All my life I have resented and feared debt. I’m sure I’m not alone. At various times in life you’ve got to face facts and your fears because sometimes there’s just no escaping it. I thought today I’d review my adventures in debt for your information (and perhaps my own therapy). So this is a story, not about a man named Brady, but of one named Gary! Sit back and take the journey with me and maybe when the dust clears you might just feel better knowing that you aren’t alone.
Today is New Year’s Day and I’d like to wish everyone happiness, health, and prosperity for 2016. And how do we get to happiness, health, and prosperity?
Resolutions: every new year we make a list of them and then by February they just seem to disappear in the cold north wind. I know you know what I’m talking about. You’ve pledged to lose some weight or to give up your nasty smoking habit, but it’s so much easier to say it than to do it. You can talk the talk, but can you walk the walk?
Well, when it comes to your financial resolutions, it’s much the same. Making resolutions that can make real changes in your life is something that most of us think, talk about and plan every year. But what becomes of that plan?
About a year ago, I wrote about how to make a better plan, by setting measurable goals, dealing with setbacks, engaging others, and more. This year I’d like to talk about what some of those financial goals might include.Continue reading“Making A Success of Your 2016 Financial Resolutions”
Maybe you’re in your twenties and you’ve been out and about enjoying life. You socialize with your friends most nights and you finally got that apartment you always wanted even though it cost just a little more than you wanted to pay. You have a job, but it’s not the one you really wanted. It’s a paycheck and some experience, but you really want something better. And now this…you realize that you just can’t pay all your expenses each month and you’re in big trouble! Trust me on this: you’re not alone. Many young people (and even not so young people) start out with the idea that everything will just fall into place once they’re on their own. They’re all about the fun of independence, their first apartment and job, and what seems to be a great adventure with sunshine and happiness ahead. But, the reality is you never had to manage your own money before. Mom and Dad probably helped you quite a bit and if a shortfall ever arose, well they put a bandaid on it with a loan or a gift. There’s nothing to be ashamed of here. It’s part of growing up and now that you are an adult, you need to figure it out on your own!
So you can’t pay your bills…what can you do?Continue reading“OMG, I Can’t Pay My Bills!”
There may come a time when you face a situation when you need money that is above and beyond your emergency funds. We may all face them at some point, whether it’s a medical emergency, car or house situation, or perhaps something with the kids like a huge tuition bill or family issue you need to help solve. What can you do? There are several solutions, but today I’d like to address a common but often misunderstood one, the home equity line of credit, or HELOC.
First, let’s talk about home equity. The equity is the difference between what you owe on your home to pay off any mortgage and the current market value of your home. For example:Continue reading“Home Equity Line of Credit: Is it for you?”
So many of us live our lives in debt. We see most people around us living in debt. We have mortgages, car payments, student loans, credit card debt, and we keep on charging more. As we make minimum payments (maybe a bit more, or even a bit less), we expect to have debt…forever. But it doesn’t have to be that way. For many of us, what it takes is a change in mindset and a willingness to start paying off debt now.
That change in mindset isn’t always a small thing, but it can be a revelation. Most of us can live off less than we can earn, and some of that difference can pay down our debt. #DebtIsNotForever. When you begin to think about getting out of debt, can you imagine what your life would be like without seeing interest on your credit cards each month? Without getting a mortgage or car payment bill? What could you be doing with all that money…Living out your dreams? Retiring early? Funding your children’s education? Remodeling your home? Travelling? Starting your own business? Donating to charity?