Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Sunday May 15

I don’t give investment advice. But, I will share that I look at how a company views debt before I invest any money into that company.

Probably comes as no surprise, but I like debt-free companies.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday May 16

Do you really have an income problem? Or, is it a spending problem?

Many confuse the two. There are people who have plenty of money, they just need to curb the spending.

Which do you have?

If your answer is neither, congratulations. You have passed one of life's major challenges. You're living on less than you make and you aren't spending what you don't have. Simple isn't it?

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday May 17

“Yeah but” and “I want ” are both budget killers.

Sit and listen to yourself. Most overspending is caused by over wanting. People run out of money because they want things they can't pay for in full.

In the beginning you think paying on credit is working fine, but miss one payment and you're introduced to a 29.99% or higher interest rate.

What about those "I wants" and "yeah buts" now?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday May 18

On payday you transfer money into a savings account instead of sending it out to others. Can you grasp that?

Only three in 10 of us do that all the time. Sorry to say it, but those of us saving actually look at the rest of you and shake our heads. We do have sympathy but we can't say it any louder or clearer . . . YOU DO NOT HAVE TO LIVE IN DEBT!!

Did you hear that?

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday May 19

The “Envelope System” is not a penalty. Actually, its fun. Give it a try.

You can Google the term or read about it in Dave Ramsey's "The Total Money Makeover."

"Stuffing Envelopes" takes on a whole new (AND FUN) meaning. It's the only envelope stuffing system that really works.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday

May 20

“Cash? Nobody ever uses that anymore.” A comment overheard at a checkout counter.

Be a “nobody.” There aren't many of us left.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday May 21

If your friends are with you because of the money you spend on them you better get some new friends.

Deep thought time. Are you doing all the buying for the gang? Any "hangers on" in the crowd?

Run an experiment. Put away your credit card and see who sticks around.

You can't afford your own lifestyle if the credit card is part of it let alone someone else's.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday May 22

Don't fall for the 90 days same as cash scheme. It's a rip-off.

Miss one payment, make a late payment, or don't do something right that's in the details you didn't read and you'll find yourself getting socked with interest and fees that will take you back to the beginning balance of the purchase.

Use "cash" as your "same as cash" method.

ETA: It is reported 87% do not pay off in the "same as cash" period be it 90 days or the 12 month variety. Back interest, fees, and various other charges agreed to at time of taking possession (note I did not say purchase) are applied.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday May 23

You can’t afford what you are buying if you are using a credit card.

Don't spend what you don't have.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday May 24

Don’t ask a bankruptcy lawyer if you should file. Think about it. What product is he selling? Of course, the answer will be yes.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday May 25

Stop it! The blame for your financial situation lies with the person in your mirror. Go have a talk with that person and quit making excuses.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday May 26

Kids will mimic you. Do you want yours to be angry, frustrated, in debt, working a job they don't like to make money to pay for past purchases? Do you want them worried about the house payment or driving on bald tires? Do you want them to care less about tomorrow and, in time, not even be able to live for today?

Yes, life is about choices, but when kids are young you are making their future choices for them.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday May 27

Next time you're in the grocery store take note of the products stocked at eye level or on the ends of aisles. The product manufacturer pays a premium for those spots. Look for deals above and below eye level.

It's a game, folks. Know the rules.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday May 28

Don’t spend what you don’t have. Yes, it really is that simple.

You hear this a lot in the calendar, don't you? Sorry, but I felt the need to reinforce the idea and the publisher wouldn't let me put a volume device in here so I could YELL IT!!

Too many people look for financial cures or get rich quick schemes. While they're looking they should use this bit of advice and see how it works out in the interim.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday May 29

Can you imagine never being in debt? Owning everything you have? Always being financially prepared for life? Not only can you imagine it, you can achieve it.

Even better, you can make sure your children imagine it, too. How is that for a good retirement thought? The kids won't not need your help when you're kicked back enjoying the leisure time you worked so hard to get.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday May 30

Oh don’t be so surprised the bank raised the rate on your credit card. You agreed to let them do it the day you acquired the card.

The finer the print, the more the risk.

You agreed to it, so don't be mad at anyone but yourself.


Thank you to those who have given all. Thank you to those who have risked it all. Thank you to those who are risking it all today. I am thankful for the freedom you provide my family, my friends and I.

My Memorial Day is not spent in a store looking for a deal, it is spent honoring you all.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday May 31

“Abhor” is a great word. Learn to “abhor” debt and you'll see what I mean.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday June 1

Be terrified of debt, not life.

If you are financially prepared for your known expenses there is no need to be terrified.

If you are financially prepared by having three to six months of living expenses saved should you lose your job there is no need to be terrified.

If you are financially prepared to fix cars, buy food, and pump gas there is no need to be terrified.

Be terrified of debt, not life.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday June 2

School doesn't teach us how to stay married, raise kids or manage money. The first two aren't my specialty, but anyone can do the last one with some effort.

Step 1: Write down the amount of your monthly take-home pay.

Step 2: Write down every dime you spend for a month, including the day and place.

Step 3: Subtract number two from number one.

Now, do you have an income problem or a spending problem?

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday June 3

You'll never be someone who is going places if you stay in debt. Financial debt is a drag, an anchor. It's a weight that slows down you and your financial progress.

Though there are some who tout using debt (other people's money) to make money, you only hear about the ones who managed to make it work. I say they're just plain lucky.

Get out of debt, reduce the drag, and welcome the peace it brings.