Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday January 18

As a couple you have to work the $’s together. If you refuse than one is in charge of everything and the other has no vote. Now how ridiculous do you want to look? Get involved.

Have budget meetings. Those of you that enjoy the numbers do not force it on the other. Those of you that do not enjoy the numbers do not force it ALL upon the other. Budgeting and spending is a team sport. So suit up and take control!

 

[ProfMoneyWise]

Thursday January 19

The only good debt is NO debt.

If you develop this mindset you will find ways to work around ever borrowing money again. It's a behavior change that will serve you well forever.

If you don't have the cash then don't buy it. You still will live until tomorrow, and the best thing about tomorrow is that you won't have added to your debt.

It is so simple it works.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday January 20

Be financially prepared to lose your job tomorrow. You hope it never happens, but if it does you must be ready.

You will be accused of being a worrier. However, if always being prepared for a job loss, a furnace failure, a transmission breakdown, an unexpected trip due to a family emergency, (insert your emergency here), then I guess we are just that, worriers.

At least we're prepared worriers.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday January 21

Emergency funds are for emergencies, not Disney. The only thing the words have in common is both end in “Y.”

Emergency funds are three to six months of basic living expenses kept in a separate, not to be touched, account. You may never have to use these funds, but if you do you'll find having the funds set aside will turn emergencies into mere annoyances.

You also will find tremendous peace of mind.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday January 22

Never, ever, mix money and family or money and friends.

Lending money to someone you know changes the dynamic between the two of you. Don't let money ruin a relationship.

If you want to help someone that badly just give them the money without any expectation of them paying it back.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday January 23

Don’t confuse being able to afford a house payment with being able to afford living in the house. Don’t let home maintenance and repair surprise you.

Keep 1% - 3% of a home's value in a Maintenance Fund to be used for projects like painting or landscaping, roof repairs or appliance upgrades.

Don't be caught by surprise.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday January 24

When a debt-free person says, “This is not what I paid for,” they mean it.

Debt-free people use their own money to buy things, not someone else's money. They expect to get exactly what they want when they use their money to make a purchase. Debt-free people do not suffer fools, liars, or shoddy workmanship.

Debt-free people have a lot more to consider than people using plastic, but also have a lot more to gain.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday January 25

All the anger and frustration that comes with debt can be avoided.

You know who ran up those bills. Don't try to act like it wasn't the person in the mirror.

Now stop feeling sorry for yourself and channel that anger into positive energy and passion at work (and at the second job if necessary) to save money to pay off those debts.

Someday you will be debt-free. Believe it!

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday January 26

Some people don’t get it. They're convinced you're depriving yourself of what debt can get for you.

You try to help them understand, but if they won't help themselves there's nothing you can do except set an example.

Remember, seven out of 10 people live paycheck to paycheck. You are the minority. Validation you're doing the right thing comes from financial peace, not from what others think.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday January 27

If you want a pre-packaged "system," call Jenny Craig. If you want a class, go to school. The secret to being debt-free is in your mirror.

The easiest part of my job is telling you what you already know. The hardest part of my job is getting you to listen. The reality is you really don't need me at all.

Only you can fix you.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday January 28

Being debt-free is easy. The hard part is giving all your money to creditors every month and realizing how much you are wasting in interest and fees.

If this upsets you, it's a good indication you are ready to change your behavior, get out of debt, and never put yourself in this situation again.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday January 29

Do you want to maintain the status quo or do you want to suck it up for however long it takes and change things forever?

If you don’t do anything about your debt situation you'll never move forward toward true financial security.

Is the way things are today the way you want them to be in your future?

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday January 30

Don’t tell me, tell the person in the mirror you are sick of being in debt. Look that person in the eye and say it out loud.

Some people are in debt due to circumstances beyond their control, but the majority put themselves in debt. You have to change the way you think about money, change your spending behaviors, to help that person in the mirror reach the stated goal.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday January 31

The definition of “Speculate” is “to engage in any business transaction involving considerable risk or the chance of large gains, especially to buy and sell commodities, stocks, etc., in the expectation of a quick or very large profit.”

The richest of the rich never go "all in" when it comes to investing.

Those in debt shouldn't go in at all. Only invest if debt-free.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday February 1

Being debt-free” is the first piece of any “investment strategy.”

Investing is risk-based, but paying off debt is a no-brainer. Many think they should do both, when, in effect, they are paying out more money than they can ever hope to gain.

Investments are often at risk of being lost completely. Don't complicate personal finance. Get out of debt, then invest. Gains then are truly gains.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday February 2

The solution is in your mirror. Go have a heart to heart with that person.

I can tell you. Others can tell you. You can read it. You can hear it. But, until you want to be debt-free, beholden to no one financially, and truly in control of your personal financial life, all the facts, figures, and feel good motivation in the world will not mean a thing or help in any way.

Only you can fix you, no one else.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday February 3

Using credit is your agreement to overpay.

A $1,000 item paid for in cash costs at most $1,000 and you own the item then and there.

A $1,000 item purchased with an 18% credit card will cost you $2,114.41 ($1,115.41 in interest) and you will not own the item for 153 months.

Are $1,000 things worth $1,000 or $2,114.51 in your world?

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday February 4

Unless you pay in full you don’t own anything. It can't be said more simply.

If you drive a car off a lot and show your family the new vehicle you just bought with a loan, you basically are showing them someone else's car.

Do you want to own your property or do you want to rent it at ridiculous rates?

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday February 5

You can’t know how much you have, or don’t have, until you put it on paper. Make that budget, don’t leave it to guesswork.

You must figure out how much money you are bringing home and how much is going out the door.

You must write down for a month everything you spend money on. I think you are going to be surprised.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday February 6

Seven out of 10 people don’t budget, think debt is normal, and live paycheck to paycheck. Why follow the crowd? Come on over here, there is plenty of room and we are easy to spot. We are the ones smiling.

Having a financial plan sets you apart. Don't be like the majority. Tell your money where to go, give each dollar a job, and rid yourself of all debt.