Posts tagged paying off debt
Money, Sex, and Infidelity: Who is More Likely to Cheat
Aug 18th
The results of a study at Cornell University show that in a long-term relationships such as marriage or cohabitation of over a year, income disparity within the couple increases the likelihood of infidelity. The headlines of the study speak more to the data that show men who earn less than their wives are five times more likely to cheat. Women who are financial dependent on their husbands are more faithful.
Like most surveys, the results depend on the participants being truthful about their thoughts and actions, and not everyone may be willing to admit to cheating on their spouse. Nevertheless, the researchers believe the study is accurate even if some of the answers were not fully forthcoming.
Note that the study doesn’t claim a causal relationship between income disparity and infidelity, just a correlation. Relationships may be stronger when both individuals have a similar level of income. While I often hear that opposites attract, what’s true for charged ions does not always translate to humans. It’s easier to form a partnership in life when a couple can agree on major life goals and a shared attitude towards building wealth or paying off debt.
It’s probably not the income disparity itself that correlates to increased infidelity. If someone feels inadequate in one situation, they might seek to compensate in another. This could explain why men cheat when they earn less than women, but the study also shows that men have an increased likelihood of infidelity when they earn significantly more than their partners. Other studies have shown that wealthier men and women have more sex than their less wealthy counterparts.
The results of the survey shouldn’t concern anyone. There is more that goes into infidelity than differences in income. Every relationship is unique.
Are you in a relationship where your partner earns significantly less or significantly more? Has this caused any difficulty? Readers, feel free to share your stories, anonymously if you like.
Photo: KRO-Media
Husbands Who Earn Less Than Wives Are More Likely To Cheat, Whitney Blair Wyckoff, NPR, August 16, 2010
More Money, Better Sex, MarketWatch, February 10, 2007
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Money, Sex, and Infidelity: Who is More Likely to Cheat
How To Do What You Love And Get Paid – $1,000 or More a Month
Jul 28th
This is a guest article by Ramit Sethi, author of the best-selling personal finance book, I Will Teach You to Be Rich. He recently launched a new program, Earn1k, to help people earn more money on the side. To get a free mini-course on earning more, sign up here. Ramit will also be our guest on the Consumerism Commentary Podcast this coming Sunday.
Last year, when I went on book tour for my book, I Will Teach You To Be Rich, I asked my readers to share the number one thing they wanted me to write more about.
I was surprised. The number one reason people wanted to earn more money wasn’t paying off debt, or investing, or money and relationships. Almost universally, people wanted to know how to earn more money.
I initially believed people wanted to earn more so they could buy a $2,000 handbag or fly to Vegas for the weekend. Again, I was way off.
Most people are simply unsatisfied with the limits of their 9-to-5 job and want the option of eventually quitting and working for themselves. In fact, some of them don’t even want to work themselves…they just want the option of doing SOMETHING else.
Have you ever met people who are a few years out of college and feel like, “Huh…is this it?” We all have dreams of living a certain lifestyle, and it can be disheartening when we realize we’re going to have to save, scrimp, and pinch for 40 years. For many of us, $1,000 to $2,000 a month would make a huge difference in our lives.
We want to earn more now more than ever, and it’s not just about the money itself. We want to be independent from our corporate jobs (even if we end up staying at them, we want the option of doing something else). We want to work from home or from the beach. Here’s a picture of my brother’s office in Mexico:
Money isn’t the end goal. But we want it to help us achieve our real goals to live a rich life. And you can’t out-frugal your way to rich.
Earning money isn’t easy
But it’s not easy. People immediately see how challenging it can be to consistently earn more money and end up fantasizing about their independent lifestyle dream without taking action — forever. They come up with delusional ideas like “passive income” or create psychological barriers like “I could never earn money… I don’t have an idea.” After all, if you’re a regular person (i.e. someone who has a busy job, and still wants to have a life), your available money-making options start looking really limited. These options usually either:
- take a lot of time and money to start (Brick and mortar businesses),
- are spammy and dumb (“The latest secret money-generating trick!”), or
- have zero growth potential (Donating plasma, taking paid surveys, etc.).
There’s a better solution. It’s not sexy, but it will help you lead a rich life: Turning your skills into income using freelancing.
Freelancing, as opposed to productization, is the easiest way to earn more money. It costs virtually nothing to get started, you can start earning money right away, and you can rapidly test and refine what you offer to earn even more.
Compare this to building products, which excites people due to the kooky idea of passive income… but requires multiple skill sets that few people have.
With freelancing, you can get started immediately and be earning money within one week. Freelancing also gives you practice running your business, without all the risk typically associated with entrepreneurship. It dispels the most common myths and excuses people make about why they could never work for themselves.
Common excuses about earning more money
We hear these all the time:
“I don’t have an idea.” The mistake is believing that you need one magical idea that will rain down from the sky and give you a profitable business. Not true! Instead, the critical part is building a system to rapidly test ideas to find a profitable one. Here are some ideas that my students have turned into profitable income: Personal organizer, music instructor, tutor, freelance writer, personal chef.
“I’d rather make passive income.” For delusional people dreaming of thousands of dollars in passive income being deposited into their PayPal account all while they sip coconut juice on the beach is just that — a dream that keeps them far away from the reality of earning more. The people who are serious about earning money realize that, to earn money passively, you have to start out actively doing work actively.
“Are you crazy? I don’t want to work an extra 60 hours every week.” Nobody wants to take on a second full-time job. You can actually freelance as many or as few hours as you want — even as little as five hours per week. If the client work piles on and you start getting too busy, you can increase your rates to bring the hours back down. (I did this, raising my rates over 1,000% in a few years.) There are dozens of other strategies like this that professional freelancers use to balance a high client load, or to balance freelancing with a full-time job. My friend Ben is a senior product manager at a very well-known web company, and still manages to freelance on the side — not because he needs the money, not because he hates his day job (he actually loves it) but simply because he wants to. How does HE manage the workload? We interviewed him to get the inside scoop here.
