life because there is more to life than just debt. I've taken interest in a study by Dan Buettner of people living to be a hundred years old and longer. Throughout the world Dan has identified areas he calls "Blue Zones" where the population lives on average to be 100 years old.
Dan has identified 9 characteristics that these people have and has categorized them into 4 main areas:
So by taking the core principals above and breaking them down further into 5 things you can do to be happier will be at the core of my project.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
The massive debt load we're carrying just seems to put a damper on everything and I think it takes away my feeling of being in control. I follow The Simple Dollar regularly and a recent post called "Finding the Fire: Nine Things I do to Make Each Day Great," kind of lead to my inspiration to find things I can control and that would help me feel happier and got me started on my "It's a Wonderful Financial Life" project.
I love lists. The guys out there who hate "Honey do Lists," send them my way. I'll hook you up. The longer the list the better. Checking each item off gives me such a feeling of accomplishment you have no idea. Another inspiration for the project was "31 Days to Build a Better Blog" from the ProBlogger himself, Darren Rowse. Items on a list are tasks and Darren's ebook has a daily task for 31 days straight, which is right up my alley. Having lists helps me to focus and the feeling of accomplishment leads to the feeling of happiness.
Besides assigning myself taks I've decided to start working on areas I can improve my life in besides my financial life because there is more to life than just debt. I've taken interest in a study by Dan Buettner of people living to be a hundred years old and longer. Throughout the world Dan has identified areas he calls "Blue Zones" where the population lives on average to be 100 years old.
Dan has identified 9 characteristics that these people have and has categorized them into 4 main areas:
- Move Naturally-Focus on activities you love like gardening, walking and playing with your family.
- Right Outlook-Know and be able to articulate your sense of purpose.
- Eat Wisely-Eat 20% less at meals and stay away from meat and processed foods. Have 2 glasses of wine a day.
- Belong to the Right Tribe-Surround yourself with the right people.
So by taking the core principals above and breaking them down further into 5 things you can do to be happier will be at the core of my project.
- Invest in my health- I have begun to drink water regularly again and have dedicated myself to start walking at least 20 minutes a day. An improved diet will soon follow.
- Create Quality Friendships- I have so many great friends, many of which, I have known for 20 years or more. Everybody has seemed to be caught up in their own lives that we've lost are connection. Time to start re-connecting.
- Explore your religion- I used to attend church and pray or meditate regularly. The praying has already begun and will continue to work on being at peace with my life.
- Spend More Time with Your Hobby- I have a huge vintage toy collection and write about it on another one of my blogs. I have some restoration projects on hold and need to start working on them.
- If You're Unhappy, Move- I love my hometown and my home. I don't want to move, but I would like to get out of town once in a while. I am going to start working on taking more trips. Who knows, maybe I will find somewhere else I'd like to live.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Monday, May 31, 2010
Are You Wasting Your Life Away Playing Social Networking Games?
I am on Facebook just like everyone else these days. It's a great way to find old friends, network, and even grow your business, but is your status update page filled with your friends status of what they've done on Farmville or Mafia Wars like mine?
I have friends who are up at all hours of the day to feed their animals or tend to their crops. I am all for entertainment and some people would say going to the movies, reading a book, or even blogging is a waste of time.
Most of the friends I have that seem to have an obsession with social networking games are heavily in debt, are behind in their credit card payments, or are even on the verge of losing their home.
The games probably serve as a diversion from the stress of their financial situations, but I think all the time spent on these games can be used for bettering their finances and maybe even living a more fulfilling life.
I think there should be a game for people to do constructive tasks to improve their health, family life, finances, and spiritual life. Just about anything you can think of to feel better about yourself.
I would probably guess social networking games give people a sense of belonging and accomplishment, but I believe their are ways to do that in real life rather than an imaginary farm or being part of the mob.
I am not really trying to put any down for playing these online games, but don't you think you can do more with your life? I could use some improvements myself, but I do work on my businesses everyday, I have worked a second job when I needed too, and I have volunteered to help my community. I have also paid off thousands in debt this year. I don't think I am slouch , but I could be doing more and there are many projects that I want to work on and haven't.
So, I am going to start a social networking game of my own. Not sure what I am going to call it for sure yet, but we'll say something like It's a Wonderful Life in 30 days or It's a Wonderful Financial Life. If anyone has any suggestion let me know.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
I have friends who are up at all hours of the day to feed their animals or tend to their crops. I am all for entertainment and some people would say going to the movies, reading a book, or even blogging is a waste of time.
