Tuesday, August 2nd, 2011
Filing for bankruptcy can trash your financial life in so many ways. Even if you are successful in the courts, your old debts still can resurface as “unpaid” on credit reports.
A better strategy is to pay off debt over time, using bankruptcy only as a last resort. In July 2011, about 1,217 businesses and individuals sought Chapter 11 protection, a 24.2 percent increase over June, according to data from Automated Access To Court Electronic Records (AACER).
“There’s no quality to debt. Years ago it was tax deductible, but it hasn’t been for decades,” says John F. Harrison, CFP with Aspire Financial Advisors in Newtown, Mass. “The interest added to items purchased on credit doubles, and even triples, their cost and creates emotional stress.”
Whatever the size of your debt load, there almost always is a way out without claiming bankruptcy.
(more…)
Tags: bankruptcy, budget, credit cards, debt, financial freedom, interest rates, PERSONAL FINANCE
Posted in
PERSONAL FINANCE |
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Thursday, March 24th, 2011
Dear Dave: I noticed that your Baby Steps list puts saving for retirement before saving for your children’s college fund. Sending your kids to college would come first on the timeline, so why do you suggest this? —Jen
Dear Jen: I advise this approach because everyone is going to retire someday, unless, of course, they happen to die before reaching retirement age. Retiring and eating are necessities. College is a luxury. Lots of people succeed in life without going to college, and thousands have worked their way through college. I worked 40 to 60 hours a week in college, and I still graduated in four years. (more…)
Tags: budget, college, debt, divorce, emotions, financial freedom, financial planning, goal setting, retirement planning, savings
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PERSONAL FINANCE |
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Tuesday, January 18th, 2011
Everyone wants to save money, right? Unfortunately, most of the messages we receive about saving money actually involve spending it – mostly in the form of advertisements that promise more for less, if only you buy something.
But there are plenty of ways to save money that don’t involve purchasing something you may not even use.
First, any serious effort to save money should begin with a review of how you’ve been spending up to this point. Review your bank account, debit and credit card statements and your checkbook. Look for things you’ve spent money on that aren’t truly necessary. (more…)
Tags: budget, credit cards, debt, financial freedom
Posted in
PERSONAL FINANCE |
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Wednesday, January 12th, 2011
Let’s discuss some tips that will help you save money right away, and all year long.
Everyone wants to save money, right? Unfortunately, most of the messages we receive about saving money actually involve SPENDING money — that is, advertisements that promise more for less, if only you buy something.
But there are plenty of ways to save money that DON’T involve purchasing something you don’t need, didn’t want and won’t likely use. (more…)
Tags: credit cards, debt, financial freedom, goal setting, savings, spending
Posted in
PERSONAL FINANCE |
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Sunday, December 19th, 2010
In today’s climate of Big-Business downsizing and consolidation, many people think that becoming a small-business owner makes sense—especially now. In fact, an estimated 600,000 new businesses are launched in this country every year.
But more than half of new businesses fail after four years or less, according to a study by the federal government. So starting a new business can be risky.
There are a myriad of considerations to make before you launch your own business. Obviously, many of them depend on the kind of business you are thinking about—there are lots of variables. (more…)
Tags: business growth, business start-up, debt, entrepreneur, expansion, financial freedom
Posted in
BUSINESS |
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Thursday, November 4th, 2010
Everywhere you look today, you find the promises: If you just had that car, that house—or even that spouse—you would be happier.
It’s the premise of almost all advertising.
Intellectually, we know it’s not true. Think about it. How will adding a leather interior to the options list on that new car substantially improve your happiness?
It won’t. But despite that realization, we fall for such promises every day. We allow ourselves to believe, if only for an instant, that purchasing a new sofa or watch or flat-screen television will add to our happiness quotient. (more…)
Tags: charitable giving, emotions, financial freedom, fulfillment, happiness, lifestyle redesign, possessions
Posted in
WEALTH PLUS |
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Wednesday, September 22nd, 2010
Your initial reaction may be: Retirement? I’m YEARS away from retirement. I don’t have to think about that now.
Think again.
If you’re more than a decade away from retirement, now is the best time to begin preparing. Younger workers, of course, can use the power of compound interest to ensure a smooth financial picture in retirement. (more…)
Tags: debt, financial freedom, goals, interest rates, INVESTING, RETIREMENT, savings, STOCK MARKET, wealth
Posted in
RETIREMENT |
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Tuesday, September 21st, 2010
Americans are a staggering $6.6 trillion shy of the savings they need for retirement. That’s the figure arrived at by Boston College’s Center for Retirement Research in a report published Monday, Sept. 20, 2010.
To get there, the researchers made an interesting and highly optimistic set of assumptions: All retirees will take out a reverse mortgage. And they’ll put (more…)
Tags: debt, financial freedom, health care, INVESTING, RETIREMENT, retirement planning, reverse mortgage, savings, STOCK MARKET
Posted in
BLOG, RETIREMENT |
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Tuesday, August 31st, 2010
To live the rich life expresses a goal for most of us, but unfortunately it has become an elusive dream for many modern-day retirees.
Today’s retirement living involves more than just leaving a job; it’s the beginning of a new chapter of life. Many baby boomers have hit their retirement target age and are eager to say goodbye to the employment ball and chain and hello to leisurely pursuits of travel and recreation. Others have been forced into early retirement by business restructuring and budget cuts but are none too optimistic about reemployment prospects. (more…)
Tags: debt, entrepreneur, expatriate, financial freedom, foreign destinations, foreign visa, health, lifestyle redesign, mortgage, REAL ESTATE, RETIREMENT, retirement planning, savings, wealth
Posted in
RETIREMENT |
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Friday, January 8th, 2010
Everyone, no matter how large or small their income, makes enough money to invest in their future wealth. Too many people are convinced this isn’t true, because they tend to spend money whenever and wherever they see something they desire, without any thought of their real, long-term goals. (more…)
Tags: financial freedom, goals, savings
Posted in
PERSONAL FINANCE |
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