“Wait, first I have to set up my company Facebook and Twitter accounts!” PLEASE READ THIS CAREFULLY. If your goal is to earn money, social media is a waste of time for the vast majority of people. Social media can be fun and useful, but its greatest utility comes when you’re already well-established. For those starting out, it’s a distraction and a risky pitfall. You don’t need an audience; you need customers. If you’re spending time optimizing 20 social media profiles or doing other feel-good things before you’ve gotten your first client, just kick yourself in the face. Then start talking to some prospects.
“I’m just not a big enough risk taker to just quit my job like that.” Most people aren’t, and you don’t need to be either! I want to expand on this last point, because it’s common for people to get tripped up about having a job. Actually, if you want to work for yourself one day, you should use your job to your advantage. Here’s how:
- Develop your skill set. Learning new skills for free is great, but getting paid to do it is awesome. Make sure your job has you doing high-value work that you can potentially use elsewhere. If not, you may want to think about finding another job first.
- Build your network. People love to hire and recommend people they know. Get to know the influential people in your industry so that when you quit (on good terms, of course), you can reach out to them for help.
- Finance yourself. Treat your employer like your own venture capitalist — let them put food on your table while you experiment with business ideas. Be sure to build up a comfortable cash fund (at least six months worth of living expenses) before quitting.
Earning more is as much about changing our mindset as about the actual tactics of getting clients and refining a business offering. The best approach to earning more builds you a track record a client base long before you even quit your job (or make whatever next transition). When — and if — you’re ready, you can hit the ground running because you’ll already have built the foundation for the lifestyle you truly want.
The Consumerism Commentary Podcast is in full swing with new episodes every Sunday. Listen and subscribe now!
How To Do What You Love And Get Paid – $1,000 or More a Month
Richard Koo: Here’s What We Have To Do To Get Out Of This Recession As Fast As Possible
Jul 26th
Richard Koo has a blog post at The Economist detailing his position in regards to stimulus and austerity. And while that debate between economists often leads to little but rhetoric, Koo’s argument stands on somewhat stronger footing.
He points out that what we are experiencing is a balance sheet recession. This is not the first time he has mentioned this concept, linked to the experiences of Japan after the deflation of that country’s housing bubble in the 1990s.
Koo argues that that is exactly what we are undergoing right now. Companies are unwilling to invest because they are, instead, paying off debt and only creating profits by cutting costs.
Koo follows on by saying that, yes, this will be a period of slow growth for the economy, no matter what. But if we bring in austerity now, to tame U.S. government deficits, then we’re likely to be in this mess much longer.
According to Koo, the U.S. government needs to engage in further stimulus now, to speed up the process of U.S. corporations and individuals paying down their debt.
Read the full story at The Economist >
Here’s Richard Koo’s presentation explaining why austerity in the U.S. is insane >
Six Ways to Set Budgeting Priorities
Jul 22nd
For some of us, budgeting is second nature. For others, it seems a nearly impossible task. There are just so many things to consider that it’s hard to decide where your funds should go.
Setting priorities makes budgeting much simpler. But even this is difficult for many household money managers. Priorities are somewhat subjective, and those within the household often have vastly different priorities. Here are some ways that you can make priority setting a little easier:
1. Keep first things first. When it comes down to it, there are only a few things that we truly need to survive. These things include food, water, clothing and shelter. Transportation and other things that enable us to work and continue to make money also fall into this category. These should always come first in the budget, although it’s always a good idea to do our best to save money on them.
2. Keep savings in mind. We all need to put money aside for emergencies and set up a retirement fund. It’s also wise to set up a college fund for each of your children as early as possible. But many families push savings to the side, and it often ends up out of the picture altogether. Putting money away prior to any discretionary spending is crucial if you wish to meet your goals.
3. Evaluate your debts. If you have none, you’re in the lucky minority. Most households have large amounts of debt, including mortgages, car payments, loans and credit cards. By paying your debts off as quickly as possible, you can save lots of money in the long run. And once they’re paid in full, you’ll have a lot more wiggle room in your monthly budget. Putting as much money as you can afford toward paying off debt will help you reach that point much faster.
4. Set goals as a family. Maybe you would all like to go on a nice vacation next summer. Get everyone involved in deciding where to go, then calculate your expenses. Get everyone involved in saving money for this goal. Not only will you get to go on a family trip, you’ll also be teaching your children about budgeting and teamwork.
5. Review your budget periodically. A family’s needs change over time, and if your budget is no longer meeting your needs, it’s time for a change. Once again, you’ll need input from everyone in the family to make this work.
Priorities are at the heart of a successful budget. By keeping them in mind, we can resist impulse spending and make progress toward our financial goals. And by getting input from the entire family, you can gain valuable insight into individual needs and encourage interest in working together to keep your finances in good shape.
Originating post: Six Ways to Set Budgeting Priorities
Six Ways to Set Budgeting Priorities is a post from: The Family Wallet.
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A Simple Question to Jump-Start Your Finances
Jul 21st
This video post by staff writer Adam Baker is the last of a four-part series. Baker previously featured a post on his own blog entitled, Debt Tsunami: The Ultimate Method to Paying Off Debt.
Courtney and I have recently stumbled upon a new hurdle in our personal finance journey: complacency.
You see, we’ve experienced just enough success to make us feel comfortable, but not enough to be even close to accomplishing what we want. We budget fairly well, we live on less than we earn (or right at what we earn), and we’re able to explore passion-based income opportunities. On the flip side, we’re still making far less than we’re worth, we aren’t saving for college or retirement, and we still have a bunch of student loans.
In our current situation, I’m always looking for ways to jolt our perspective and spark a bit more motivation. In the past, we’ve tried brainstorming more exciting ways to frame our goals, or sharing empowering stories we’ve read about from others’ lives. These can work, but they’ve began to lose their effectiveness.
Recently, however, I stumbled across a simple but powerful question that helped us shift our perspective and smash our complacency:
What would you do if, starting tomorrow, your income was immediately cut in half?