Most of the friends I have that seem to have an obsession with social networking games are heavily in debt, are behind in their credit card payments, or are even on the verge of losing their home.
The games probably serve as a diversion from the stress of their financial situations, but I think all the time spent on these games can be used for bettering their finances and maybe even living a more fulfilling life.
I think there should be a game for people to do constructive tasks to improve their health, family life, finances, and spiritual life. Just about anything you can think of to feel better about yourself.
I would probably guess social networking games give people a sense of belonging and accomplishment, but I believe their are ways to do that in real life rather than an imaginary farm or being part of the mob.
I am not really trying to put any down for playing these online games, but don't you think you can do more with your life? I could use some improvements myself, but I do work on my businesses everyday, I have worked a second job when I needed too, and I have volunteered to help my community. I have also paid off thousands in debt this year. I don't think I am slouch , but I could be doing more and there are many projects that I want to work on and haven't.
So, I am going to start a social networking game of my own. Not sure what I am going to call it for sure yet, but we'll say something like It's a Wonderful Life in 30 days or It's a Wonderful Financial Life. If anyone has any suggestion let me know.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Wednesday, May 26, 2010
Another Credit Card Gets Re-Aged!
Our financial situation continues to improve as we get our credit card accounts back on track. Thanks to our creditors Balance Liquidation Programs (BLP).
We just received a letter from Chase. Actually two letters, but whose counting. Well to tell the truth I am. Every time we get a letter like this it motivates me to keep pushing forward and get our debt paid off.
The first letter thanked us for our willingness to try and improve our financial situation and for enrolling in the Balance Liquidation Program. It reminded us of the benefits for enrolling in the program including a zero percentage (APR) and a waiver of late and over-limit fees. They also acknowledged our efforts in continuing to make payments to our account during our financial hardship. All in all it was a nice letter and I felt it made us feel like a valued customer.
The other letter was to let us know that we officially qualified for their re-age program and that this card would no longer reflect as past due. That makes a total of four cards that have now been brought current for us. We only have two more cards to go, which those will be current by the end of June.
Our journey down the path to financial freedom is underway. We're on a five year plan to get out of debt, but watch out, I want to do it in three.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
We just received a letter from Chase. Actually two letters, but whose counting. Well to tell the truth I am. Every time we get a letter like this it motivates me to keep pushing forward and get our debt paid off.
The first letter thanked us for our willingness to try and improve our financial situation and for enrolling in the Balance Liquidation Program. It reminded us of the benefits for enrolling in the program including a zero percentage (APR) and a waiver of late and over-limit fees. They also acknowledged our efforts in continuing to make payments to our account during our financial hardship. All in all it was a nice letter and I felt it made us feel like a valued customer.
The other letter was to let us know that we officially qualified for their re-age program and that this card would no longer reflect as past due. That makes a total of four cards that have now been brought current for us. We only have two more cards to go, which those will be current by the end of June.
Our journey down the path to financial freedom is underway. We're on a five year plan to get out of debt, but watch out, I want to do it in three.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Tuesday, May 25, 2010
Can You Afford to be a Stay at Home Mom When You Are in Debt?
I am all for at least one parent staying home with the children. If the economy was what it was in 2006 my wife would be able to stay home with our daughter, but it isn't 2006 and unfortunately she has to work and help run our business.
My wife and I were also debt free aside from our mortgage in 2006, but that is definitely not the case today. You have to base your financial decisions on the situation you are in today, not what it was yesterday. If your family cannot afford to live on one income, then you must look into getting a job.
I totally understand how hard it is to make that decision. I had always been adamant that my children would not go to daycare, but unfortunately we have no choice at the moment. If you need additional income and going back to work is what you need to continue to secure your financial future, then it is what it is. As we have learned from working on our household cash flow worksheets what we need is not the same as what we want and living with what we need isn't always easy. Making the decision to go back to work when you feel it is more important to have a parent home with a child can be a difficult step to take. But when things are tough, the tough get working.
Being there for your children is an extremely important part of life, but so is providing them with financial security. If one income is not keeping your family financially secure by having credit card debt, no emergency fund, and contributing to your retirement fund, then you are not fully providing for your family.
