Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round Saturday
October 15

Want to be different? Get out of debt. That sets you apart from 70% of the people out there.

Seven of every 10 people live paycheck to paycheck. Average household credit card debt is $9K and the average household has nine credit cards.

These figures change daily. Unfortunately they're rising.

Step out of the line of people jumping off the cliff. Be different. Be with us. We have room for you.

 

[ProfMoneyWise]

Conquer Debt Year Round Sunday
October 16

When you decided to get out of debt, and never get back into debt, you started swimming upstream.

Stay focused because your financial responsibility will scare some folks. You'll certainly get comments from family, and you may even lose friends along the way.

Smokers all want to quit. Overweight people all want to lose weight. Those in debt all want to be debt-free.

Making it happen is the hard part.

 

[Railroad]

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.

These are basics. Agree that there are people out there who need the advice.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday October 17

If you settle with a collection agency don't send them a dime unless you get in writing the details of your settlement from the agency.

When you settle make sure the words "with no recourse" are in the documentation. If they aren't, the agency can come back to you for the difference.

And, don’t give them electronic access to your accounts . . . EVER!

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday October 18

Only you can define what is "enough money." If you have everything YOU need, you're fine. Note "need," not "want."

Some say if you have everything you need and want you're a millionaire.

It's ok to want the finer things in life, but it's only acceptable to have them if you can pay for them in full.

Use your wallet as a guide. If you can't pay for it in full today, you can't have it. Period.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday October 19

Play a little game. If money were no object what would you do or buy?

I can come up with about $800,000 worth of stuff; $750,000 of it is basically ridiculous.

The moral to the story is you really don't need that much to live pretty well.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday October 20

You hear about people who win the lottery and then go bankrupt.

If they knew how to dictate where money goes and understood what it means to be financially responsible they wouldn't have this problem.

Knowing how to plan your finances not only gets you out of debt it prepares you to handle good fortune when it comes.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday October 21

Look at it, analyze it, calculate it, store it, research it and go over it again and again. The only way to save money is to stay out of debt and spend less.

No magic formula here.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday October 22

Ever notice how store clerks look at you like you've lost your mind when you don't want another 10% off by getting a store credit card?

Of course, you look at these clerks like they've lost their minds when they act like they've never seen anyone pay cash before. Something about paying interest on my underwear just doesn't seem right.

Be polite, the clerk is just doing a job. But, say no nonetheless.

 

[ProfMoneyWise]

Conquer Debt Year Round Sunday
October 23

Use a credit card at a store and the clerks never check the signature on the back.

Use cash and they hold up the bills to the light to check their authenticity.

There's something wrong with this, don't you think?

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday October 24

My unofficial study shows a new car depreciates $10,000 during the first 25,000 miles. It depreciates another $10,000 during the subsequent 75,000 miles.

Why would anyone ever buy new?

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday October 25

Never confuse risk and stupidity.

You are your own advocate. Don't do anything in your financial life, or any part of your life, without knowing the consequences of the risk you are taking.

If you give this due diligence you will guard against bringing stupidity into the equation.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday October 26

Being obsessed with money isn't good.

Being obsessed with getting and staying out of debt is good.

Income minus outgo = YOUR REALITY. Deal with it.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday October 27

Blowing what took a long time to save happens way too often. Have this conversation with your kids before they head to college on your money.

English 101 is the same at a high-cost state school or a community college. If your kids don't have a plan let them be indecisive on someone else's dime. Perhaps their own.

They need to grow up. Don't throw money at them and hope for the best. Especially YOUR money.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday October 28

Tax Credit: A $1 credit means you pay $1 less in taxes.

Tax Deduction: A $1 deduction reduces the amount of taxable income by $1. This reduces the amount of tax you pay by the percentage your income is taxed as a result of the deduction. If you're taxed at 20% the $1 deduction saved you $0.20.

Know the difference. Congress plays word games to make you think you're getting something you aren't.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday October 29

Budgeting doesn't mean making do with less. Budgeting means making do with what you have. Big difference.

In personal finance the word budget means planning. You can't plan to have money that isn't there. You can dream, you can aspire, but don't plan until the money is real.

In other words, if you make $50,000 then live a $50,000 life, not one that costs $50,000.01. It really is that simple.

 

[Wenchy]

I agree with everything you say with the exception of store credit cards and bank credit cards.

I will open one up, save the 10% and then close the account. The ones I've opened have no annual fee and no interest if I pay fully at the end of the month.

Same with my USAA card. No annual fee and no interest if paid off monthly. I get a nice credit to my auto insurance account or cash (if I want it) at the end of the year. I've had the card for about 25 years.

I don't like carrying more than $10 cash for bridge tolls and such incidentals.

JMO.

I budget strictly and will never charge more than I can afford.

 

[DoWhat]

I will open one up, save the 10% and then close the account.

Bad for your credit score.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday October 30

Making the decision to take control and become debt-free is liberating. Now, can you imagine how it will feel when you achieve it?

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday October 31

Any and all of these define scary.

Debt. No emergency fund. No home maintenance fund. No car repair fund. No money set aside for Christmas, birthdays, or other known events. Adjustable rate mortgages. House payments totaling more than 25% of your take-home pay.

This is jump-off-a-cliff scary, and sadly too many are living like this. Don't be one of that crowd.