To receive benefit from the question, it’s important to leave details on the sideline. It doesn’t matter how or why it happened; instead, focus on what steps you’d take if you had to live on half your income starting tomorrow. Most people would have to make radical changes.
As I talk about in today’s video, you can approach this question on the expenses side or on the income side (earning back that income quickly). Neither side is more valuable than the other, and both are worth exploring further.
Here’s a timeline of this presentation:
- The question [0:28]
- The expenses side: What would you cut first in order to survive? [0:42]
- The income side: How could you double your income next month? [2:10]
In order to derive any benefit, you’ll need to really adopt the mindset implied in the question. Don’t focus on whether it’s possible, but instead on what would realistically be the first expenses to go and the first steps to replacing the income.
Once you’ve made a list for both sides of the question, you’ll want to review it for any areas that seem realistic, even at your current full income. For example, your first steps may include selling an extra car, canceling an expensive cable package, and slashing your grocery budget in half. In this situation, you’ve likely brainstormed areas of your budget where you aren’t spending as optimally as you may like. You may choose to go ahead and try some of those options out, or at least take steps to narrow the gap between your life at 100% income and your life at 50% income levels.
The same process is important when attempting to make the income back as quickly as possible. Realistic options could include enrolling in a course (applying for aid if needed), launching a side business, and/or picking up new clients or leads. Nearly every time I brainstorm options for doubling my business income, I unearth something I hadn’t thought of before. Acting on these new ideas has helped me tremendously in generating new income (even if it doesn’t immediately double it)!
The next time you’re feeling a bit complacent in your finances, try exploring this simple question. What would be the first expenses you’d cut in order to survive on only half your income? What would be the first steps you’d take if you had to earn it back? I think you’ll be pleasantly surprised by the results of this experiment!
Paying off Debt in 9 Steps pt 2
Jul 7th
Part two in the series on paying off debt: Throwing away your bills and shredding your credit card payment reminders simply is not going to make the problem go away. Debt is going to hover over you until you find a way to deal with it. Interest will continue to compound, and payments will continue to climb until you are in debt up to your eyeballs with no apparent way out. Luckily there is a solution – These 9 steps will have you paying debt off in no time.
3 – Now you are going to want to cash your savings account out. Use the proceeds from your savings and your investments in order to put them toward the repayment of your debt. No one really wants to do that, but it is a good idea if you have debt. Once you get out of debt you can work on rebuilding your savings as well as your investment portfolio. When you pay off your debt this way, it happens much quicker than if you try to simply budget for eventual debt repayment.
4 – Borrow money against your insurance. If you have life insurance that has a cash value attached to it, then something that you can do is to borrow against that policy. You are essentially just borrowing your own money in this way. The interest rate tends to be below what commercial rates are at, and so you can generally take your time when it comes to repaying that loan. It is important that you do eventually pay it back, though. If you should happen to die before the debt is repaid, then the outstanding balance with additional interest is going to be deducted out of the policy’s face value meaning that your beneficiaries will receive less money than was originally anticipated. If you make sure to repay the debt back before you die, then this really is a small price to pay for the sake of getting out of your debt problem.
5 – Finagle money out of your family and your friends. You may be able to get a loan floated by someone in your life. Think about who knows you and trusts you – These people trust you more than a lender will. Unless you happen to be a black sheep, the chances are you will get a pretty decent interest rate from your family or friends as well. They may even be extremely tolerant of a late payment. If you want to maintain this relationship then you are definitely going to want to pay the debt back. If you know someone that can help you out in this way, it’s a good way to go – But you really need to make sure that you pay the debt back because you do not want to end up losing a friend or a loved one over money and debt issues.
Photo Credits: Iain Farrell
Originally posted 2009-10-28 03:36:05. Republished by Blog Post Promoter
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Review of Gregory Karp’s The 1-2-3 Money Plan
Jun 25th
Well, my Bargaineering Bucks were burning a virtual hole in my electronic pseudo bank account, so I bid on Gregory Karp’s The 1-2-3 Money Plan: The Three Most Important Steps to Saving and Spending Smart, and won the auction.
I was impressed with the book. It covers a broad variety of financial topics, including estate planning, discretionary spending, banking, insurance, telecom expenses, how to buy used things, saving for college, and more. As the book title suggests, each topic is boiled down to its three most important takeaways. Even the whole book is organized this way:
- Spending Smart Yesterday (paying off debt)
- Spending Smart Today (spending smarter on current expenses)
- Spending Smart Tomorrow (saving for later)
What impressed me about the book the most, though, is that Mr. Karp didn’t shy away from giving specific recommendations. He names mutual fund companies. He gives website addresses. He recommends online bank accounts. These specific recommendations make it easy to take action immediately. He fully admits that the advice he gives isn’t perfect for everyone, but he does claim (and I agree) that it’s very good advice for most people. And that’s about all one can hope for a broad-audience financial book, anyway. Beyond that, a financial planner is necessary (he even talks about that subject!) because only they will be able to see what you actually have and what you actually need.
In line with the theme of the book, I’ll give three things from the book that caught my attention:
- Credit fraud alerts aren’t foolproof, mainly for the reason that not all lenders actually check for them when someone applies for a loan.
- You can make a target-date college or retirement portfolio more or less aggressive by changing the target date. These kinds of plans start “aggressive” (mostly equities) and move toward “conservative” (bonds or cash) as the target date is approached. Making the target date earlier makes the portfolio more conservative; making it later makes it more aggressive.
- The average fee on an interest-bearing checking account is almost $12, according to a 2008 BankRate.com survey. That floored me. Makes me very thankful for my credit union.
There’s a lot of very good advice in the book, and certainly good advice that can be put into action immediately. I recommend Gregory Karp’s The 1-2-3 Money Plan: The Three Most Important Steps to Saving and Spending Smart.
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Patience and Personal Finance
Jun 21st
This post is from GRS staff writer April Dykman.
