Where I live, we have a lot of small livestock farms. There are a lot of cows on those farms and having spent a little time around those cows, I’ve learned they can teach us a very valuable lesson about money and money behavior – live inside your fence. Next time you’re near a farm, take a moment to consider what I’m about to share – it could just change the way you handle money from now on.
It is getting close to that time of year when all the places you shouldn’t be spending your tax refund will be hanging banners that say, “YOUR W-2 IS YOUR DOWN PAYMENT!” Scary. So other than to heed my advice and stay away from places like that, how should you go about using the tax refund that an estimated 55-65 of Americans will receive? [Read more…]
You’ve heard the phrase “Bad Credit, No Credit, No Problem!” countless times, haven’t you? But I bet you never thought I’d agree that it is a true statement, did you? If you have bad credit or no credit, it really is no problem because you don’t need credit to survive. Your FICO Score does not define you. You are worth more than the money you can borrow. Don’t let your existence be like the schoolboy who passes FICO (his beloved sweetheart) a note to ask if she likes him. We aren’t in elementary school anymore. As Americans, we have been fed the lie that our self-worth is based on what we do for a living and how much stuff we can accumulate. Today I’m going to give a sermon encourage you as to why this is simply untrue. I wrote a post about this a while back, but I think there is much more to the discussion.
I want us to dig deeper into why it is or is not important to have good credit (or any credit at all). Beyond having the easy ability to borrow money (which I believe is a bad thing), there are only a few of potentially viable reasons for worrying with your credit score: [Read more…]
Wouldn’t it be great to be able to write a letter today that you could send back in time to yourself ten years ago? What would you write? If I gave you 300 words to send back in time, what nuggets of wisdom or warning would you send? Before you dismiss this idea as silly, I want you to consider the full implications of going through this exercise. While we know we can’t travel in time (yet?), embracing this concept and drafting your own letter can help you set better goals, build stronger relationships and maybe even change the course of who you become in ten years. So here’s my letter. [Read more…]
Post by Barry Myers
My busiest time of year as a financial counselor is the early spring. Why? People have overspent at Christmas; they’re anticipating a tax refund and have the New Year’s resolution of avoiding bankruptcy they’re trying to keep. There’s no good reason you can’t enjoy Christmas as a celebration of Christ’s birth (and be generous with gifts while you’re at it) and still maintain budgetary sanity as of 12/26. Today let’s talk about 5 big Christmas traps and how you can avoid them. [Read more…]
We’re weird. I’m okay with that. No, really, I mean it. I’m glad we’re weird. It is one of the big reasons you check us out every day. But why are we that way? Why do we choose to look at “normal” and go the other way? Why do we drive older cars, do most of our own construction projects, shop at yard sales and thrift stores and do other things “normal” people don’t do? Today, I’ll fill you in. [Read more…]
I preach the value of doing a new budget every single month and how important it is to get in the habit of planning every dollar that will come in. In doing so, I get a lot of feedback dominated by eye rolls and smirks. Apparently a lot of you don’t like to make a plan for your money on paper every month. And I can’t necessarily blame you.
It is hard, and it takes discipline. It also is IMPORTANT. So when you have to choose between the latest episode of your favorite TV show or doing your monthly budget after a long day of work, the budget is apt to lose every now and then.
That being said, I bet you’d appreciate it if I could give you an easier method to do your budget than pencil and paper. That’s what today’s post is all about, thanks to a question by a reader. Let’s learn to simplify the dreaded budget! [Read more…]
Written by The Husband: Barry Myers
This week at work we had someone in to discuss our retirement plan. He covered the basics of tax-deferred savings and company matching and all the other stuff you’d expect from a guy pitching a 401k. Good for him. But as I looked around the room and chatted with a few co-workers, I realized there are so many of us out there who want to retire eventually but have no plan. Because that gave me the shudders, I thought today I would share my take on some of the basic questions you need to answer to prepare for retirement and make sure I address a couple of the common excuses people give instead of taking action. Let’s dive in. [Read more…]
While I must bow to my wife as the true queen of frugality, I’ve learned quite a bit along the way about how to bargain to get the best prices out there on several things. I’ve bargained on medical bills, cars, appliances, furniture, electronics, advertising, job offers, and a ton of other things too. While bargaining doesn’t always equal saving money, it should most of the time. Similarly, if you are bargaining with someone who will have an ongoing relationship with you, it will set a precedent that you expect the best price and save you headache going forward. So what are some of the best ways to get a bargain? Here are a few tried-and-true methods:
I never tire of seeing you guys meet your goals. As a financial counselor, I thrive on seeing people who have lost hope gain a new insight and ability to beat their debt. I love watching a family who has no clue what’s going on with their money decide to change and start to take control of their finances. I am energized by the man or woman who realizes it is more important to be debt free and have money in the bank than it is to have lots of unnecessary stuff. But the one question that I’m constantly asked is HOW? How do you accomplish freedom from debt? How do you save up and pay cash for a car? How do you go to college and avoid student loans? Almost no one asks why – they already know the why. So let’s talk about the how. [Read more…]
