Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Thursday August 18

If you can read this your excuse for not knowing what was in the credit card terms you agreed to goes out the window.

To be surprised by something you agreed to only leaves you to blame.

Read the fine print, or better yet swear off ever borrowing money again and this problem goes away.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday August 19

Don’t you love it when credit card companies offer to let you skip a payment, calling it a payment holiday, then act like they're doing you a favor?

You do know not to fall for that, right?

The so called "payment holiday" only applies to you sending in the payment. Interest accumulating on your balance never goes on a holiday. Interest steals holidays.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday August 20

Recessions come and recessions go. Economies expand and economies contract. The market goes up and the market goes down. Being debt-free is a pretty good anchor while all these things are occurring.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday August 21

If you use borrowed money to invest and the market goes down you lose twice -- the market value and your money. I suggest it's time to rethink that strategy.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday August 22

Never risk your home’s equity. Don't use it as collateral on a loan, on a HELOC, on a business venture, nothing! Your equity is sacred, treat it as such.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday August 23

Losing interest is only ok when you're watching a bad movie, not in your personal finances.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday August 24

Before you say “I Do” you better talk about money.

If having that conversation is uncomfortable I suggest you put things on hold until you can get this subject out in the open. Money problems are the number one cause of relationship problems and divorce. Nip this one in the bud before it’s a problem.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday August 25

Nobody said you can’t have a glass of wine at your budget meeting.

Being productive doesn't mean it has to be painful. And, unless you're running a small country from your kitchen table it’s a matter of income minus outgo. It’s really that simple.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday August 26

Why hide from the kids how money really works?

You owe it to them to teach them how to handle their money so that when it’s their turn they don’t make the same mistakes you made.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday August 27

Savers like money. Spenders like money. Now you two work it out. You both like the same thing now it’s just a matter of mechanics.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday August 28

If you think you can pay for it tomorrow, then wait until tomorrow to buy it.

Too many people buy today on credit and plan to pay for it with money made in the future. Too many people think, I'll just make the payment when I have the money. Change your mindset. Change your behavior. Buy things when you have the money to pay for them on the spot... not later.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday August 29

No one else will tell you so I will.

While others are on vacation, you will be working your second job. While others are dining out, you will be waiting the tables. While others are shopping and spending you will be scrimping and saving. But, later on while others are staring at their debts, you will be living the life you thought was unattainable.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday August 30

I once read Warren Buffett of Berkshire Hathaway fame prefers using Book Value to measure the success of his company. Book Value is simply assets minus liabilities. In personal finance this can be characterized as income minus outgo.

One of the richest guys in the world keeps it simple. How about you?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday August 31

"Live like no one else today so that tomorrow you can live like no one else."

That's Dave Ramsey's signature line. Say it over and over to yourself as your inspiration.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday September 1

If you resolve to never borrow money again you can remove at least one item from your list of things to worry about -- your FICO score.

If you are never going to borrow money, then who cares about your score? FICO is a "how am I doing at borrowing money and paying it back" score. There actually are people who owe no one, have a huge net worth and have no FICO score.

Which do you want to be?

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday September 2

If you marry someone who has debt then it's now your debt.

If you didn't know about the debt prior to saying "I Do" that's your bad.

If you are married there is no such thing as his, hers and your debt. It's is all YOUR debt and the sooner you handle it together the sooner you can move on to the life you both imagined you would have once you became an "us."

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday September 3

These are Dave Ramsey's Seven Baby Steps:

Step 1: $1000 in an Emergency Fund.
Step 2: Pay off all debt with the Debt Snowball.
Step 3: Three to six months of expenses in savings.
Step 4: Invest 15% of income into Roth IRA's and pre-tax retirement plans.
Step 5: Contribute to college funding.
Step 6: Pay off your home early.
Step 7: Build wealth and give!

Follow the steps. They work.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday September 4

If you note a sense of urgency in any deal where you and your money may soon part it may fall into the “too good to be true” category. Keep your wits about you.

Con artists work very hard to separate you from what you have. They look for targets who are greedy and/or desperate. Targets must exhibit one or both of these traits before a con's trick will work.

Be careful.

 

[vraiblonde]

:bump: just to let you know that I do read your tips, even though I don't comment.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday September 5

Don't pay someone to take care of your problems.

You can negotiate your own debt settlement. Not being in control of your finances is what got you here in the first place.

Just because a debt counseling firm has ads on TV, radio or in print doesn't mean it's a legitimate businesses. It just means someone paid for the ads.

Only you are going to care about you. Take control now, it’s never too late.