I used to describe myself as impatient as though it were a trait of which to be proud. While I still have a long way to go, I think back on that and have to smile and shake my head. Impatience is the quickest route to misery.
I recently read an article by Eknath Easwaran, teacher, author, and founder of Blue Mountain Center of Meditation, called In Praise of Patience, where he asks where the extolment of patience is in today’s society. Easwaran writes:
There almost seems a conspiracy in our modern civilization to counsel just the opposite: be impatient, be angry, “look out for number one.” But what is life without patience? What use is money if we live in exasperation with those we love, if we cannot stand to live with our own family? What good is it to have your picture on the cover of Time [magazine] if you cannot be patient with yourself?…We seldom realize what power there is in patience.
It’s often been said that personal finance is simple — spend less than you earn. The implementation isn’t easy, and what prevents you from developing good habits is largely psychological.
Most people don’t want to get rich slowly, they want to win the lottery or pick a hot stock. They want the fast track. They don’t see how saving a mere $50 per month matters, so they don’t bother saving anything at all. Getting rich slowly requires a great deal of patience.
Paying off debt
When you make the decision to stop acquiring new debt, it’s like being at the bottom of a mountain and starting the climb to the top. You see the peak; it seems impossibly high.
I once heard someone say, “We’ll never get out of debt. We’ll just be in debt until we die.” My heart sank for this person. With no end in sight, they were choosing to continue to make monthly calls to creditors for extensions and shuffle around money to make the minimum payments.
It’s hard to stick with a debt repayment plan. You’re usually trying to change ingrained money habits, as well. It’s discouraging when you make a mistake, when you have to turn friends down for dinner at a pricey restaurant, or when your kids are complaining that they don’t have the things their friends have. You feel like you’re going without, yet your credit card statement shows you’ve barely made a dent.
For an impatient person like me, paying off debt was torture!
Buying decisions
Impatience with a buying decision is another example. Maybe you put something on credit because you’re too anxious to wait and save the cash. Maybe you just want it done, even though you know you could have found a better deal with one or more of the following actions:
- Searching the Internet for deals and coupon codes
- Visiting different retailers
- Waiting for a sale
- Finding a free or DIY option
I know impatience is a big reason why I acquired some of the debt I once had. “This trenchcoat is an investment piece. I’ll just buy this now, and then I’ll never need to buy another one.” Puh-lease!
Investing
A couple of years ago, The Motley Fool published an article about why Warren Buffett is a better investor than you, and some readers were quick to point out Buffett’s advantages, which The Motley Fool addressed in a follow-up article, writing:
It isn’t anything artificial that makes Buffett a better investor than you; it’s his patience, discipline, and willingness to act when others won’t. Buffett’s abilities did not develop overnight. It’s been a lifelong process — one that he began at age 11. So while he may be a better investor than we are today, we can at least learn from his experiences and — like he did — become superior investors over time.
The article describes how Buffett researches extensively, buys small, and thinks long-term. It takes a great deal of patience to be an astute investor, especially in tough economic times when the market seems risky and the evening news is giving you heart palpitations.
Starting a business
J.D. once addressed what it takes to start a business, so I’ll borrow his words on hustle and patience:
[Most people who begin blogging for dollars] come here, for example, and see that Get Rich Slowly has 70,000 subscribers and gets over 25,000 visitors every day, and they imagine that maybe it makes a lot of money. They figure they’ll start right up and do this, too — they’ll get rich quickly.
But they don’t see the fifteen years I’ve been writing on the web, the ten years that I’ve had an online journal, the eight years I’ve had a blog, the three years that I’ve been building Get Rich Slowly. They want to go from zero to 70,000 in two months. It doesn’t work that way. It takes effort — and lots of it.
And when you feel like you’re working incredibly hard and it’s not paying off as quickly as you might like, that’s when most people give up. Most don’t push through the pain period.
I doubt there’s anyone who couldn’t exercise a little more patience in their lives, and you can find some great tips on the web to help develop and increase your patience.
What works best for me is fairly simple. When anxiety and restlessness take hold, I stop for a moment and think about the Big Picture. And when I think about the Big Picture, I remember everything I have for which I’m grateful. Emptying myself of impatience and refilling with gratitude never fails to make me laugh at myself for losing perspective. As comedian Bob Newhart once said, “Laughter gives us distance. It allows us to step back from an event, deal with it, and then move on.”
Finally, remember that patience is a work in progress. You’ve spent your entire life creating your present personality, so don’t expect to change it overnight. Have patience with yourself, too.
J.D.’s note: April’s article reminds me of a book I read a couple of years ago, but have never reviewed for GRS. In Mastery, George Leonard argues that to master a new skill, you must practice it patiently, diligently, and consistently. It’s easy to get frustrated by plateaus (or worse yet, pitfalls), but in order to succeed, you have to be patient and work through the problems. Mastery is a great book, even though it’s not specifically about money. Pick up a copy at your public library.
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Related Articles at Get Rich Slowly:
- When Is It Okay to Finance Fun?
- Technical Difficulties: Spamfilter Woes
- A Brave New World: Welcome to the Get Rich Slowly Re-Design
- Hustle and Patience: What It Takes to Succeed in 2009
- Understanding the Seven Habits of Wealth
Money Strategies for Single Parents
Jun 11th
In today’s world, it’s difficult for many two-parent families to make it. For single parents, finances can be a nightmare. It’s hard enough trying to balance child care and find a way to earn enough money to keep food on the table and a roof over your family’s heads. But you also have to stretch your dollars to buy clothing, pay for transportation, and much more.
Children of single parents often find it hard to understand why they can’t have all of the things that other kids have. It’s especially hard on kids whose parents have recently divorced, or those with a deceased parent. Not only have they lost a parent (either part-time or permanently), they have also suffered a decrease in their standard of living.
As a single parent, it’s important to keep your kids in the loop. Here are some tips that will keep the kids happy while keeping spending low.