If you feel that there just no way you can leave your children to go to work look into maybe working part time to help supplement the family income. If your children are in school this may be totally feasible without having to find child care. But if a part-time employment isn't cutting the mustard, you will have to look into working full time. It doesn't mean you have to go back to work forever, but maybe just until the economic crisis passes and you get your life back on track to financial freedom.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
My wife and I were also debt free aside from our mortgage in 2006, but that is definitely not the case today. You have to base your financial decisions on the situation you are in today, not what it was yesterday. If your family cannot afford to live on one income, then you must look into getting a job.
I totally understand how hard it is to make that decision. I had always been adamant that my children would not go to daycare, but unfortunately we have no choice at the moment. If you need additional income and going back to work is what you need to continue to secure your financial future, then it is what it is. As we have learned from working on our household cash flow worksheets what we need is not the same as what we want and living with what we need isn't always easy. Making the decision to go back to work when you feel it is more important to have a parent home with a child can be a difficult step to take. But when things are tough, the tough get working.
Being there for your children is an extremely important part of life, but so is providing them with financial security. If one income is not keeping your family financially secure by having credit card debt, no emergency fund, and contributing to your retirement fund, then you are not fully providing for your family.
If you feel that there just no way you can leave your children to go to work look into maybe working part time to help supplement the family income. If your children are in school this may be totally feasible without having to find child care. But if a part-time employment isn't cutting the mustard, you will have to look into working full time. It doesn't mean you have to go back to work forever, but maybe just until the economic crisis passes and you get your life back on track to financial freedom.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Friday, May 21, 2010
What if You Can No Longer Provide for Your Family?
The thing is, what do you consider providing for your family? Is putting a roof over their head and food on the table considered providing for your family? Or is going on vacations, buying designer clothes, and providing them cell phones and video games the way to go?
It is time to decide if want into splurge or provide for your family. If you have credit card debt and don't have an emergency fund, you do not care about your families financial well being. Chances are all you care about is being the cool friend or the super hero, who gives into their families every whim.
Fulfilling your families every want is indulgent and it was probably what started you down the road of debt. Many of you who worked on your household cash flow worksheet got frustrated and decide you just couldn't cut things out. You decided that it was easier to continue down the path of overspending then to follow the path to financial freedom. You just keep ignoring the credit card balances that keep going up. You pay no attention to the fact that you have no emergency fund. You put off saving for your retirement. You could care less that you have no life insurance because it cost too darn much anyway.
Unemployment is at an all time high and more and more people are getting laid off everyday. If that happens to you, what would you do? What if you got sick? What happens when you can't pay the mortgage and there is no emergency fund to help you get through the hard times? Once that happens you will start down a spiral that will be very hard to recover from. Next you might lose your home. All this because you wanted to give your kids everything they want. Don't you think your kids want a home and 3 meals a day?
What happens when your children are adults and have their own children? What happens when you are too old to work anymore and you can't take care of yourself because you never saved for retirement?
It is hard to work on your budget. As Dave Ramsey advises it will take at least 90 days for you to develop a balanced budget. My wife and I are coming up on 90 days and we still have to keep tweaking ours. You must put your financial priorities in order. Financial changes always take time to get used too. Sadly, like most, you feel that getting your financial life in order is going to hurt your kids. On the contrary you are doing them a huge favor. When you decide to spend less, you will have more money to give to your families financial security.
Children adapt quickly. They will probably adjust to the changes faster then you. If you are depressed and angry about your situation your children will sense that. Instead turn it around and turn spending less into a game.
Make sure your children know that everything is going to be alright. Assure them that you are taking measures now to ensure their financial security and you are just being careful to ensure you get through these challenging times.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
It is time to decide if want into splurge or provide for your family. If you have credit card debt and don't have an emergency fund, you do not care about your families financial well being. Chances are all you care about is being the cool friend or the super hero, who gives into their families every whim.
Fulfilling your families every want is indulgent and it was probably what started you down the road of debt. Many of you who worked on your household cash flow worksheet got frustrated and decide you just couldn't cut things out. You decided that it was easier to continue down the path of overspending then to follow the path to financial freedom. You just keep ignoring the credit card balances that keep going up. You pay no attention to the fact that you have no emergency fund. You put off saving for your retirement. You could care less that you have no life insurance because it cost too darn much anyway.
Unemployment is at an all time high and more and more people are getting laid off everyday. If that happens to you, what would you do? What if you got sick? What happens when you can't pay the mortgage and there is no emergency fund to help you get through the hard times? Once that happens you will start down a spiral that will be very hard to recover from. Next you might lose your home. All this because you wanted to give your kids everything they want. Don't you think your kids want a home and 3 meals a day?
