Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday
February 8


The only way to have money left over every month is to spend less than you make. You don’t need software programs or financial advisors to achieve this.

Don't fall for slick commercials promising to show you how to pay off debt faster with their "program." These companies just want your money.

You bring home $3,000 a month, but need an extra $1,000? Live on $2,000. You don't need software to tell you this.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday February 9

Writing off loan interest at tax time takes the sting out of debt but it's still paying to use someone else’s money. Pay off the loan and if you still need a deduction that badly, give to charity.

Think about it. $10,000 in home mortgage interest times your taxable rate equals a number. Using 30% as the tax rate, the scenario above means you pay in $10,000 to get $3,000 back. But, you're still out $7,000!

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday
February
10


An emergency fund is three to six months of living expenses in a separate never-to-be-used account. This isn't a credit card nor is this money to be mixed in with other accounts.

Having an emergency fund is critical to a financial plan. Don't be lulled into thinking a credit card with a high limit can suffice as this fund.

If a true emergency occurs you don't want to be taking on more debt do you?

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday
February 11


There is no such thing as good or bad financial debt. Debt is debt. While deducting loan interest may help a bit come tax time, you are still slave to the lender until you pay it off.

A sensible home loan is the only acceptable loan as it buys you shelter and MAY appreciate in time. However, don't be lulled by the interest rate deduction and keep this debt forever.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday February 12

Remember, seven out of 10 households live paycheck to paycheck so you probably won’t find many people who agree with this calendar’s intent.

I'm struck by the fact most people want to be debt-free and talk a lot about getting there. Yet studies show that 70% of the population lives check to check, carries an average of $9,000 in credit card debt, and doesn't budget.

Which are you going to be from this day forward?

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday February 13


If you pay down a 20% credit card you make immediately 20% on that investment. Do it today.

Too many worry about returns on investments when they have debt. If you have debt every dollar you pay against that debt is an immediate return on that dollar equal to the interest rate of that debt.

This is the only investing you should be doing if you're in debt.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday February 14


Keeping your family in debt is not a good Valentine's Day gift. Show them how you really feel and begin to get them out of debt today.

Stop being selfish. If you and yours are in debt, you are limiting your family's options and putting their future in danger. Change your behavior toward debt and your family will be changed forever.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday February 15

You should set the best example possible for your kids. Paying cash in front of them is a good start.

Teach your children early that money really is something that takes work to acquire and work to keep, and that once it is spent that particular dollar is gone.

It's hard to reinforce this belief, however, if the kids see the same old credit card being pulled out again and again.

 

[Pushrod]

Great stuff, keep it coming.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday February 16

Promise yourself that you will never use a credit card again. After that it’s pretty easy to take a pair of scissors to them.

Cash is your best defense against what life throws at you, not a piece of plastic. Build an emergency fund to ward off life's problems and remove those credit cards from your life.

Make a vow to never borrow money again . . . ever!

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday February 17

You are responsible for showing your kids how to have it better than you had it. You are not responsible for financing their over-the-top lifestyles or buying them out of their problems. You aren't helping them if you do.

What lesson will they learn if Mom and Dad keep rescuing them? They'll learn that Mom and Dad will keep rescuing them and milk it for all it's worth.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday February 18

Don’t cash in a 401K, or any other retirement fund, early. You can kiss 40% of your money goodbye.

However, it makes little sense to keep a non-retirement account around if you have debt. Cash out the non-retirement account and pay down your debt. Any loss you take by doing so will be negated by the gain you make by paying on your debt.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday February 19

Don’t ever pay for something you can get for free or with a little bit of effort. Scholarship lists come to mind.

Be very wary of those soliciting your business. Many times they are selling information that is available to you if you put forth an effort to look.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday February 20

I have yet to hear a debt-free person talk about missing the days of being in debt or talk about wanting to get back into debt.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday February 21

I cannot tell a lie. Debt is dumb!

Happy Presidents Day!

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday February 22

The whole purpose of lending money is to make a profit from that act. It takes someone like you borrowing money to make this business plan effective.

Refuse to participate in this business model. Credit cards, car loans, store cards are the tools businesses use to get you to overpay for things. Don’t play into their hands.

It's the game of business trying to get your money. Who is winning in your life?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday February 23

The last thing you need on your mind in a doctor’s waiting room is how to pay for whatever comes next.

Health insurance is a must have, and having money set aside for services not covered by insurance allows you to focus on your health, not the cost of getting well.

Health worries combined with money worries only impede the healing process.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday February 24

Christmas is 10 months away. It happens the same time every year.

If you start today putting $30 a month into a savings account you will have $300 to spend for Christmas. If you need more than that you put aside more.

Remember that Christmas is not about how much money you spend on each person. Next December it is not okay to use a credit card just because it's Christmas. Start planning today!

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday February 25

I didn't say never get a home or a very minimal student loan. What I said was neither loan needs to be around forever.

Too many people put off owning their education or homes. Maybe it is because no one ever told them it's ok to own both outright.

Attack the student loan right after graduation and be sensible when buying a house. Neither loan was designed to be with you forever.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday February 26

How often do you say to yourself, “Things were different moneywise way back when?” No they weren’t.

I get my advice from Grayhairs and Millionaires, neither of which talk about getting rich from credit card company schemes, from leased cars, or from interest-only mortgages that work out only if the house goes up in value.

No, Grayhairs and Millionaires talk about not spending what you don't have. Pretty simple, really.