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Of course this is not a one word answer. However, there are some general rules that you can apply here. First, we have to realize that from 2002-2007, there was A LOT of fictitious value created in the global housing market. I think most people are well aware of that [...]
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The short answer to this question is a yes. But it really has to be explained. Transferring your credit card to a lower interest rate will help, sure. But if you don’t quit buying things you don’t need and spending money you don’t already have, this will be a total [...]
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Today’s post is going to be a little brief. But don’t mistake that for the effect this little game changer can have on your ability to get out of debt and free up extra time.
Wednesday nights at 9PM. If you were to drop in on me on almost [...]
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Yea, that’s right, I want you to call your creditors and tell them that you are planning on getting out of debt. They won’t really care so much about your new found goal of having a debt-free lifestyle but you really do need to contact them.
Most people make the mistake of stopping talking [...]
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You’re probably saying: “You already covered this when you told me to stop using my credit cards.” Well, I did but…………….if you really want to get out of debt, this is a step you will have to take.
Hey, you knew it would come to this. This is something you need [...]
ShareIf you’ve read the posts from the last week or so, you’ve hopefully decided that you really want to get out of debt? Did you? I hope so. Isn’t it time? If not now, when?? You’re also willing to do the work and make a few sacrifices, right? I wouldn’t be recommending this and focusing [...]
ShareThis post is the second half of yesterday’s posts 20 Ways To Cut Your Expenses This is part 2 (the next 10) So, feel free to share your ideas of how to save money and cut expenses.
11. Cancel Your Gym Membership and workout at home. Staying in shape is always a good [...]
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I thought I would change things up today and make a list of ways you can cut your expenses. Certainly when you cut your expenses you will have more money to pay off your debt or save money and/or spend on things you like. So, here is part 1 of the list [...]
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No!
This question has come up several times over the years. I have never seen a scenario where cashing out your 401k or IRA to pay off debt would make sense. Here is the main reason why:
You will lose upwards of approximately 40% of the principal amount to income taxes [...]
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Personally, I would hold off on buying more stuff. Getting out of debt requires a certain mind set for a period of time. For example, if you want to replace the kitchen countertops, I think you should wait until you are debt-free. You don’t need the countertops and they will be there when [...]
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Image by Neven Mrgan via Flickr
The last couple of days we talked about how you got into debt in the first place; we made the choice. As I mentioned, taking responsibility is the first step in turning things around financially and eventually getting out of debt. I don’t want to kid you either, I [...]
ShareI said that getting out of debt was a decision. One of your reasons might be that food costs too much, right? Well, watch the following video to learn how to cut food costs.
This woman feeds her family of 6 on $4 per week almost completely eliminating her food costs. Personally, I am not this [...]
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As I mentioned yesterday, this month I will be writing mostly about getting out of debt. I am focusing on this so much because I believe this is one of those pillars you have to “get” if anything else is going to matter in your attainment of financial independence. First, a [...]
ShareFor a good portion of January, I am going to be posting on the importance of getting out of debt along with strategies to take to help get you there. But first, we have to examine why you’re in debt in the first place.
If you are ever going to get and stay out of debt, [...]
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One of my favorite and investors of all time was John Marks Templeton. One of his quotes that you’ll still hear today is:
“The four most dangerous words in investing are: This time it’s different.”
If you’re reading this blog for the first time or regularly I am going to assume that you have [...]
ShareThere is no question that we are “smack dab” in the middle of one of the worst job markets ever statistically.
Everyday, we’re deluged with information about the unemployment rate rising, corporations planning layoffs, how things used to be before 2007, etc. All the while, the stock market is going up and we’re technically out of [...]
ShareImportant Tax Dates for 2010
The beginning of the 2010 new year also means we have to file our income taxes for 2009. I put together the following calendar that can be used as a reference for W-2 workers. For a more complete list of the 2010 Tax Deadlines including those for self-employed workers, here the [...]
ShareLast week Blomberg Reported the following article. Of course this raises the hair on most people’s necks and begs the question: Is the US Government trying to prevent a collapse of the Treasury Market? As one of my sources from D.C. points out in an email:
“The feds are trying to figure out how to [...]
ShareWhen I posted that Central Banks and Investment Banks like Goldman Sachs would ultimately be the biggest buyers and profiters in the gold market, people had a good laugh. It’s no longer an opinion.
“This is unprecedented and is a fair reflection of the changed attitudes in the official sector towards gold and its role [...]
ShareWell the second week of 2010 is almost in the books. How are those Goals for 2010 looking? Are they still clear or fading into the background? In order to reach your goals in 2010, there is something you must have and that is focus. You already know what it is. But perhaps you need [...]
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An Investor’s Manifesto, for Real Investors
I recently read an article from Kiplinger’s called An Investor’s Manifesto, which accurately summarizes several important investment pillars to follow. Some of those ideas are in this post and I have added several of my own.
Diversification among different asset classes works well over the years and [...]
ShareThe following article on stop loss orders is the first lesson in a series of money management tips I will be writing this month. These are meant to help you become a smarter investor. If you have any questions, send an email on the contact form above.
Stop Loss Orders
I should probably start out by telling [...]
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Do These 5 Things To Get Out Of Debt Now
Well, it’s the first month of another new-year and what you need now is the action plan to see your goals through to the finish line. For many people, they choose “get out of debt” as their primary goal in 2010. [...]
Share“Simplicity is the peak of civilization.” – Jessee Sampter
Simplifying things means different things to different people. For me, simplicity means automating things that I don’t really enjoy or don’t want to do so that I can focus on what is really important. Simplifying things also brings clarity and eliminates chaos from my life.
Remember that “Getting There” (to simplicity [...]
ShareRoth IRA 2010, Basics
The Roth IRA legislation which passed on January 1, 1998 as a result of the Taxpayer Relief Act of 1997 created one of my favorite savings tools!
The Roth IRA provides no tax-deferral for contributions, but as long as you meet the criteria, all earnings are tax free when you or your beneficiary [...]
ShareConsider Converting Your Traditional IRA to A Roth IRA in 2010
In 2010, you can convert your Traditional IRA to a Roth IRA without the income ceiling limitations. The $100,000 modified adjusted gross income ceiling that previously prevented this conversion will be eliminated, gone, kaput! Thank god for small miracles. The maximum adjusted gross income (MAGI) [...]
ShareThis is the time of year to consider funding your retirement accounts. One of my personal favorite vehicles for retirement savings it the Roth IRA. Why? Because once you pay your taxes on this money and place it inside the structure of a Roth IRA, your money is able to grow ( and compound!) tax-free. [...]
ShareYour Privacy
Your privacy is important to us. To better protect your privacy we provide this notice explaining our online information practices and the choices you can make about the way your information is collected and used. To make this notice easy to find, we make it available on our homepage and at every point where [...]
Stock Market News and Numbers
Share1. BACK TO WHERE IT WAS – The S&P 500 hit a 15 ½ month closing high on Tuesday 1/19/10. The stock index closed at 1150 on that day, the highest close for the S&P 500 since 10/01/08 when it closed at 1161. The S&P 500 is an unmanaged index of 500 widely held stocks [...]
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