* Sit your kids down for a nice, long talk. Explain to them that now that the household has less income, there will have to be less spending. Let each child know that he is not the only one who less money is being spent on, and assuage any concerns that all parties are not being treated equally.
* Draw up a detailed budget. Get the kids involved as much as possible so that they know their opinions are important. Include all necessities and monthly bills, and allocate as much as possible toward paying off debt. Put some in savings if there is any way you can do so.
* Discuss how you will handle allowances. Assigning chores and paying a certain amount for each one will give you some help around the house while teaching children how to earn money.
* Encourage the kids to save a portion of their allowance each week. This can be used for school trips, extracurricular activities and other optional things. Not only will it prevent money in the budget from being tied up in these things, it will also teach the kids the importance and benefits of saving money.
* Find creative ways to come up with extra money. If the kids want something extra, help them have a yard sale. They could sell clothes and toys they’ve outgrown. Or you could help them start an age-appropriate business such as a dog walking, car washing or babysitting service. These projects will help the kids earn their own money and allow them to have things that they would otherwise have to do without.
Being a single parent often seems like an impossible juggling act. Keeping the finances in order alone can be difficult, and it’s even harder when the kids don’t understand why money is so tight. Keeping them informed and allowing them to help can prevent arguments and save hurt feelings on both sides.
Content provided by: Money Strategies for Single Parents
Money Strategies for Single Parents is a post from: The Family Wallet.
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Paying off Debt in 9 Steps pt 3
May 27th
Part three in the series on paying off debt: There is a solution to your problems with debt. These 9 steps will have you paying debt off in no time.
6 – Hunt down a good home equity loan. If you own your very own home and you have accumulated equity throughout the years as you have made payments on your mortgage, then now is a good time for you to consider taking out a HEL or Home Equity Line of Credit for the largest possible amount. This HEL will actually give you two different ways that you can save. First and foremost, you can use the proceeds of the loan in order to pay your debt down, trading a large loan such as an 18% loan for something much smaller such as a 6% or 7% loan. Second, if you happen to itemize your deductions when it comes to income tax returns, the interest for your HEL is actually commonly an item that you can deduct. The biggest deal is to make sure that you do not run up new debt before you pay off the HEL, after paying off your credit cards. Do not pay your credit cards off just so you can run them up again!
7 – Consider borrowing money out of your 401(k) account. If you participate in such a retirement plan at your work, then there is likely going to be a feature attached that allows you to borrow as much as 50 percent of the value of the account, or a total of $50,000 depending on whichever one is smaller. The interest rates tend to be just about a point or so above the prime, and this makes them cheaper than what you will find on most credit card accounts. This is a good option to consider when it comes to debt repayment, just make sure that you put the money back in your 401(k) account when you can, because you need it for your retirement!
8 – Renegotiate with your lenders. Once you have done all that you can, you are going to want to renegotiate the terms of your debt with the people that want you to repay it. This is an option that comes before bankruptcy, so give it a shot. The worst thing that is going to happen is that they will say no.
9 – Finally, if you have tried absolutely everything else but cannot pay down your debt, then bankruptcy might be the option. This is the absolute last possible resort to consider however, so do not jump to it until you are absolutely sure that you are in dire straights. Talk to a credit counselor before to make this decision because it is a serious one. Once you file bankruptcy, it will stick with you for a long time – And you do not want to make this decision if there was another way out.
Photo Credits: ZeroOne
Originally posted 2009-10-29 03:40:51. Republished by Blog Post Promoter
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The 12 Hour Workweek
May 21st
The 40 hour workweek. That’s what we’re all used to. The 9-5 standard, punch your clock, Monday through Friday and do what everyone else does. But how many of those hours do you really need to be working?
I work 40+ hours in a week, not because I have to, but because the majority of my money is going towards investing and paying off debt to become financially free. To me the prospect of being stuck working an un-fulfilling 40 hour workweek for the next 40 years is like being exiled to hell (okay, a bit extreme, but sucky either way). This isn’t because I’m lazy and don’t like working, but because it would mean I would’ve spent 83,200 hours doing something I didn’t really want to. What’s the alternative?
Working Less, Living More
That title sounded pretty corny, but it’s true. I discussed my expenses when I started this blog which are about $1000 a month, so how many hours a week do I actually need to work to stay afloat?
Drum Roll Please…
12 hours or approximately 7% of my week.
The other 156 hours (or 93% of my life) I can do whatever I’d like which might be working on my surfing skills (which are horrible), playing the keyboard, or perhaps starting a side business.
Your number may be higher, but it may also mean that you’re spending on too much stuff that you don’t really need. How many hours a week do you spend working to pay off that car, or that extra 1,000 square feet on your house?
Think Outside the 40 Hour a Week Box
I know many of the jobs we take require 40 hours a week, but consider each day you’re at work as paying for something. Mondays could be your financial freedom fund, Tuesdays your housing expenses, and perhaps Wednesdays your fun money.
My point is… just because you work 40 hours a week and make a salary based off that much work, doesn’t mean you have to spend that much money and continue to be dependent on a job that requires… you guessed it… 40 hours a week of work.
If I can do this you can too
I work as a server which requires no college education and no advanced skills (so be careful who you take advice from as well 
). But seriously, if I require less than a 40 hour workweek living on an entry level job to survive, what’s you excuse for having debt and a professional job?
Think about how much time you spend in a week working, and then ask yourself… how much time do you actually need to spend there?
How many hours do you actually need to work in a week?
Should I Borrow Money to Pay off Debts?
May 12th
There are few people in the world who like being in debt. But most of us borrow money anyway, because it’s the quickest way to get the things we want and need. Unless you’re independently wealthy, saving up to pay cash for a home or a new car would take many, many years.
But it’s rare for us to stop with necessities. Credit cards make it easy to borrow smaller amounts of money, and the temptation is often more than we can handle. So we keep charging until we find ourselves in more debt than we ever thought we would let ourselves get into.
