|
by Joseph T Farkasdi
In this era where we are bombarded daily with commercials on television, radio, billboards, through email, not to forget the flyers slipped under the car's wiper blades while shopping at the mall, it's no surprise that so many of us find ourselves endlessly in debt to the services and products offered by others. How can we refuse, when we're baited with the juicy orange carrot of '0% APR' up to a certain amount or for a specified time, or 'no money down' and 'easy installments' of just so much per month.
|
|
FREE Bankruptcy & Credit eNewsletter |
|
|
Before we know it, we're in debt. We have credit card payments, consumer loan payments, car payments, a home mortgage, and only enough money coming in to pay the minimum amounts each month. Then, we start noticing a different set of ads being directed at us from every marketing angle imaginable. Get a home equity loan and pay off your credit cards, some suggest. Start your own home business using our 'unique, proven' system, and all your financial problems will be gone before you know it. But, are these really the solutions that most of us so desperately need?
Far too many of us are as quickly bought by these financial rescue ads as we were bought by the ads that inspired us down the road to financial trouble. And, when we've tried more than one and found ourselves still dealing with monthly minimum payments or even possibly just finding ourselves deeper in debt for having tried so many systems, we end up asking ourselves what were doing wrong. Some who are financially struggling do take the route of taking a loan to pay off the loans already made with others, and get the instant gratification of available credit all over again. Or building a home business that does generate a positive return of some sort, giving them more financial freedom to spend freely on themselves and their loved ones. But, by doing this, are we really resolving the problem? And, what about those that don't have or want these options - regardless how many happy testimonials from clients are shared?
Not everyone owns a home or, for the ones that do, may be leery about the idea of taking out a massive loan to pay off many smaller loans. Not everyone wants to start a home based business, they just want the freedom that comes with not having a lot of debt every month. And, most importantly, the quick fix solutions to life's financial troubles doesn't give any insight into how we got ourselves into this financial situation in the first place, and how to avoid it now that we have the spending capital that comes with available credit again. So, for the many of us who are seeking a genuine solution to our financial woes, what is the answer we're looking for?
The answer may be a lot closer than we think. It first starts with developing awareness of where our paychecks are going and to whom. Yes, the ol' balance sheet thing, where we keep a detailed log of our spending activities. And, where we determine by simple addition just how much we presently owe to those who have loaned us money for life pleasures and necessities. Now that we know where we actually are, we can now determine just where we want to be. But, just doing this doesn't solve the problem. Rather, we've managed to illuminate it, so what do we do from here?
For starters, get the financial knowledge that we so desperately need to stop the growing cycle of debt building, and start eliminating the troublesome debts that consume our paychecks month after month. Fortunately, this knowledge is not that hard for us to find, if we know where to look. There are non-profit organizations advertising on television and radio that are devoted to helping people consolidate there debts, and this is a start. Other sources require a purchase of there educational media or encourage membership in their organization for a nominal fee, and the information provided can be more than worth the small investments if the teachings are taken seriously and applied to one's real life budget.
Maybe the solution is literally as simple as the way one teacher on the subject puts it: "If you don't want to make the hole that you've dug for yourself any bigger, then stop digging!" Sure, this may mean having to do without some of the latest technological gadgets, or having to discipline yourself into putting a small amount of the monthly paycheck into a savings account. But, any step that will allow us to keep more of the money we've worked so hard for is a step in the right direction. Then, comes the focus on eliminating the burdensome debts that are already weighing us down. And, it may take awhile. But, isn't the freedom to do what we want with our money worth the effort and time?
After freeing ourselves from the obligations to creditors and banks, the money once spent on debts needs to go somewhere. Maybe it's now time to consider investing this money into stocks or real estate or, possibly, even a business that in time will generate a positive return on our money. This, too, will require some education into the what and how of making wise investments. But, the information is as readily at hand for those who are ready as the solutions to relieving debt.
Then, comes the need to assure ourselves that we won't fall back into the monthly drag of giving away our money to the advertisers that so diligently entice our attention. Resisting the urge to buy into costly items is one way of dealing with this. But, in a land of prosperity such as ours, is it really necessary to live frugally? There may be yet another way. How about buying the assets that will generate an income that we can then spend on these desired possessions?
