Pay Off Debt. Start Investing. Achieve Your Dreams.
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I bought my first house in August of 2007. It was the peak of the housing bubble. There were signs all around me that the bottom might be falling out, but I didn’t listen. For example, on the date I was to close, the mortgage company went bankrupt. They had to fund over $3 million in loans that day and had no cash on hand. I’ll get into the other issues throughout this … [Read more...]
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Everybody loves the idea of free travel. What could be more exciting than jetting off to a luxurious destination with a plane ticket for which you only paid taxes and fees? Or staying in a hotel that you booked entirely with points and miles? It’s every traveler’s dream come true! But the best way to earn travel rewards is often with credit cards. That spells disaster for … [Read more...]
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Sometimes life happens. Perhaps you’ve had to deal with being laid off by your employer due to downsizing. Perhaps you’re trying to manage the loss of a loved one. Perhaps you’ve had unexpected medical expenses or auto repair expenses or home repair expenses. There are a million reasons why you may find yourself with a poor credit score. Instead of beating yourself up, the … [Read more...]
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Are you buried under a mountain of debt? Have you finally said enough is enough and want to get out of debt once and for all? Great! Now you just have to figure out the action plan you are going to use to pay off your debt and follow it. For many people, the plan to pay off your debt comes down to the debt snowball method or the debt avalanche method. Both work well at … [Read more...]
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As longtime readers know, I was in credit card debt back in the day. I didn’t have a spending problem, I had personal issues and spending was my way of dealing with the issues I didn’t want to face. Buying things made me feel good, so I kept buying even though I didn’t have the money. Fast forward and I got real with myself and paid off my debt once and for all. But I still … [Read more...]
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What is your financial situation right now? Are you making ends meet or are you struggling? Maybe you are somewhere in between. The choices we make every day with our money seem insignificant at the time. What’s $5 for some snacks at the convenience store? What’s $20 for that cool new case for our phone? In the long run, these small everyday purchases have … [Read more...]
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Paying off debt can be hard. Trust me, I know. I found myself over $50,000 in debt in my mid 20s. Actually, I was only $20,000 in debt. I didn’t see a problem with being in debt, so I didn’t do anything about it. I kept spending money I didn’t have and making minimum payments and I thought it was all fine and dandy. Until it wasn’t. At 29 years old and after the market … [Read more...]
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Debt is a part of life for many Americans. We go into debt to buy houses, cars, to get an education and everything else. What many don't understand is how debt is holding them back. When you are in debt, you are really working for someone else. The money you are earning isn't yours, it's going to your lender to pay back your debts. And as long as you are in debt, you are … [Read more...]
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When it comes to your financial health, your credit score plays a vital role. While most people understand that their credit score is the key to getting approved for a loan, not all realize that having a high credit score also improves their finances. This is because a high credit score can save you money. The higher your credit score, the lower the interest rate you will … [Read more...]
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If you want to experience financial independence or live the life of your dreams, you are going to have to avoid going into debt. Put simply, when you are in debt, you are working for someone else. Every dollar you earn is done so to pay someone else to satisfy your debt. As a result, you can never reach your goal of financial independence when you are saddled with debt. The … [Read more...]
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Look anywhere or listen to just about anyone and they will offer you financial advice. This is good and bad. Having easy access to all of this knowledge allows for you to easily learn and take the steps needed to become financially successful. But this also allows people who have no business writing or talking about finances to give advice. It also means that companies that … [Read more...]
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Growing up, I remember watching cartoons where the main character would go out into his backyard and get money from a money tree. I was fascinated by this idea so much that I asked my parents if money grows on trees. They said no, but I wasn't deterred. I wondered if we had a money tree in our backyard. I set out one summer afternoon looking at all of the trees we had in our … [Read more...]
Thanks again for visiting Money Smart Guides. My goal for Money Smart Guides is simple: to help you become a master of your financial future. You do this by learning to overcome your debt, making smarter spending choices and start investing for your future. When you succeed, I succeed. By teaching you about personal finance, you can take the steps needed to secure your financial future. As always, if you have any questions or want help with any personal finance issue, please contact me. I will do my best to help you out and answer any of your questions.
