Debt
Post Reply
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
06-04-2013, 10:07 AM
RE: Debt
(06-04-2013 09:53 AM)LadyJane Wrote:  ...
The only music I've really bought in a long time is JT's new album Heart and most good apps are free.

I didn't know Jethro Tull had a new album.

Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes DLJ's post
06-04-2013, 12:23 PM
RE: Debt
(06-04-2013 10:07 AM)DLJ Wrote:  
(06-04-2013 09:53 AM)LadyJane Wrote:  ...
The only music I've really bought in a long time is JT's new album Heart and most good apps are free.

I didn't know Jethro Tull had a new album.

Are you trying to anger the sex gods? That surprises me about you, DLJ. No
Find all posts by this user
Like Post Quote this message in a reply
06-04-2013, 06:33 PM
RE: Debt
(04-04-2013 09:56 PM)bbeljefe Wrote:  Rich Dad, Poor Dad and CASHFLOW Quadrant by Robert Kiyosaki are both good books for understanding basic finance.
I have to disagree with you there. Kiyosaki is to finance what the Bible is to religion: TOTAL CRAP. I failed to find any advice in Rich Dad, Poor Dad. I don't mean I failed to find any good advice. I mean I did not find any advice at all. He's all hype. If you disagree then show me where I'm wrong, chapter and verse. I still have his book in my library. I'll look it up and get back to you.

Humans arrived on Earth on 22 October 4004 B.C. A few of us are still trying to repair the ship.
Find all posts by this user
Like Post Quote this message in a reply
06-04-2013, 06:47 PM
RE: Debt
(04-04-2013 06:08 PM)BrianD Wrote:  Let me cut to the chase.
Let me cut to the chase. Bankruptcy. It's not the end of the world.

I know two people who have declared bankruptcy. One was a gentleman who opted for Chapter 13. After completing his plan in five years he was able to get a car loan and was deluged with credit card offers. The other was a lady, a divorcee, who made the mistake of letting her ex get off without alimony payments and was left with mortgage payments she could not meet. After selling the house she opted for Chapter 7 and within a year was able to buy another house.

Consider your health, physical and mental. Raman noodles every night is not a solution. If things are that tight at least see a lawyer who specializes in bankruptcy. Find out what your options are.

Humans arrived on Earth on 22 October 4004 B.C. A few of us are still trying to repair the ship.
Find all posts by this user
Like Post Quote this message in a reply
06-04-2013, 07:00 PM
RE: Debt
(06-04-2013 06:33 PM)f stop Wrote:  
(04-04-2013 09:56 PM)bbeljefe Wrote:  Rich Dad, Poor Dad and CASHFLOW Quadrant by Robert Kiyosaki are both good books for understanding basic finance.
I have to disagree with you there. Kiyosaki is to finance what the Bible is to religion: TOTAL CRAP. I failed to find any advice in Rich Dad, Poor Dad. I don't mean I failed to find any good advice. I mean I did not find any advice at all. He's all hype. If you disagree then show me where I'm wrong, chapter and verse. I still have his book in my library. I'll look it up and get back to you.

Kiyosaki's first book can be diluted to one simple mantra: First buy income producing assets and let that income buy you the things you want. Good advice but it certainly didn't require an entire book.

I always thought the following SNL skit was brilliant



“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Full Circle's post
06-04-2013, 07:29 PM
RE: Debt
I have always stayed debt free, if I can't pay it at the end of the month, I don't buy it.

But when my husband was very ill and I was taking care of him at home, I plain forgot to do my taxes. Not just one year, but two. It did come to mind a couple times, but one odd sound from his bed and all was forgotten.

And that is the one debt you really don't want to have. I am bending over backwards now to deal with it.

Gratefully I enjoy a lot of simple things that cost little to no money. I'll get out from under within the year I hope.

[Image: dobie.png]

Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
Find all posts by this user
Like Post Quote this message in a reply
06-04-2013, 07:38 PM
RE: Debt
(06-04-2013 07:00 PM)Full Circle Wrote:  
(06-04-2013 06:33 PM)f stop Wrote:  I have to disagree with you there. Kiyosaki is to finance what the Bible is to religion: TOTAL CRAP. I failed to find any advice in Rich Dad, Poor Dad. I don't mean I failed to find any good advice. I mean I did not find any advice at all. He's all hype. If you disagree then show me where I'm wrong, chapter and verse. I still have his book in my library. I'll look it up and get back to you.

