Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Monday September 26

It costs money to drive paid-for vehicles, too, and someday that paid-for vehicle will need to be replaced.

While car payments don’t have to be a fact of life, a car fund in a separate account is. Cars breakdown, tires need to be replaced, oil needs to be changed. These aren't emergencies, be prepared.

 

[Bann]

Conquer Debt Year Round
Monday September 26

It costs money to drive paid-for vehicles, too, and someday that paid-for vehicle will need to be replaced.

While car payments don’t have to be a fact of life, a car fund in a separate account is. Cars breakdown, tires need to be replaced, oil needs to be changed. These aren't emergencies, be prepared.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday September 27

Nobody said getting out of debt would be fast or easy. Getting into debt is the fast and easy part.

Credit card companies couldn't care less about principal being repaid. They're in it for the interest. You would be, too, if you got 30% on money you loaned. They love it, too, if you miss a payment. Then they can load on fees and penalties.

They want to own you. Are you going to let them own you?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday September 28

Keeping track of spending is easy. Looking at and owning up to what you are spending your money on is the hard part.

Start today. Write it down. Don't be scared of the result. Remember, you can change this behavior.

You are going to surprise yourself by how much money you will find just by opening your eyes.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday September 29

Never give anyone access to your bank account.

Collectors play this game, promising to take only a set amount if you show a good faith effort and allow them access to your account. Then they clean you out.

Giving access and paying on-line are different. You authorize on-line payments. Giving access is opening the door and telling them to take what they want.

Big difference. Know what you're doing.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday September 30

Using cash is a pretty good deterrent to identity theft, don’t you think?

 

[ProfMoneyWise]

Conquer Debt Year Round Saturday
October 1

Always take time to fill out warranty registration cards or do it online. It may come in handy. Whether you ever use it doesn't matter. The warranty will never work for you if you don't do your part.

Don't buy extended warranties. They're rip offs, high-cost insurance policies pushed at the counter. If the store has no more faith in the product than that you shouldn't have faith in it either.

 

[ProfMoneyWise]

Conquer Debt Year Round Sunday
October 2

If you're paying the way I assume you aren't sending little Billy or Susie off to college to learn how to have a good time. You’re having the talk with them, right?

The only person who should be living a life of leisure and being carefree on your money is you. Don't let your kids do that as they head off to college on your dime. You aren't doing them any favors and hurting your own future in the process.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday October 3

List your debts smallest to largest. Pay them in that order.

Pay as much as possible on the smallest and the minimums on the others. When the smallest is paid off, add that payment to the next largest and repeat until you're completely debt-free.

Include HELOC’s or other loans where you used your home’s equity. Don't include the original home loan; that's saved for last.

This is called the Debt Snowball.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday October 4

Making a lot of money doesn't guarantee having wealth.

There are people who make a large amount of money but who are still spending more than they make. Then there are those making a nominal amount of money who have more wealth than you would believe.

Read “The Millionaire Next Door” for a detailed study of this issue.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday October 5

It’s impossible to think of absolutely everything that could go wrong and cost you money. But, that's no excuse not to plan for these things.

This is called an Emergency Fund and it needs to contain three to six months (minimum) of living expenses. This fund is separate from all your other funds and is not to be touched except in an emergency.

By the way, a vacation is not an emergency.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday October 6

In personal finance you can be on offense or defense but don’t be clueless.

Have a budget, have an emergency fund, have a plan for your extra money but don’t go through your financial life surprised when things happen that cost you money.

Personal finance isn't a mystery. Personal finance isn't hard. Personal finance is personal. Get involved in your own finances, you have no other choice.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday October 7

Our grandparents would be mystified at how much debt we have acquired.

We probably would get some sympathy from them until they heard our reasons for being in debt. Then they'd think we were just stupid and deserved what we did to ourselves.

Time honored tip. Don't spend what you don't have.

Try it and see what happens. Go ahead. All you have to lose is more debt.

 

[ProfMoneyWise]

Conquer Debt Year Round Saturday
October 8

You can't borrow your way out of debt.

Consolidation loans, HELOC's, moving from card to card to lower your interest rates are all band-aids. Fix the problem; eliminate the debt.

Those 0% credit cards come with 100% debt.

Stop moving the debt around. By the time you pay a transfer fee, move the debt, and life happens you end up gaining nothing.

Want to get out of debt? Pay the debt. It's that simple.

 

[ProfMoneyWise]

Conquer Debt Year Round Sunday
October 9

Would you admit you fell for a scam? That's part of the reason con artists get away with it. Embarrassment keeps people from reporting the crime.

The deposed dictator scam still works today. For a con to work the mark must be desperate and/or greedy. The sane and careful don't fall for these.

If it's too good to be true . . . it's not true. Be careful. You have what the thieves want. Guard it.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday October 10

Live on less than you make and use the extra to pay off debt.

You now owe me $3,500. That's about what the software costs that's supposed to help you pay off your bills and home early. But, you don’t need a computer to tell you if you spend less than you bring home you have some left over to play with.

Also, don't pay to set up a bi-weekly mortgage payment. You can make those extra payments yourself.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday October 11

There is no rational reason against being financially responsible and prepared. Enough said.

Life is hard enough. Don't let the one thing you control, your personal finances, control you.

Know your income. Know your expenses. Do the math.

C'mon folks . . . WAKE UP!

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday October 12

“Let me talk to your supervisor.”

Learn those words and you'll get better deals. Ask for lower prices. Be polite, give them a chance to earn your business, but make sure the salesman knows you are very aware that you have options when it comes time to make the purchase.

Don’t be timid. It’s your money, so protect it.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday October 13

"The Total Money Makeover" by Dave Ramsey.

Buy it, read it, and buy a copy for those you really care about.

Dave probably won’t care if you loan your copy out either.

Dave Ramsey Homepage - daveramsey.com. Check it out.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday October 14

Opposites attract. Realize this.

It's likely you both aren't savers, nor are you both spenders. But, both of you can agree to dictate where your money goes so it doesn't disappear.

If fear or shyness keeps you from asking the money questions before you get together you need to hold off getting together. You take on a person as a spouse you take on all the stuff that comes with him or her . . . including debt.