Your Money Or Your Life

Have you stopped to realize that although you go to school to learn about important subjects, no one teaches you how to manage your money?

Money is an essential part of life in our pursuit of happiness, yet very rarely will a parent sit down and tech their child how to handle their money.

This is true in grade school, high school and worst college. So what happens? Many of us end up in an extremely large amount of debt. We can't seem to get it together even if we make more money.

I found myself in this trap about 13 years ago. I had an okay job, a car, and an apartment. Nice I thought soon I would buy a house and live the "American dream". Wrong! I could never save enough to buy a house. I had plenty of credit cards, so many that I never had enough money due to many payments to put aside for my dream home.

What was happening to my paychecks? Well, I was over extended in credit card debt for one. The buy now pay later syndrome was well embedded in my head. That mentality had to stop! Since, I wasn't terribly behind in my payments I was able to get some help from the creditors. I simply asked for a lower interest rate and/or the ability to skip a payment. After that call, I had to cut up and dispose of the cards. No! I didn't cancel my cards but I got rid of them just the same.

Next I bought a tablet just for my budget information and bills. I also purchased a software program to keep track of my expenses. I think it is important to keep something manual that you can carry as well as a computer software tool.

Next, as bills came in, I wrote them down with the name, address, phone number of the creditor, my total balance, interest rate, and minimum payment due, the due date, and if there were any annual fees acquired with the card.

Review the card with the highest interest rate and pay more then the minimum due. Always ask if they can reduce your rate or seek the possibility of debt consolidation buy applying for a low interest rate loan or credit card. If you haven't cut up your credit cards do not get a consolidation loan. Because most likely once your payments are manageable you'll start using your cards again.

Minimizing your spending is the key to financial freedom. Make sure to start a savings plan after you've gotten your debt under control.

Dina D Harbour, Financial Coach

Wanted Debt Or Alive (A counseling service)

http://www.wanteddebtoralive.org

In The News:


CNBC

Mark Cuban's top money advice - CNBC.com
CNBC
Self-made billionaire Mark Cuban has a simple piece of money advice for those looking to build wealth: Don't use credit cards. "Cut up your credit cards.

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Seeking Alpha

IAT Or ITB: Which Now Is Your Best Wealth-Building ETF?
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In the trade-off between Risk and Reward, these are the best two ETFS in the category of Narrow Industry funds (36 alternatives). But they have differing levels of price-drawdown exposures, odds for successful profit capture (using the TERMD portfolio ...


Seeking Alpha

URE Or SVXY: Which Now Is YOUR Best Wealth-Building ETF Choice?
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These are the best two ETFs on the trade-off between RISK and REWARD in the Leveraged Long category (37 alternatives considered). But they have differing levels of price-drawdown exposures, odds for successful profit capture (using the TERMD portfolio ...


5 Foolproof Ways to Build Wealth - NerdWallet
NerdWallet (blog)
The way you manage your finances has a big impact on how much money you're able to accumulate. Here are five surefire ways to build wealth.

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MarketWatch

Wealth-building strategies financial advisers won't talk about
MarketWatch
“Keeping a cushion of cash is an extremely important wealth building tool — especially when unexpected events occur,” notes San Diego financial adviser Taylor Schulte. “If you lose your job or the economy takes a hit, you can tap into your cash ...


Business Insider

Self-made millionaires have 7 habits that help them build wealth ...
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In his "Rich Habits" study, Thomas C. Corley recognized patterns in the habits of self-made millionaires who got rich over time.

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The Daily Freeman

Kingston officials get first look at proposed RUPCO'S 'Metro' project
The Daily Freeman
RUPCO has said The Metro will be a “community wealth-building” endeavor that “focuses on creating jobs while producing materials and value-added products/services within a community, instead of outsourcing those same products and sending ...

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The Commercial Appeal

'Show Mem the Money' Panel focuses on building wealth in minority communities
The Commercial Appeal
Hardy spoke on a panel at Clayborn Temple in Downtown on Monday night dubbed "Show Mem the Money" that focused on ways to build wealth in minority communities. Some of the suggestions, like relationship-building, focused on what minority and ...


Business Insider Nordic

The 'Warren Buffett of Sweden' gives his best advice on building wealth
Business Insider Nordic
Roughly one in ten Swedes are millionaires in Swedish crowns, according to data from SBAB, a Swedish bank. (A million Swedish crowns, when converted to US dollars, is worth about $125,000.) Per H. Börjesson, the founder and CEO of Swedish ...


3 ETFs to Help You Build Retirement Wealth -- The Motley Fool
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These three ETFs represent a time-tested approach to investing to build your retirement nest egg. Chuck Saletta. (TMFBigFrog). Sep 11, 2017 at 7:15AM.

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