Not necessarily a novel or new concept, but.... How many of us struggling monthly with debts ever considered the possibility that we really have the opportunity to reach this point? Regardless our present status in life, what can we really achieve with just a little awareness, thoughtful planning, and the knowledge of what to do and when to do it? For those who are seriously looking, there is a way out of debt. And, though each person's situation may be slightly different, the steps that are outline above have been used and proven to be effective by countless individuals who live financially happy lives. Just check out their ads!
About the Author
Joseph T Farkasdi is the President of JtseF, Inc. and is a member of the Financial Freedom Society. He is an entrepreneur who is committed to helping others achieve the financial lifestyle they desire. For more information on eliminating debt, visit http://www.jtsef.com/financial.htm .
GettingOutOfDebt
Article Source: http://www.jtsef.com/articlesfromthepresident.htm
|
 |
| |
|
|
|
Quality free consumer information on bankruptcy & credit is hard to come by these days, let alone expert advice. Sign up and get this free newsletter and guide to understanding bankruptcy and credit and start getting your life on the right track. If you have any questions, you can also Talk to an Expert about your situation. So sign up for the newsletter or contact us and we'll find the best expert in central Ohio to fit your needs.
You will NOT find this quality of free bankruptcy and credit information from professionals anywhere else. Professional level advice brought to you FREE as an effort from our network of central Ohio professionals.
MORE FOR YOU!
Expert advice from Local experts.
Dont forget....You'll not only get this initial guide to bankruptcy, you'll also get our monthly newsletter that targets your needs and interests, giving you advice and strategy on how to manage your financial condition, grow your personal wealth, and put you on the path to total financial independence. Expert advice from local experts for you the central Ohio consumer- oh, and its FREE.
By signing up for our FREE Bankruptcy & Credit Guide & Newsletter...
...you'll receive targeted daily reports pertaining to the important topics that relate to your credit and bankruptcy. Get the Information you need on bankruptcy, your next steps, and how to rebuild your credit that will give you peace of mind today and you can get on with your life.
Whether you are just trying to understand bankruptcy, are currently in the process of filing for bankruptcy, or simply just want to know how bankruptcy and credit interact, this newsletter will give you the information you need have before consulting with a lawyer or financial planning professional. With your newsletter you will begin to learn about the following topics and much much more in your bankruptcy and credit newsletter:
- Understanding the bankruptcy process. This is your bankruptcy and credit primer. You get the facts and start to understand the whole process of filing for bankruptcy.
- How to choose the right filing - chapter 7 or chapter 13 bankruptcy. We do a head to head comparison and show you the filing that may be right for you.
- Protecting your home. How can filing for bankruptcy help protect your home - this newsletter will help answer your questions.
- Rebuilding your credit after a bankruptcy. We'll show you the steps you need to take to rebuild your credit after a bankruptcy. Get more information and the knowledge you need to be an educated consumer and sign up for your Free Guide to Bankruptcy and Credit Today
|
|
***Please note all information we collect at RightWay is held in strict confidence. We do not sell or share our customer list with any other entities under any circumstances. |
|
| |
|
 Can't find what your looking for? Go to our article archive and check out some of our past articles. You can also sign up for a newsletter:
Article Archive
Newsletters |
|
|
 |
|
| Consumer Financial Education. Get your financial bearings in your foundation classes, do research in our research and glossaries section, use our calculators or sign up for our Money U Newsletter. Check it Out! |
|
|
GE to Acquire Stake in Panama Bank (AP)
AP - Diversified conglomerate General Electric Co. said Thursday that its consumer finance subsidiary would acquire a 49.99 percent stake in Panama's BAC International Bank Inc. for an undisclosed sum to boost its presence in the Central American financial services market.
Mortgage rates rise 1st time in 6 weeks (Reuters)
Reuters - Average U.S. interest rates on 30-
and 15-year mortgages rose for the first time in the last six
weeks, but mortgage finance company Freddie Mac said on
Thursday rates will hover near historic lows despite the
increase.
Rates on 30-Year Mortgages Increase (AP)
AP - Rates on 30-year mortgages, after falling for five straight weeks, edged up a bit this week, reflecting in part indications that the recent economic slowdown would be short-lived.
GE unit to acquire 49.9 pct BAC (Reuters)
Reuters - General Electric's GE Consumer
Finance unit said on Thursday it would acquire 49.99 percent of
BAC International Bank Inc., a privately held retail bank and
credit card issuer based in Panama, allowing it to expand in
Central America.
Fannie Mae to Miss Deadline for 1Q Report (AP)
AP - Embattled mortgage company Fannie Mae said Wednesday that it is again missing a regulatory deadline for filing a financial report, this time for the first quarter, because of the reworking of its accounting amid an investigation by federal regulators.
Financial blogs multiply (Reuters)
Reuters - The blogosphere gives me a headache!
Home Mortgages (AP)
AP - Home Mortgages
Aegon's 1Q Profit Increases 5 Percent (AP)
AP - The Dutch insurer Aegon NV said Wednesday its first-quarter profit rose 5 percent, with underlying growth in its U.S., Dutch and Taiwanese life insurance businesses.
Ford Adjusts 2Q Guidance for Tax Refund (AP)
AP - Ford Motor Co. on Tuesday changed its earnings guidance for the second-quarter of 2005 because it expects to receive a tax refund during that period instead of the fourth quarter.
International Fund Closes to New Investors (AP)
AP - Julius Baer's all-cap international equity fund has been wildly successful over the past few years, so much so, the company has shuttered it to new investors. But new customers can get access to its winning management team through another soon-to-be launched fund.
Australia announces sweeping tax cuts, "welfare-to-work" plan in budget (AFP)
AFP - Australia's conservative government have announced a budget intended to take thousands of people off welfare and put them to work so as to meet the challenge of an ageing population, along with income tax cuts worth 21.7 billion dollars (16.8 billion US) over four years.
Block to Settle Suit Over Loan Program (AP)
AP - H&R Block Inc. has tentatively agreed to settle a class-action lawsuit over its tax-refund loans for $360 million.
Consumer Borrowing Increases in March (AP)
AP - Americans increased their borrowing for auto loans and other types of consumer debt at an annual rate of 3.1 percent in March, the smallest gain in four months, the Federal Reserve reported Friday.
Greenspan Warns on Fannie, Freddie Again (AP)
AP - Federal Reserve Chairman Alan Greenspan issued a fresh call on Thursday for Congress to limit the multibillion-dollar holdings of the mortgage giants Fannie Mae and Freddie Mac, warning that their huge debt could hurt U.S. financial markets.
Friedman Billings Ramsey 1Q Income Drops (AP)
AP - Friedman, Billings, Ramsey Group Inc., an investment bank and brokerage, said Wednesday its net income fell 72 percent in the first quarter, hurt by acquisition costs and reduced income from mortgage-related investments.
Feast or Famine at SYSCO? (The Motley Fool)
The Motley Fool - SYSCO (NYSE: SYY - News) is one of those old-standby stocks that a lot of magazine journalists and TV financial advisors love. The base business is easy to understand, the company dominates its industry, and the stock has rarely gotten hammered by the market for any extended period of time. So it's the perfect type of stock to recommend if you don't want your picks to come back and haunt you.
Dow Ends Up 122 Points As Oil Prices Skid (AP)
AP - Wall Street ended a volatile week with a big advance Friday as oil prices tumbled below $50 per barrel and jittery investors took solace in a pair of economic reports that eased their inflation concerns. The Dow Jones industrial average gained 122 points for the session, but the major indexes finished the week mixed.
Regulator Probe Lenders on Discrimination (Reuters)
Reuters - New York's Attorney General Eliot
Spitzer is investigating mortgage lenders to see if they
discriminated against minorities by charging them higher
interest rates and fees, a spokeswoman for the attorney
general's office said on Thursday.
Amazon Posts Lower Profit, Stock Slips (Reuters)
Reuters - Amazon.com Inc. on
Tuesday posted a lower quarterly profit as the online retailer
racked up higher costs from discount and free shipping
programs, increased technology spending and paid higher taxes.
New Home Sales Surge, But Confidence Ebbs (Reuters)
Reuters - Sales of new U.S. homes surged to a
record in March as buyers looked to stay ahead of rising
mortgage rates, overshadowing a drop in consumer confidence
this month to the lowest level since November as Americans
struggled with higher gasoline prices.
|
|
|
Get the FREE Bankruptcy & Credit Newsletter from local experts! 
