Debt Free-OK Stay Poor Then Finance Articles | November 15 Wholesale Ian Thomas Jersey , 2008 So you have slid down into the financial lake of fire? you did not intend to however the lousy economy makes it easier to do ? adding some or all of the following bad habits will, I repeat, will make ...
So you have slid down into the financial lake of fire? you did not intend to however the lousy economy makes it easier to do ? adding some or all of the following bad habits will, I repeat, will make it a lot tougher to get yourself out.?
Some friends of mine had two cars which they financed at higher rates. The car payments were keeping them cash flow poor. They could not sell the cars because they were what is called upside down in them. This means that they owed more than they are worth.?
There were two solutions to this scenario. First Wholesale Donte Jackson Jersey , talk to the friendly banker who of course is always ready to help and arrange to sell the car and turn the owed difference into an unsecured loan (which it is anyway) therefore reducing the payment. Second turn the car over to the bank voluntarily. This accomplishes the same thing however the bank may not sell the vehicle for the highest price possible leaving a bigger difference.? Now the car payment saved can be saved for a beater car to get by with. This just the beginning step for these people to start getting their financial life back.
Well now such are the economics of being broke.
When you are short on money or the money you have never makes it to the end of the month, you're constantly backing yourself into financial corners. Unfortunately? rather than gradually building? wealth over time, you tread water or go eventually go under under all this working like a rat on wheel for the man.
Along the way, you might have been able to count on raises and bonuses at work and hopefully a gradually improving standard of living to help cut losses. But those doors are now closing for many due to the following points:
?Many incomes aren't growing the way they used to. As a matter of fact, when median incomes are adjusted for inflation Wholesale DJ Moore Jersey , they fall below where they were in 1999, the Census Bureau states
?Inflation and health care costs are chewing, no devouring a bigger part of what we all are earning.
?Many people experiencing wider swings in their income
Obviously a swing upward in income is great, but not if you base your spending on getting some overtime at work and then your hours are suddenly diminished or your job position is eliminated. Setbacks like these, when you're already broke Wholesale Curtis Samuel Jersey , can easily push you over the financial edge and into dreaded bankruptcy.
Big Mistakes Big consequences
With all of these headwinds, it's more important than ever to get to the basics of money management. Otherwise, you are just guaranteeing that you will stay broke by continuing to do the following:
Forgetting the really big stuff.? Most of the "save money" advice out there mainly focuses on the small stuff: how to cut back on sodas, coffee?s or lower your utility bill by a few dollars chasing around the kids and turning off lights. Those people out there that are dreadfully short of cash still often overspend on the big stuff, mostly on shelter and transportation. You still need a good credit history or score to take advantage of lower interest rates. Here is a way to get it. If your mortgage or rent payment eats up much more than 25-30% of your gross (I personally go by net) income or your vehicle is taking more than 10% (which includes the financing Wholesale Devin Funchess Jersey , Insurance, repairs and gas), you will have a very tough time making it all month.
Here's a great tip to estimate what you will spend on a monthly basis for any given car over five years: Double the price tag and divide by 60.)
Credit card debt, debt, debt Wholesale Shaq Thompson Jersey ,debt???...? Sounds endless right? I know you did not mean to do it. You just? into a emergency one month and did not or could not pay the whole bill, and somehow? six months later is has snowballed into a mountain. But carrying credit card debt costs you a literal fortune and puts you at the mercy of credit card companies and then collection company harassment. If you can't pay your bill in full, do not use credit , simple as that. Pay more than the minimum and make every effort to pay it off fast.
Confused over what are needs or wants. This one is big, definitely a problem for people at every economic level. When you are cash poor Wholesale James Bradberry Jersey , the consequences of deciding you in need of something that's actually a want can be very devastating and long lasting. Being that our actual needs are few, including shelter, food, clothes, transportation and companionship. On the other hand our wants are endless and quickly will transform a need like clothing found at Walmart into a pair of $125 pair of jeans at Nordstrom. The challenge is figuring out what we really need Wholesale Taylor Moton Jersey , and how to get it for less, to help us get our finances back under control. If you find yourself saying, "I need this, that or the other thing?, try stopping for a moment and reconsider whether you really do need it or not. You do not have to live without it forever -- just postpone the getting of it.
Looking only at the payments.?? Many businesses survive on getting you to lookpast the total cost of your purchase. Those Payday lenders Wholesale Greg Olsen Jersey , rent-to-own shops and lumpy car dealerships will have you to focus on the short-term payments, not the long-term expense. Avoid this at all costs. Anytime you consider a loan, bring your trusty calculator so that you can multiply payments by the number of months you will ultimately be on the hook to get the actual real cost of your purchase.
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