Giveaway - Starter Envelope System
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**WINNER IS LORI M. THANK YOU FOR PARTICIPATING!**
I took my own “spring break” from Trendy Dollar but now I’m back! And to reward you for sticking around, I have a giveaway!
For those of you following Dave Ramsey’s envelope system, here is your Starter Envelope Kit! For those of you not following Dave Ramsey’s envelope system, here how to find out about it.
Here is Dave’s official description of this product.
To enter, just leave a comment! Good luck!
Interesting Websites
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www.ihatecreditcards.com - This website will reinforce your hatred for credit cards. It’s an interesting site to peruse through, but I’m disappointed it doesn’t scream, “Don’t have credit cards!”
www.creditcards.com - What a horrible, horrible site. It’s basically a tool for those looking for debt. It will show you all the rewards available, percentage rates available, and will let you apply right there. If any of you click over there and end up signing up for a card, I’ll never forgive myself. I’m mostly linking it here so you can look at it and say, “Good Lord!”
www.blackcard.com - You probably aren’t worthy of getting this card. Only the best of the best can get this card. In fact, only 1% of the U.S. population is eligible. The annual fee is $495! This is not your typical piece of plastic. In fact, ” The Black Card is not just another piece of plastic. Made with carbon, it is the ultimate buying tool.” You really need to go to this website just for the laugh.
Why I Don’t Have Credit Cards
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Why I Don’t Use Credit Cards
The Small Print - Have you ever read one of those applications? There is A LOT of small print, all for the benefit of the credit card company. They can change your rate whenever they want for no reason at all. They can increase your minimum payment whenever they want for no reason at all. They can do almost whatever they want whenever they want for no reason at all, just because you signed your name to an application that you did not read. You think you rate is fixed? Better read the fine print. Oh, you don’t have a copy of the original credit card application you signed? Too bad for you.
The Credit Card Companies are Not Your Friends – If you run into financial problems and cannot pay your credit card bills, they will be relentless. They have no mercy. They will call you, call your workplace, threaten you, and harass you. They don’t care if what they are doing is legal or illegal.
The Incentives – If you had enough money, you wouldn’t care about the incentives you may get by using your credit card. And if you don’t have enough money, then you definitely shouldn’t be using a credit card in the first place. So called “free” t-shirts, 2-liters of pop, airline miles, cash back, and so on, these things are not free. Some day you will get burned by your credit card company and you will pay dearly.
Zero Percent – I have my own personal story to tell you here. Years ago we purchased a big screen television on a Best Buy zero percent credit card. We religiously sent in our monthly amount due. Much to our surprise, when we got down to the end of the payment schedule, Best Buy somehow “lost” our payment and it did not get applied to our account. The result? We owed over $800 in interest on a $2,000 television. Learn from my mistake.
Balance Transfers – I’ve played this game to. Every day a new application arrived in the mail. We would open every one looking for the one that had the longest zero percent period. I don’t even want to know how many hours we spent transferring money around, keeping track of when the zero percent expired, and gathering new credit card application. What a joke.
Grace Periods – The typical grace period is now 23 days. That barely gives you time to receive your bill and get it paid. Screw up just once and it will cost you.
I’ve heard all the excuses as to why people need a credit card.
I don’t buy the travel excuse. I travel with my debit card all the time. I rent cars, pay for hotel rooms, pay for airline flights and anything else I want to do. Yes, the rental car companies do reserve an extra $400 on my account while I have the car, but that’s no big deal. Bottom line is that you don’t need a credit card to travel.
Nor do you need it for emergencies. You should have an emergency fund setup so that you can have quick access to money if an emergency arises. But you also should be asking yourself, “Is this a real emergency or can this wait until I can save for it?”
Do you have credit cards? Why?
Swimming Naked
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It’s only when the tide goes out that you learn who’s been swimming naked.
Warren Buffet
And right now the tide is on its way out.
Have you always envied those people who drive nice cars, go on fancy vacations, and always wear designer clothes? Do not envy these people because most of them are “swimming naked”, or in other words, faking it. Most people cannot afford that lifestyle. They are using credit cards, lines of credit, and any other debt available to them to make you think they are living the dream. And if they don’t have to use debt to pay for their lifestyle, then they are probably just getting by with no savings, no college funds and tiny retirement accounts. They know how to put on a good show. Yet at night, when they are lying in bed in the dark unable to fall asleep due to the worry, they know what is really going on. They are indeed swimming naked and scared to death that the rest of us will find out.
We are starting to find out.
If you see yourself in this blog post, get your swimsuit on and take some action before it’s too late.
So Many Books, So Little Time
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My son and I spent a few hours at the bookstore Saturday evening. I LOVE the bookstore and could probably spend a whole week there if allowed.
By the time I made my way to the back of the store, I had 5 books in my arms to possibly purchase. My son picked up a few books and we settled into our chairs for some reading.
One book, “The Shack”, was set aside because I knew I was going to buy that one. I didn’t know anything about it other than I was told that I “have” to read it.
I read the first few chapters of a few other books and then stumbled across a book that absolutely blew me away. I had heard Dave Ramsey talk about “Question Behind The Question” for a few years now. I happened to see a copy at the store and picked it up to see what it was about.
All I can say is, “WOW”.
