Places to go: The Personal Finance Blogoshere

Posted on | May 15, 2012 | 1 Comment

Last week was a busy week for me but I had a chance to visit and support some of my fellow PF Bloggers. I didn’t submit to any blog carnivals, but I’m hoping to be featured next week. Check out the following Personal Finance Blogs below:

Edward Antrobus – wrote a blog post on earning extra money on Craigslist.  Edward explained how he earns money with gigs, and a strategy on how to response quickly.

Call Me What You Want Even Cheap – did a blog post on being grateful, the post makes you want to stop and think about appreciating the small things in life.

Married with Debt - blogged about various personal finance blog carnivals,  his post exposed me to new PF bloggers that I had never read .

 

Why being too broke for bankruptcy was good for me!

Posted on | May 10, 2012 | 6 Comments

           CNN Money just recently published an article called “Too Broke to go Bankrupt”, I thought this article was right on time considering throughout this month I will be blogging about different topics on the subject of DEBT.  The title of the article was eye catching, because one might ask how could someone be too broke to be bankrupt, wondering if that is even possible.  But the article is not discussing how one can be too broke, in regards to the amount of debt they have accumulated; the article is highlighting how some individuals cannot even afford to file or pay an attorney.

Why I understand

I understand this topic so well, because I personally experienced the same financial hardship at one time; and that’s what triggered me to write this blog post “Why being too broke for bankruptcy was good for me”.  Back in 1999 when I was having money problems, I had lost my job; creditors on my back with a debt load of only $5,000 in charge of credit card debt.  Now of course I can look back and say “only $5,000”, but during 1999 that $5,000 felt like $500K.  My only source of income was unemployment, I was getting $300 either every week or every two weeks I can’t remember, but the only thing I wanted was freedom from my debts and for me bankruptcy was the solution.  So what did I do I went to this so call superstar attorney that a few of my friends recommended who was only 5 minutes away, I waited in his waiting room for over an hour, just for him to tell me after only speaking to me for 20 minutes, he could not file the bankruptcy because I did not have enough to pay him or court filing fees.  I was floored and in panic mode, what was I suppose to do.  We’ll the short version of the story is nothing happen, no bankruptcy was filed.  After talking to a few of my friends and me explaining to them that my debts were only $5,000, many of them said it’s not worth it, and guess what they were right.

You never know what the future will hold

Back in 1999 when I was going through my financial hardship I never knew what future plans were before me.  I never would have never foreseen obtaining an accounting license, a securities license or an insurance license; because back then I just wanted out of my misery of owing $5,000 in charge off credit card debt.  What ever plans you have for yourself, ‘God has something else in stored for you and I’m glad I went forward with his plans instead.

What is the lesson

The lesson I learned during this my financial hardship were three tips that I advise to others:

2. Bankruptcy as a last option – Let bankruptcy be your last option and maybe not an option at all.  Your credit will be screwed for 10 years and if you can afford  an attorney the only person who benefits is the  attorney.  If an attorney can figure out that you can afford him and the filing fees, he’s not going to talk you out of not filing.
3. Learn the laws - There are laws in put in place to help consumers from intimidating debt collectors, collection agencies cannot threaten or intimidate consumers.  Go to www.ftc.gov to learn how you can protect yourself.
4. Learn the principles - Begin to learn and understand the principles of financial literacy, I didn’t know how to follow a budget or create an emergency savings, for myself and didn’t seek to learn how until it was too late.  I was spending money as if my job was going to last forever.  Lesson learned!

 

 

Blog Carnival for Young Adults

Posted on | May 6, 2012 | No Comments

I got a chance to contribute to Financial Carnival for Young Adults – 11th Edition, hosted by 20′s Finances.  Don’t forget to check out the other bloggers who contribute as well.  See here.

How to recognize the signs of Debt Related Depression

Posted on | May 4, 2012 | 5 Comments

It’s no secret or fallacy that Debt Related Depression does not exist, and statistics show that 8 out 10 families  have one or even two family members who may be suffering with Debt Related Depression without getting help.    Many individuals ignore the warning signs, and do not get help.  Individuals, who put off treating their Debt Related Depression Symptoms, may experience constant fatigue, panic attacks, anxiety disorders and even suicide.

Discussing Debt Problems

Before an individual can begin to ask for help or seek help, he or she has to admit they have a debt problem.  Individuals who accumulate debt and are unable to eliminate their current or past due debt, always want to blame their debt problems on external factors; for example the lost of a job, a love one, or even society.  Blaming others and not admitting that you have a problem, will only cause a delay with you getting or seeking help.  Debt problems cannot be eliminated overnight, and many people need to understand that reality in order to see the light at the end of tunnel.   Expecting overnight results for a long term problem will only lead to an immediate disappointment.

Steps for handling Debt Related Depression

                If you are seeking some relief for DRD and you want to take control of your life.  Here are 8 steps to assist in the process.

1. Seek help – find someone who specializes with dealing someone who suffers from Debt Related Depression.  Attempting to do it alone can be overwhelming, especially if you have thoughts of suicide.
2. Stop Spending – if you have access to credit or money, stop spending.  Adding to the problem will only make things worse, some people truly believe living paycheck to paycheck and being in debt and depress is a normal way of life.
3. Unrealistic goals – don’t expect to get out of debt overnight, put together a long term strategy if you’re doing it alone without professional help.
4. Don’t Ignore Symptoms – recognizing the symptoms are key, many substance abuse habits are cause by ongoing and long term depression.
5. Asks your employer – Seek help from your employers HR dept, many companies understand that employees who have problems with debt are prone to take part in embezzlement or any other illegal financial schemes.
6. Don’t ask for money – Be cautious about asking family or friends for money to get you out of debt.  If you don’t have a plan to pay individuals back the end results will not be nice.  It could even lead to being sued.