Kiyosaki's first book can be diluted to one simple mantra: First buy income producing assets and let that income buy you the things you want. Good advice but it certainly didn't require an entire book.
Duh. Hardly the kind of advice to help someone get out of debt.Rolleyes

Humans arrived on Earth on 22 October 4004 B.C. A few of us are still trying to repair the ship.
Find all posts by this user
Like Post Quote this message in a reply
06-04-2013, 08:11 PM
RE: Debt
I think the book The Millionaire Next Door is a good read, it posts the findings of the author's interviews with deca-millionaires; who they are, their habits and their ideas of wealth and money, much of it surprising and all of it educational.

http://www.amazon.com/Millionaire-Next-D...0671015206

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
Find all posts by this user
Like Post Quote this message in a reply
07-04-2013, 09:20 AM
RE: Debt
(06-04-2013 06:33 PM)f stop Wrote:  
(04-04-2013 09:56 PM)bbeljefe Wrote:  Rich Dad, Poor Dad and CASHFLOW Quadrant by Robert Kiyosaki are both good books for understanding basic finance.
I have to disagree with you there. Kiyosaki is to finance what the Bible is to religion: TOTAL CRAP. I failed to find any advice in Rich Dad, Poor Dad. I don't mean I failed to find any good advice. I mean I did not find any advice at all. He's all hype. If you disagree then show me where I'm wrong, chapter and verse. I still have his book in my library. I'll look it up and get back to you.

I'm not interested in arguing with you over subjective value. Kiyosaki has made money in real estate and in other investments using the techniques he shares in his books, I have made money using some of them and I know other real estate investors who have. You say you got nothing and I take you at your word but I don't know that it's wise to discourage someone from reading material that may help them. You and I are not the same person and the OP is yet another individual with different interests and motivations than both of us.

I'll give you an example... in No Money Down Carleton Sheets lays out about a dozen specific approaches at acquiring real estate. Some of them appealed to me and some of them did not. You might read the same list of techniques and find the ones I didn't like to be perfect for you. Does that mean the techniques that worked for me but not you are wrong? On the contrary. It merely means that you and I have different abilities and comfort levels. And ultimately, if a technique for making money is voluntary and honest, it cannot be wrong.

Regarding Rich Dad, Poor Dad, there has been a lot of speculation that the characters in the book are fictional. And that may be true. It also doesn't matter, because the book isn't written as an historical account... it's written to convey a mindset about how to earn and keep money. And clearly, it's a mindset that you don't feel comfortable with. I get that. No need to argue about it. Wink

The beginning of wisdom is to call things by their right names. - Chinese Proverb
Visit this user's website Find all posts by this user
Like Post Quote this message in a reply
07-04-2013, 09:42 AM
RE: Debt
(05-04-2013 10:03 AM)BrianD Wrote:  Go for it!

The reasons I don't like the cash only model are as follows...

Cash is easier to spend on impulse purchases. A lot of people are reluctant to plunk down a credit or debit card for a $1.50 soda but have no problem breaking a twenty for the same. Once that twenty is busted, the change can go even quicker. The better part of finance is to avoid $1.50 sodas altogether and opt for buying a case at the grocery store and keeping them with you when you travel. Same goes for meals. If you're prone to eating out rather than carrying your lunch, keep track of every food/drink purchase you make for a month but don't total them until the end of that month. When you do total them, you'll shit brix. Big Grin

Not a big issue but, cash can be stolen or lost. In either case, it's gone forever. A debit card can be reported lost or stolen and there is a good chance you won't lose the money. If you have a good bank, money that's stolen from a card will be returned to you at their expense in the case of theft or fraud.

Cash doesn't help your credit score. In fact, not having consumer debt can wreak havoc on an otherwise great credit score. This is because part of your credit score is calculated by observing how you handle revolving debt. If you have none, the assumption is that you won't handle it well. The fix is to use a credit card (even a secured card) with a small balance. Let's say you pay $1000.00 worth of bills on the card in one month. At the end of the month, pay $950.00 of that debt but keep fifty bucks on the card. This shows a good payment history and an ongoing revolving debt on your credit. It will cost you a small amount of interest but that's the cost of maintaining a good credit score. When you're cash only, you can't do that. If you have bad credit, this technique with a secured card will improve your score at a minimal expense.

Cash is harder to track. We live in an electronic world where balancing checkbooks is virtually a thing of the past, given that we can check our bank balance from a smartphone while standing in line at a checkout counter. Also, with a debit card, there can be no change falling under the couch cushions or the seat of your car. If a purchase is $3.95, you don't have a dollar and a nickel to keep up with after you payed with a five, because that buck five stays safely in your bank account.

Of course, there are some benefits to cash only. Most notably, the anonymity of cash sales or purchases. But if you're an employee, your pay is probably taxed before you get it so there's really no benefit there.

You may read what I've written and find my concerns about cash to be absurd, and that's fine. What works for me may not work for you. Those are just my experiences.

The beginning of wisdom is to call things by their right names. - Chinese Proverb
Visit this user's website Find all posts by this user
Like Post Quote this message in a reply
[+] 2 users Like bbeljefe's post
Post Reply
Forum Jump: