Leaving school, getting a new job, or even a raise at your current one, has most people considering their next great purchase. Few think about the effect this could have on their future. Rather than pay down the debt they carry, many ponder, “What can I buy now”? The greatest purchase anyone can make is their future.
Each year as you live your life, the proper choices would have you possessing a greater net worth at the end of the year than you had at the beginning. What happens though, is you usually find yourself further in debt. The balances on your credit cards are higher. You bought a new car. You needed more toys for the home.
This is not how you purchase your future. You pay all your bills, except for one. Your future does not submit an invoice; you never receive a statement. Even though it does not demand an interest payment, the longer you give no heed to the purchase of your future the more it will cost you. Your future has no advocate, except you, you can’t continue to ignore it.
You gladly pay on debt, mostly for items that lose their value, or had none in the beginning. These are payments which if properly directed could easily purchase your future and secure some peace of mind.
It is important to note some disturbing trends. Recent news stories point to large companies who are in trouble going to the courts to eliminate the need to fund the retirement plans for their employees. Under-funding of pension plans has been a problem for years. The money simply will not be there when many are ready to begin drawing on it.
Then, recently Alan Greenspan, the chairman of the Federal Reserve Bank, said the congress needed to get serious about cutting back Social Security and Medicare. Where does the money for your future come from? Apparently not from there either.
You need to look in the mirror. The person you see there is your only hope. It is the person looking back that will either ensure or sabotage you future. Can you depend on the reflection to get rid of the overhang of debt in your life? It is your only chance. But you cannot wait, you must do it now.
It reminds me of the movie from a few years ago, "Hunt for Red October".
You might remember the scene where the American officers have just come onboard the Russian sub. In the process of turning over his ship, the sub is attacked by another Russian sub. With Americans at the helm and on the sonar station the Russian sub captain assumes command. He orders the sub turned toward the direction of the fired torpedo and moves toward it.
The American officer is yelling and threatening the sailors. He is certain this is not the course of action to follow. However they obey the instructions of the Russian officer. They meet the torpedo head on and it bounces harmlessly off the hull of the sub.
The American officer realizes what has happened. They were able to close the distance with the torpedo before it had a chance to arm itself. Upon reflection, his response was two words, "Combat Tactics".
How does this apply to you? You need to meet your debt head on, not run from it. Take care of it before it has the capacity to destroy you. Even with family members "screaming and threatening" you need to turn your ship to decrease the distance debt stretches in your future and assume "Combat Tactics".
This is a great challenge. That's why you should carefully decide how you spend your money. It is why you need to track your spending. It is why you should engage in aggressively paying down your debt. These things are "Combat Tactics" against debt. When that battle is over they can become your peacetime policy to purchase and ensure your future.
Is credit card debt driving you crazy? Spent too much this holiday season?
Well, you’re definitely not alone. Credit card debt is a way of life these days. Especially now, right after the holidays!
For many people, money gets REAL tight this time of year – we need to pay for all the holiday gifts, get ready for tax season…
Ahhhh!
What can you do if debt has taken over your life?
Here are 6 simple tips for getting out of debt. Keeping a New
Year’s Resolution is difficult. But
Read this article in full
If you are in trouble financially, then you may be tempted to answer an ad from a company that tells you that they can give you an entirely new credit identity, or remove bad marks from your credit report — whether or not they’re true.
The truth is, there are no shortcuts to building an AAA credit
rating — it will take time and a lot of effort on your part to
make it a reality. Meanwhile, there are some scams and traps
that you need to be aware of so you won’t fall victim to one of
these questionable credit repair companies.
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You've been working yourself silly for years and yet... you still have no savings and the pile of unpaid bills seems to grow each and every month. You have creditors breathing down your neck - calling and sending you letters so much that you're afraid to answer the phone or pick up your mail... it's a difficult and stressful pill to swallow.
Sound familiar? Unfortunately, many people who are saddled with
debt seem to be under the delusion that everything will
eventually go away if they just ignore the situation.
Therefore, they ignore the calls they receive from creditors
and simply stop opening their mail. Not only is
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It's the day you've been waiting for the last two weeks... payday and the only time when your face lights up and you actually go to the office with a lot of wonderful, dreamy thoughts in your head - such as how fast you'll be able to bolt out of the office and get yourself down the to nearest mall, and you can already smell the Caffè Verona® you plan on ordering at Starbucks.
Either way, you seem compelled to impulsively spend
all of that hard-earned cash on something that in all
likelihood you can do without. Like that dress you'll probably
wear just once or the Egyptian silk
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If you are in trouble financially, you have probably heard the term “credit counseling,” but do you understand what it is? Oftentimes this term is used in the same sentence as debt negotiation or debt settlement, but actually, it’s a completely different process. With credit counseling, you will actually work with a credit counselor to pay off your debt in smaller, monthly lump sum payments that you can afford.
The people most likely to need credit counseling are those who
are receiving troubling phone calls from bill collectors, or
whose accounts have gone to collection agencies. If you think
that you may benefit from using a service like
Read this article in full
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