Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday June 21

Budgeting doesn't stop when you are out of debt. In fact, it becomes all the more important. Without it, debt-free folks leak cash!

Dictate or disappear. If you don't dictate where your money goes it disappears.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday June 22

The first three to six months of developing a budget are hard. After that it's LIBERATING!!

Too many people think you can make a budget once and you're done. Wrong. You must pay weekly attention to your budget, it lives and breathes and needs constant attention.

Life is unpredictable. Your budget must accommodate your life. Be flexible and have fun with it. And remember, don't spend what you don't have!

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday June 23

Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents by Zac Bissonnett.

College students and parents of pre-college students put this on your "must read" list.

Anyone promoting loans to pay for school, or anyone who wants a load of debt that lasts forever needn't buy a copy. There's nothing in it you'll want to read.

Well done, Zac!

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday June 24

Where does it say you have to be up to your ears in debt and that payments are a fact of life?

Nowhere is that written down. Don’t buy into the lie.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday June 25

Congress doesn't want you to save. They want you to spend.

That right there should tell you being debt-free is the way to go.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday June 26

If you don’t like being debt-free you can always go back into debt.

But, try being debt-free first and see what you think.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday June 27

Insurance is due at least every six months. Homeowner association fees at least quarterly. Christmas comes every December 25th. Birthdays are the same date every year.

Why didn't you save money before these events became expenses? You really have no good excuse, do you?

These are the easy expenses. You know when they're going to happen. Plan for them. Going further into debt isn't an acceptable solution.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday June 28

Bankruptcy sticks with you for life. Don't declare it unless you have exhausted every other possible solution.

Those who have filed admit it never goes away, and that it carries a stigma.

Many forms you'll fill out later in life ask the question, "Have you ever filed bankruptcy?" You'll always have to answer yes no matter what your financial life has become since then.

Bankruptcy is an absolute last resort.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday June 29

You never hear or see the words “credit cards” in advice from any reputable financial planning source.

You can't borrow your way to prosperity. You can't borrow your way out of debt. You can't prosper on rented money.

Becoming debt-free today is the only way you will ever have a tomorrow.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday June 30

If you have an emergency fund set aside you will find that most emergencies become mere annoyances.

Instead of worrying about how to pay for something to be fixed, the annoyance is having to replace the item at all or waiting for the repairman.

Be prepared. Have an emergency fund of three to six months of living expenses set aside to turn big problems into little problems.

 

[dave1959]

Conquer Debt Year Round
Tuesday June 28

Bankruptcy sticks with you for life. Don't declare it unless you have exhausted every other possible solution.

Those who have filed admit it never goes away, and that it carries a stigma.

Many forms you'll fill out later in life ask the question, "Have you ever filed bankruptcy?" You'll always have to answer yes no matter what your financial life has become since then.

Bankruptcy is an absolute last resort.

I do agree use it as a last resrort but I also have to diasagree..

It does not stick with you for life. We filed in 1989 and when I ran our free credit reports nothing shows up and has not shown up for a very long time.

Most forms I remember seeing only ask is you have filed in xx# of years.

My wife and I both have credit scores over 800 as of last week.

We learned our lesson and have vowed to never let that happen to us again.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday July 1

Whether or not you have money saved you need to tell your college-bound child they aren't off the hook completely.

Getting every grant or scholarship they qualify for is their new job. Armed with lists of national, state, and local sources of education cash they can start filling out forms and selling themselves.

Your children will learn to work for what they want and appreciate what is gained from their efforts.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday July 2

You aren't entitled to what you want, you're entitled to what you earn.

Easy credit is thrown at people who feel entitled to lifestyles they haven't earned. Many think they're entitled to the lifestyle they had before they left home. They never learned, or weren't taught, you have to earn the finer things in life.

Don't be someone who feels entitled to what you want. Know you're only entitled to what you earn.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday July 3

Your options increase as your debt decreases.

If you spend every waking moment worried about debt your eyes aren't open to opportunities that present themselves. You're focused on not losing more ground. However, if you don't have debt and a good thing comes knocking all you have to consider is "yes" or "no" instead of whether or not it will work for you.

There's a big difference between these two mind sets.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday July 4

Only you can gain your independence from debt.

Happy Independence Day!

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday July 5

Don’t borrow from friends or family. The borrower is slave to the lender.

Here's a story. Mom and Dad offer a loan for a down payment on a home. They offer a fair interest rate and better terms than the couple could get at the bank.

At Thanksgiving the couple mentioned they were going on a cruise. Dad got quiet, Mom shot a sideways glance. The couple paid off the loan the next week.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday July 6

If you have to take a home loan go with a 15-year fixed mortgage where principal, interest, taxes and insurance doesn't exceed 25% of your take-home pay. You shouldn't have any other debt either.

This is stress-free home ownership. It also allows you to easily set aside 1% - 3% of your home's value in a fund for home maintenance, repair, and upkeep.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday July 7

Whether you're paying for college on your own or using a student loan (UGH!) remember that the professors work for you. Be sure to get your money's worth.

Every dollar borrowed for that degree needs to be repaid with future earnings. If you impress that upon yourself maybe you won't be so quick to skip class, flunk a test, or blow off studying.

College is fun, but it costs to have fun in or out of the classroom.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday July 8

Couples should practice living on one income. That practice may come in handy someday.

It also will give you a good idea how much more should be in the Emergency Fund.

Your lifestyle should be no more than your income to get by. Your lifestyle should be less than your income to be prepared. Your lifestyle should be 1/2 of your income to succeed.

Where are you?

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday July 9

Once your house is paid for you will never have a house payment again if you do it right.

Doing it right means never again buying a house worth more than the cash you have in your hands. This may seem unrealistic to you if you have a mortgage but I challenge you to pay off your current home and try living in it debt-free for awhile.

You will have a difficult time ever having a mortgage again after this experience.