When we look back, we might regret accumulating so much debt. The best thing we can do is get it paid off and remember the lessons we’ve learned. But paying off debt is not nearly as simple as incurring it.
When facing a large amount of debt, many consumers consider borrowing money to pay it off. If you go this route, you’re essentially transferring your debt from one creditor (or multiple creditors) to another. You still owe just as much money, but if you play your cards right you can come out ahead.
Borrowing money to pay off debts is common practice, but it is a bit controversial. Here are some pros and cons to think about if you’re considering it.
Pros
If you can get a lower interest rate, borrowing to pay off your debts could save you money. Some credit cards offer 0% interest on balance transfers for a limited time, and if you can pay it off during this promotional period, you can save big bucks. Those that don’t offer such programs still usually have lower interest rates for balance transfers than you would pay otherwise.
Transferring your debt can get you out of trouble. If you’re behind on credit card or loan payments, borrowing the money to pay them in full will allow you to make them current and keep them that way. It can even improve your credit rating, because you’ll have a lower ratio of debt to available credit.
If you consolidate your debt, you will only have one monthly payment to make instead of multiple bills. This makes it much easier to keep up with, and you’ll often end up with a lower minimum payment.
Cons
Borrowing from certain sources comes with unique risks. If you borrow against the equity in your home, you risk foreclosure if you don’t keep the payments up. If you borrow against life insurance or a retirement plan, you run the risk of having lower payouts when you need them.
When you’ve paid off your credit cards, it’s tempting to start using them again. If you do, you could end up with much more debt than you started with. The easiest way to prevent this is to cut up your cards, but many people are unwilling to do so.
Your new loan or credit card could turn out to be less wonderful than you originally thought. If you don’t read the fine print, you could be subject to increased interest rates after a specified time period and not know it. If this happens, you might have to pay more in interest than you would have without consolidating.
Sometimes, borrowing to pay off debt makes sense. Other times, you’re better off just paying extra on each account until they’re all zeroed out. Carefully weighing your options will help you decide which road you should take.
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Should I Borrow Money to Pay off Debts? is a post from: The Family Wallet.
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8 Tips to Help You Make a Major Financial Decision
May 12th
Everyone will be faced with a major financial decisions at some point in his/her life. It could be buying a house, buying a car, accepting a job offer, hiring a lawyer, accountant, or other professional, etc.
Major financial decisions can be difficult to make, and more importantly, can have a long lasting impact on your financial health. Before making a major financial decision, be sure to take your time and make sure you are making the best decision for you and your family. Here are some tips that may help you make eliminate the noise and make the best decision for your situation.
Making a major financial decision
1. Listen to your gut. If it doesn’t feel right at the first glance, then it may be a good idea to pass. Was the car salesman overbearing or did he change the topic when you asked a question about the car’s accident history? Did the financial planner you met with seem concerned about you and your financial interests, or did he give you the hard sell on a high priced mutual fund? A gut check is valuable because it can serve as your first line of defense and help you quickly eliminate some options from consideration.
2. Do your research. Using your first impression can help you quickly eliminate some options, but not all options. The examples I gave above helped me avoid buying a clunker and avoid using a broker who was more interested in racking up fees than making me money. Listening to my instincts helped save me money, but it didn’t put a car in my driveway or help me set up a financial plan. For that I had to continue my research.
3. List pros and cons. Once you have your options narrowed down, it’s time to take a closer look and examine the pros and cons. This is a great option for buying a physical item, such as a house or car. But it can apply to other situations as well, including evaluating a job offer, saving, investing, paying off debt, etc.
4. Communicate. Communication is especially important if you are married or make joint financial decisions. An example of this is my parents, who once bought a couch neither one of them liked, but they bought because they thought the other person liked it. I think I need to amend the article.
5. Sleep on it. Give it a day… or a week… or a month. It’s very rare that you need to make a major financial decision at a moment’s notice. You should typically give a proportionate amount of time to the size of the decision. For example, I usually wait a day or two before buying something over $100. But I take more time to do research for a larger purchase or financial decision. For example, my wife and I are looking at buying a new car, and I imagine it will take us a good month or so of research. A house can, and probably should, take longer.
6. Go with what you know. All things being equal, go with the situation you are familiar with. Buying a car is a good example. For instance, last week I asked, would you buy a Toyota?, in response to the recent recall issues they have experienced. I have owned 3 Toyotas in my life, and my family members have also owned several. After doing the research, I think Toyotas are still great vehicles and offer good value. So if all things are pretty much equal, I would buy a Toyota because I am familiar with their vehicles. The same thing goes with buying electronics and other big ticket items.
7. There is no perfect answer. Voltaire said, “The perfect is the enemy of the good.” You can spend a life time going over the various situations and possibilities, but that won’t necessarily get you closer to the perfect answer. In fact, the closer you get to perfection, the more difficult it is to obtain – sort of like the law of diminishing returns. The short of it is this: there often isn’t a perfect answer. Sometimes you just have to make a decision and roll with it.
8. Trust yourself to make the right decision. You’ve gotten yourself this far. Now it’s time to trust yourself to take action and make the right decision.
Do you have any tips for making major financial decisions?
~$~
This article written by Ryan Guina. Ryan is the founder and editor of Cash Money Life. He is a writer, small business owner, entrepreneur, and professional in the corporate world. He served over 6 years in the USAF and also writes about military money topics at Military Finance Network.
All content copyright Cash Money Life; if you are reading this on another website it has been illegally reproduced in violation of copyright laws.
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Reader Story: A Drastic Change for Drastic Results
May 9th
This guest post from Ian is part of the “reader stories” feature here at Get Rich Slowly. Some reader stories contain general “how I did X” advice, and others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity, and with all sorts of incomes. I think this story offers an interesting contrast to last week’s story.
I used to think that a $40 per month finance charge was a reasonable cost for the credit card companies allowing me to carry a balance of greater than $3000 dollars. How naïve I was! In the last two years I’ve turned my finances and my attitudes towards money around dramatically.
