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Post by bassman on Jan 28, 2006 16:48:21 GMT -6
With all of the problems and mistakes that people routinely make with their finances, here's a few hints that may help:
1)Cut up the plastic! -Get rid of the credit cards and make sure the balances are paid off. Generally, most creditors will let you work out a settlement to pay off the balance.
2)Go green! -Use cash or debit whenever possible. Believe me it works.
3) When purchasing a big ticket item, other than a house, it's better to save the money you would have otherwise used for payments and buy the product outright. -For example, Better to buy a used car outright than to lease or finance a new car, which will depreciate substantially as soon as it's off the lot.
4) The "B" Word: -Budget, Budget, Budget. Make out a budget and try to stay within it.
Any additional thoughts, suggestions, hints?
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1 Credit Card Zero Balance
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Post by 1 Credit Card Zero Balance on Jan 29, 2006 6:30:23 GMT -6
Agree - and it doesn't matter if a "Neocon" or a "Libratard" is in the White house - it's up to the individual to get their fiances straight, get themselves diverse for employment and as you say B - B - B!!!
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Post by unlawflcombatnt on Jan 29, 2006 11:11:27 GMT -6
With all of the problems and mistakes that people routinely make with their finances, here's a few hints that may help: 1)Cut up the plastic! -Get rid of the credit cards and make sure the balances are paid off. Generally, most creditors will let you work out a settlement to pay off the balance. 2)Go green! -Use cash or debit whenever possible. Believe me it works. 3) When purchasing a big ticket item, other than a house, it's better to save the money you would have otherwise used for payments and buy the product outright. -For example, Better to buy a used car outright than to lease or finance a new car, which will depreciate substantially as soon as it's off the lot. 4) The "B" Word: -Budget, Budget, Budget. Make out a budget and try to stay within it. Any additional thoughts, suggestions, hints? Excellent advice. Credit cards have allowed people to extend spending even farther beyond what they actually make. Last year was the 1st year since the Depression that Americans spent more than they made. Though a temporary bout of deficit spending may pull an economy out of a slump if the borrowed money is spent right, deficit spending can only be a temporary measure. The permanent nature of today's government policies of indefinite deficit spending is not sustainable, and will eventually cause another economic meltdown. At the personal level, I'd advocate everyone to stop spending more than they make. I'd like to make another addition to your recommendations. Given the current tenuous state of the economy, I'd advise people to put much of their investment money into gold or other precious metals. Gold and other precious metals increased over 30% during the last year. Gold itself increased from a low in 2005 of $421/oz. to approximately $560/oz at present. Since Bush took office, gold has increased in value over 100%, from less than $280/ounce to today's $560. Again, similar increases have been seen with silver, platinum, and palladium. How does that 100% increase compare with the stock market since 2001? IRA accounts can also be in Gold bullion. Gold bullion won't pay any returns, but it won't lose it's value either. Gold can also be kept completely off the books. It can be kept in a safe or a safe deposit box in a bank. (Just make sure you get it out before a bank closes its doors.) When you sell gold bullion in the form of American Eagles or Austrian Philharmonics, you pay no capital gains taxes. Purchase and sale don't require reporting. As a result, no one except you knows how much you have. In my opinion, the best "savings" account is gold bullion stored in a bank safety deposit box. The bank doesn't know how much you have. And the bank can't loan it out and create more money and cause more inflation. I'd also recommend storing extra cash in a bank safety deposit box. Since interest on savings accounts is so low right now, you'll lose little in interest. And you'll help the nation fight inflation again, because banks can't loan out your cash if it's in a safe deposit box.
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Post by bassman on Jan 29, 2006 21:02:34 GMT -6
Thanks. One such resource that I find especially helpful is Crown Financial Ministries. As an Evangelical Christian, I believe it's important to be debt-free. I'm expecting a large refund this year and will use it to repair my 17-year-old car and take care of some past due bills and other expenses.
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