What happens when your children are adults and have their own children? What happens when you are too old to work anymore and you can't take care of yourself because you never saved for retirement?
It is hard to work on your budget. As Dave Ramsey advises it will take at least 90 days for you to develop a balanced budget. My wife and I are coming up on 90 days and we still have to keep tweaking ours. You must put your financial priorities in order. Financial changes always take time to get used too. Sadly, like most, you feel that getting your financial life in order is going to hurt your kids. On the contrary you are doing them a huge favor. When you decide to spend less, you will have more money to give to your families financial security.
Children adapt quickly. They will probably adjust to the changes faster then you. If you are depressed and angry about your situation your children will sense that. Instead turn it around and turn spending less into a game.
Make sure your children know that everything is going to be alright. Assure them that you are taking measures now to ensure their financial security and you are just being careful to ensure you get through these challenging times.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
Sunday, May 16, 2010
First Baby Step Complete: Establishing $1,000 Emergency Fund
We did it! We have established an emergency fund of $1,000. This is the first of what Dave Ramsey calls "Baby Steps."
The financial crisis has served as a definite wake up call for us. We kept pressing the snooze button and until the wolves came knocking at the door.
My wife and I knew in our heart that things were just not going to get better any time soon and sooner or later we were going to need to change our financial life. There was no longer any room for putting things off like establishing a budget and getting rid of our debt. Don't put off today what you can do tomorrow. Tomorrow never comes and when it does it is actually today. Today is the day you can put yourself on a path of financial freedom.
Now that we have established our emergency fund it is time to really start paying down our credit card debt and to keep our remaining credit lines intact and restore our FICO credit scores. Since we have put the majority of our credit cards on Balance Liquidation Programs (BLP) we no longer have access to our cards to cover emergency expenses. We are now paying cash for things and if we don't have the money for something we have to wait until we do. So we are relying solely on our newly established emergency fund for protection. I had to take out a home equity loan once to pay taxes and that is also a thing of the past as our once pristine credit scores are gone and all of our properties are upside down.
If you haven't started your emergency fund yet and if you are in debt like us, the best way to generate cash is to spend less. It sucks, but no get rich scheme is going to save you. You are going to have to bite the bullet and quit spending. The less you spend, the more money you will have after paying your monthly bills to put towards your credit card debt, building your emergency savings fund, and work on your retirement. If you don't have an emergency fund, chances are you don't have much of a retirement fund either. It's not rocket science; it's just the truth.
If you haven't been able to even start building an emergency savings, make it a personal goal to start spending less.
Here are some tips that helped us:
We Also Suggest:
The financial crisis has served as a definite wake up call for us. We kept pressing the snooze button and until the wolves came knocking at the door.
My wife and I knew in our heart that things were just not going to get better any time soon and sooner or later we were going to need to change our financial life. There was no longer any room for putting things off like establishing a budget and getting rid of our debt. Don't put off today what you can do tomorrow. Tomorrow never comes and when it does it is actually today. Today is the day you can put yourself on a path of financial freedom.
Now that we have established our emergency fund it is time to really start paying down our credit card debt and to keep our remaining credit lines intact and restore our FICO credit scores. Since we have put the majority of our credit cards on Balance Liquidation Programs (BLP) we no longer have access to our cards to cover emergency expenses. We are now paying cash for things and if we don't have the money for something we have to wait until we do. So we are relying solely on our newly established emergency fund for protection. I had to take out a home equity loan once to pay taxes and that is also a thing of the past as our once pristine credit scores are gone and all of our properties are upside down.
If you haven't started your emergency fund yet and if you are in debt like us, the best way to generate cash is to spend less. It sucks, but no get rich scheme is going to save you. You are going to have to bite the bullet and quit spending. The less you spend, the more money you will have after paying your monthly bills to put towards your credit card debt, building your emergency savings fund, and work on your retirement. If you don't have an emergency fund, chances are you don't have much of a retirement fund either. It's not rocket science; it's just the truth.
If you haven't been able to even start building an emergency savings, make it a personal goal to start spending less.
Here are some tips that helped us:
- Separate your wants from your needs.
- Take the phrase "I deserve it" out of your vocabulary. What you deserve is totally different from what you can afford.
- Call your creditors to negotiate better terms on your car loan and credit cards if you can't keep up with them.
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Follow my journey to pay off debt and subscribe by email.
- Subscribe in a Reader (RSS)
- Follow us on Twitter
- Follow us on Blogger
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