Two years ago, I had more than $4500 in credit card debt, two auto loans, and a snowmobile loan. [J.D.'s note: A snowmobile loan!!!!] In the last two years I’ve eliminated credit card debt, paid off my all my non-mortgage loans, built a sizable emergency fund, and increased my investment contributions. It wasn’t just frugality, debt snowballs, and coupon clipping that helped me achieve this. I made a tough decision to dramatically alter my living situation in order to lower my expenses, which allowed me to reduce debt and build wealth.
Over my head
In 2005, I bought my first house. It’s a nice big house in a desirable neighborhood of a college town. It was certainly more house than I could afford at the time. For the next three years, I lived at the house and rented rooms to friends. Even with a little income from renting rooms out, I still paid a significant portion of the mortgage myself. Between mortgage, utilities, and upkeep, my living expenses were sometimes greater than 40% of my monthly take-home pay. This burden made paying off debt and living within my means challenging.
In late summer of 2008, while rafting with a good friend, he mentioned that his mother-in-law was looking for a tenant for a house she recently bought — she would be retiring and moving in within the next two years. She wouldn’t be asking for very much rent, but the catch was that it would be undergoing a major remodel before she moved in. She wanted someone she knew and could trust to keep an eye on things. My friend asked me if this is something I’d be interested in.
I gave the proposition a lot of thought. It would mean completely moving out of my house and renting it out. This made me nervous; I didn’t have aspirations to be a landlord. The house I’d be moving to is a nice place, but I really enjoyed my own home for so many reasons, and the thought of moving made me feel like I’d be giving up a part of myself. However, after geeking out, making a spreadsheet and crunching the numbers, I realized I could reduce my living expenses by nearly $600 a month.
Fortunately, my house is in a desirable neighborhood of a college town. Also, since I allow pets, finding renters wasn’t a problem. With all of this happening right before the start of a semester, I had the place rented out in just a couple of weeks. I completely moved within a weekend. To lower housing costs even more, I brought a roommate with me to split the already cheap rent.
Out from under
I moved in and everything was going great. I starting to chip away at debt and put a few bucks aside. Also, renting out my house was proving to be pretty easy. I was lucky to find good renters, and they were happy with the fact that I’d fix things immediately if something went wrong. I was on a roll. Then, after six months, the contractor called to discuss the upcoming remodel.
The remodel was long and tried my patience. We had a temporary sink, and our kitchen consisted of a hot plate and microwave. The backyard was completely torn up. Unexpected power outages and utility shut-offs became the norm. Contractors were in and out all the time — and they still are with re-work and additional projects. Despite all the hassle and inconvenience, this temporary change has been extremely worthwhile. In just 18 months I’ve eliminated all my consumer debt, auto loans, personal loans, built over $8,000 dollars in savings, and increased my 401(k) and Roth contributions. And I just paid for a recent trip to New Zealand in cash.
I’ll be moving out next month, and not back in to the house I own. I’ll keep renting out my house and will be moving in to a place with a higher rent, but without a major remodel looming ahead. These 18 months have helped me to dramatically turn things around financially. Even if my living expenses increase in the next few months, this experience has helped me forge strong habits for saving and managing my money.
I encourage everyone to take a little leap of faith, and perhaps do something a little unconventional to help turn your financial situation around.
Reminder: This is a story from one of your fellow readers. Please be nice. After nearly a decade of blogging, I have a thick skin, but it can be scary to put your story out in public for the first time. Remember that this guest author isn’t a professional writer, and is just learning about money like you are.
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Related Articles at Get Rich Slowly:
- You Can Learn a Lot From a Rich Girl
- Reader Story: How I Learned to Stop Worrying and Moved in with Mom
- Ask the Readers: How to Face a Family Financial Crisis?
- Beyond “Real Hourly Wage”: How Much Time Does Stuff Actually Cost?
- Ask the Readers: Cheap Places to Live?
Getting Paid to Lose Weight with HealthyWage
May 5th
This article is by staff writer Adam Baker. Baker recently posted a transparent personal update entitled “When to Quit Traveling“. Today J.D. is very thankful to have staff writers, because his computers (plural!) are on the fritz, and he has no time to write about money…
I struggle with weight. In fact, it’s a far more difficult issue for me than personal finance. Honestly, I’m not completely sure why, but it’s true.
There are many similarities between paying off debt and creating a healthy lifestyle. For starters:
- Correcting both issues starts with awareness. The key to turning around my financial life was realizing exactly how bad it was. After that, I was able to connect deeply with the burden that my lazy financial habits created in my life. While I understand that I’m unhealthy, I haven’t fully connected with the burden it brings into my life.
- Both issues have simple solutions. Notice I said simple, not easy. Personal finance can really be boiled down to “spend less than you earn“. There are plenty of details, techniques, and strategies, but it all comes back around to that one basic concept. Creating a healthier lifestyle is also simple: Eat fewer unhealthy foods, exercise more. Remembering these simple foundations can help us from distracting ourselves in a search for a mythical secret solution.
- Both issues require more motivation than “it’s good for you”. The vast majority of people who struggle with money realize that consumer debt is bad for them. Most people who carry credit card balances know “they shouldn’t”. But this doesn’t keep them from doing it. I know my diet is poor and I’m not as active as I should be. Just because eating better and exercising is “good for me”, doesn’t mean I’m going to do it. Sadly, most of us need more motivation (and more specific motivation) to overcome either issue.
Even though intellectually I can identify these similarities, I haven’t been able to bridge the strides in my financial life to my health. I need more awareness and a more specific type of motivation. I recently stumbled upon an interesting concept that may help me with the latter.
HealthyWage.com pays you to lose weight!
Early last week, I was approached by a group of personal finance bloggers who were entering a team-based weight loss contest at HealthyWage.com. Unlike many of the free sites and competitions, this one was different. Teams of five had to cough up $100 total ($20 per member) to sign-up. As a result, there are some big prizes, including $10,000 to the winning team!