I didn’t purchase it because I told myself I would only buy one book, but I will definitely order it off half.com. This book appears to be all about what is wrong with this country. Instead of wasting precious energy placing blame and making excuses, spend the energy on “What can I do to make the situation better?”
I can’t wait for it to arrive and will fill you in after I get it finished. In the meantime, I’m reading “The Shack”.
Have any of you read “Question Behind The Question?” Are there other books you think should be on my MUST READ list?
People You Should Know - Larry Winget
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Let me warn you, “It’s about to get ugly.”
That is a quote taken from the self-proclaimed “Pitbull of Personal Development” ®. Winget is brutal. He raw. He’s entertaining. He’s in your face. But most importantly, he’s right.
He won’t listen to your sorry excuses for why you don’t have any money, why you don’t have a decent job, why you can’t pay your bills, or why you have so much debt. There is no room for negotiation with him. “If your life sucks, it’s because you suck!”
Even the title of his books may frighten you:
“Your Broke Because You Want To Be”
“It’s Called Work for a Reason”
“Shut Up, Stop Whining and Get a Life”
Hear some of these quotes straight from his own mouth.
One thing he has in common with other personal development gurus is that he has his own set of steps for you to follow.
Larry’s Twelve Ways to Go from Getting By to Getting Ahead
1. Know where you are.
2. Take responsibility for the situation.
3. Feel bad about it. Experience remorse.
4. Make the decision for things to be different.
5. Know exactly what you want your life to look like.
6. Create an action plan to get there.
7. Know what you are willing to give up to get what you want.
8. Spend less than you earn.
9. Figure out ways to earn more.
10. Stop all unnecessary spending.
11. Pay off debts as quickly as possible and only go into debt for things with long-term value.
12. Build a cushion. Save!
Is Larry Winget too much? I’m not so sure.
Borrowing Your Way Out Of Debt
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I was watching a television show tonight about home remodeling. A couple had purchased a home they could not afford and were struggling with the payments. They decided the best solution was to remodel the basement into an apartment and rent it out.
The designer said to the couple, “It’s imperative to do something with the basement in order to increase your income.”
He gave the couple two options, with number 2 being more expensive than the other at $30,000. He asked them to ponder the solutions and the wife came back and said, “I think we’re going to jump in with both feet and pick option 2!”
Everyone was so excited about the plans, the remodeling, the future rental income. Oh happy day!
Funny how nobody talked about the debt. The couple was already in over their heads with the initial mortgage. They admitted they didn’t have any savings to they were going to have to borrow the entire $30,000 to do the remodeling project – all for the sake of increasing their income.
This is supposed to make sense? You’re living above your means, so the best answer is to borrow more money? You cannot borrow your way out of debt!
Your Paycheck
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I haven’t listened to Dave Ramsey’s podcasts for a few days but I’d love to hear what he has to say about the new federal withholding rates that were released last week as a part of the stimulus package. I’m pretty sure he doesn’t like them.
With the new withholding rates, those who are at the lower end of the income ladder will see their paycheck amounts increase because the tax amount withheld will be less. Those who are at the higher end of the income ladder will see very little change in their paycheck.
Will this help people out? Not even close and here is why I think that:
The government is trying to solve everyone’s problems. This action above is not the answer. People need to solve their own problems!
Obama, or Any President, Is Not The Solution
Filed Under Debt | Leave a Comment
This morning on my way to work, I was listening to CNN and they were discussing Obama’s speech tonight. The reporter said, “People are getting impatient as their bills pile up and they are falling behind on their payments. They need to hear President Obama say what he’s going to do about it.”
Regardless of what Obama said in his speech, people who are unable to pay their bills today will still be unable to pay their bills tomorrow. Or next week or next month. And it’s frustrating to me that people really do think they can’t pay their bills because of the government.
We have become a nation of debt. I think especially in my generation, people see debt as a financial tool. We expected to leave high school or college and live just as well or better than our parents. Since we could not afford that lifestyle, we easily “borrowed” into that lifestyle. We expect – and receive through borrowed money – instant gratification.
But it’s not just personal debt. Companies are relying on debt to meet payroll, pay the rent on their building, purchase inventory, and so on. When they can no longer borrow money, the tower begins to crumble.
And now here we are. People are losing their homes. Jobs, even so-called “secure” jobs, are being eliminated. Many people owe so much money they cannot see a way out.
Debt has a very powerful grip on this nation and it is painful to watch what this country is going through.
People You Should Know - Alan Zimmerman
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There’s nothing that frustrates me more than hearing people say:
I can’t do that!
I’ll always work in this low paying job.
There are no good jobs out there.
I’ll never have any money.
I won’t be happy until…
What a horrible day!
Every morning you wake up is a blessing and I encourage you to treat it as such. To quote Zig Ziglar, “Every day is a good day and if you don’t believe me, just try missing one!”
A simple change in attitude can cause great things to happen in your life. Dr. Zimmerman’s book, Pivot, is a life-changing book that I think every single person should read. Changing your attitude is the best thing you can do in your life and it doesn’t cost you a dime to do it.
CBS Story on Zimmerman and his book
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Quote of the Day
Another way to solve the traffic problems of this country is to pass a law that only paid-for cars be allowed to use the highways. Will Rogers