The winning team is defined as the team of five that has the highest average percentage weight loss. In order to compete, you have to have an official weigh-in at the beginning and end of the competition at an approved gym or doctor’s office.
In addition, there’s weekly accountability, casual weigh-ins, forums, and conference calls with former Biggest Loser participants and health professionals. The current competition starts May 15th and runs for 3 months.
Aside from this team-based competition, anyone can also attempt to achieve a healthy BMI in order to receive $100 from HealthyWage.com’s sponsors. In this case your physician has to actually phone HealthyWage at the beginning and end of your personal challenge.
For those who want to take it even further, you can pay $300 before you start. If you chose to fork over the money up front and are still able to hit your goal, you’ll receive $1000 back. If you fall short, though, you are out the $300!
I can’t believe I hadn’t bumped into this concept before! I find it extremely intriguing. On their website, HealthyWage points out two recent studies that suggest cash incentives can triple the success of a weight loss program:
- The Journal of the American Medical Association
- University of Pennsylvania Center for Health Incentives
For me, there are a couple of incentives beyond just the cash. I’m highly motivated by the accountability in a team-based competition. I won’t want to let my teammates down, especially if at least a couple are motivated themselves. This allows each member to stumble a little, without completely falling off the wagon.
Also, I’m a firm believer in changing your environment when attempting any lifestyle change. The added benefit of conference calls, forums, and the ability to track the progress of other teams lends itself to creating a powerful community interaction. Immersing yourself inside a community like this is a great way to maintain motivation (just like many active members of this community have done).
Potential pitfalls of the model
While I’m already signed up and eagerly awaiting the start of the competition, I do have a few reservations about the pay-for-weight-loss model. While HealthyWage makes an active effort to promote safe weight loss, the “competition” atmosphere may potentially encourage some to go to extremes.
Personally, I’m going to have to be careful about this. I’ll have to work extra hard to prevent burnout and/or risky weight loss results, especially early on. From what I’ve been able to tell, the website and competition provide plenty of resources for help with this.
I also wonder if there will be some amazing results that will turn out to be temporary lifestyle changes. Even if the rate of weight loss is healthy, what will happen to people when the monetary compensation and the competitive atmosphere are gone? I wonder what the success rate will be of those who are able to make lasting, long-term changes.
Even with these two reservations, I’m still excited take part in the competition. I’m going to do my best to play into the strengths, while being aware of the potential pitfalls. For me, if even a small portion of people are positively affected (long-term, positive health changes) then it’s worth it.
I have no affiliation with HealthyWage.com in any way; I’m just a new and eager competition participant. However, I’m interested if any of you have had experience with a similar competition or what your thoughts of the model are!
Who knows? Maybe I’ll be giving an update in three months on how my team (Jesse from Personal Finance Firewall, Brad from Enemy of Debt, and Paul from Fiscal Geek) will be spending our portions of the $10,000 (or more importantly how much better we feel being much more fit)!
J.D.’s note: I, too, have struggled with weight. And, like Adam, it’s actually been tougher for me to tackle than personal finance. I started Get Fit Slowly with my friend Mac, but haven’t written there much in the past year. However, I seem to finally be slowly turning the corner. I’m down 13 pounds this year, thanks to sensible food choices and discovering Crossfit.
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Related Articles at Get Rich Slowly:
- Commitment Contracts and StickK.com
- The High Cost of Being Fat
- Why Frugality is an Important Part of Personal Finance
- The Sunk-Cost Fallacy Revisted
- Extra Weight, Higher Costs
Financial Planning University Week 1: Super Saving
Apr 30th
This is the 2nd installment from Les O’Dell as he discusses his journey through Dave Ramsey’s Financial Peace University.
So, on a Monday night earlier this year we walked into our first Financial Peace University Class at a local church. There were about 20 people in the room: people of all colors and ages and, judging by the cars in the parking lot, of a wide range of financial status. Each session was to be led by a coordinator, himself an FPU “graduate” and consisted of watching a DVD of Dave Ramsey teach, followed by discussions among our fellow students. I learned this was to be the format of each week’s class. After a brief introduction, we dove into lesson one—Super Saving.
Save, save, save
In the lesson, Ramsey discusses the importance for, as grandma said, “for a rainy day” because, as he said, “it’s going to rain.” With the lesson on saving, Ramsey introduces the first and third of what he calls the baby steps toward financial peace. Step one is set aside $1,000 as a small emergency fund to provide a cushion for unexpected events as well as giving peace of mind. Step two (paying off debt) comes in a later lesson. Step three is to expand the emergency fund to equal three to months of household expenses.
Dave Ramsey Baby Steps
Throughout the lesson, Ramsey reminds that emergency funds should not be tied up in long-term investments including CDs, but rather should be easy-to-get-to such as in a simple savings account or money market account. Also, he stresses that purchases, wants and whims do not qualify as emergencies.
Let your money work for you
The DVD lesson concludes with Ramsey briefly teaching the magic of compound interest and living frugally. He uses the example of a 16-year-old who spends $3 daily on cigarettes. He says if instead, the teen invested his cigarette money and averaged a 12 percent return, by his 76th birthday, he’d have $11.6 million.
Homework?
Finally, the class finishes with a quick primer on simple budgeting and a homework assignment: several chapters of reading from Financial Peace Revisited, FPU’s companion text and completion of a “quickie budget”.
My wife and I left the evening’s session fired up about working hard together on our finances. I think for couples, this might be one of the best parts of the entire program—getting it together together. We knew we had a long way to go to get our financial ship in shape, with a lot of debt to wade through as well as so many old habits to break and replace with new ones. We were eager to get started, beginning with the reading and the quickie budget while looking forward to the next twelve weeks.
Les O’Dell is a freelance writer living in Carbondale, Ill. His work can be seen in a number of newspapers, magazines, publications and websites. He is co-author of the popular “He Said, She Said” newspaper column. He can be found on the web at www.lesodell.net. Les is not affiliated or endorsed by LPL Financial.