Week: 1 Debt Relief for the Month and Debt Quotes

Posted on | May 3, 2012 | 2 Comments

The month of May begins my new series of personal finance topic theme articles and for the month of May I will be writing a series on DEBT.  The dreaded word debt that no one wants to talk about it, I will be writing about different types of debt, how to eliminate debt, how to manage current debt and student loan debt. 

Here are 15 quotes on debt: 

1. The only man who sticks closer to you in adversity than a friend is a creditor.  ~Unknown
2. It is better that you should not vow than that you should vow and not pay. Ecclesiastes 5:5
3. Before borrowing money from a friend, decide which you need most.  ~American Proverb
4. In God we trust; all others must pay cash.  ~American Saying
5. Promises make debt, and debt makes promises.  ~Dutch Proverb
6. Debt is the worst poverty.  ~Thomas Fulle
7. Creditors have better memories than debtors.  ~Benjamin Franklin
8. No man’s credit is as good as his money.  ~E.W. Howe
9. When a man is in love or in debt, someone else has the advantage.  ~Bill Balance
10. There are plenty of ways to get ahead.  The first is so basic I’m almost embarrassed to say it:  spend less than you earn.  ~Paul Clitheroe
11. Pay every debt as if God wrote the bill.~Ralph Waldo EmersonIt is better that you should not vow than that you should vow and not pay. Ecclesiastes 5:5
12. Owe no one anything, except to love each other, for the one who loves another has fulfilled the law. Romans 13:8
13. The rich rules over the poor, and the borrower is the slave of the lender. Proverbs 22:7
14. Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. Romans 13:7
15. The wicked borrows but does not pay back, but the righteous is generous and gives. Psalm 37:21

Career Day and Financial Literacy

Posted on | May 1, 2012 | 2 Comments

April 30 was the last day of Financial Literacy Month, and I have to say it was a busy one for me.  I had the opportunity to speak to three elementary schools in East Orange, New Jersey.  The group of kids that I spoke to ranged from 4^th to 5^th graders and I was amazed of the response I got from the students, when came to money.  When I spoke to the students I began my speech with a question, What is money?  I also explained to the  students three things I wanted to share with them points about money, and that was (1) How to save money,  (2) How to respect money, and (3) How to spend money.   I’m glad I took part in the event, and guess what I was invited to provide a workshop to a group of students in the city of East Orange, this upcoming Saturday May 5, 2012.   Here are some pics, list below of the event.

Money Smart 4th graders at Gordon Parks Elementary

The staff and other speakers at Langston Hughes Elementary

Student Loan Interest Rate Hikes, What do you think?

Posted on | April 29, 2012 | No Comments

In the next coming months the current subsidized student loan interest rate of 3.4 percent will be expiring  and the new increase tax rate will be 6.8 percent.   The increase interest rate hike could increase some student loan payments an extra $1,000, which could impact 7.4 million students according to the White House.  Read more.

Are you a Social Group Buyer or Provider?

Posted on | April 20, 2012 | 2 Comments

I was recently listening to a podcast for small business owners, regarding the pros and cons of providing your services or products to social group buying sites.  If you’re not a familiar with the term social group buying the term is referred to for sites such as, Living Social, Groupon, CityDeals and a host of others.   Now I can understand the benefits of the social group buying from both sides, from the business owner stand point and as a conscious spending consumer.

Business Provider

As a business owner who provides a service, the social group buying business model does not fit my business.     When you decide to enroll as a servicer of one of those sites you are commoditizing your service or product offerings.  And when you are viewed as a commodity to a consumer, the offerings you have whether it is a service or product loses value.  Commodity based services or products are viewed as just one of the others, in the eyes of the consumer; which in turn means they want to discount what you have to a lower price to meet their needs.   If you are thinking about being a provider to a social group buying site, here are four tips that a business owner should consider:

1. Know your Business Margins – some social buying sites, delay payments for up to 90 days.  For a struggling business owner with slim profit margins, waiting 90 days to receive a payment could be deadly.  Make sure you have a cash reserve to keep you afloat until you receive the payment.
2. Marketing – are you interested in exposure, for your products and services.  Or are you only interested in getting your business in front of a larger audience, if that is your intention always keep the customer in mind.
3. Educate your Staff – Your staff should know your service or product offerings by hard.   Make sure there are scripted procedures on how to handle all types of customer questions.
4. Be Strategic on the Up sell – Business owners love to up sell to customers, but most customers already have a price in mine that they want to pay, so be cautious to not insult or show insult just because a customer may not be interested in your offering.

Conscious Consumer

If you are a deal seeker like me, social group buying sites are ideal; but I have to admit I do not use these sites when I’m looking for deals.  I still prefer the Clipper Magazine, Money Mailer or Val-Pak, the reason why is because many of the deals on the social group buying sites do not have the local deals for businesses that I’m looking to patronize.   I find many of the interesting deals are too far for me to redeem my online coupon, and why bother by the driving hassle.  But if you are a consumer looking for online deals and who patronize these websites here are 4 tips consumers should consider:

1. Read the Fine Print – What day is this deal good for, are weekends or holidays excluded; or is the coupon only for a certain service or product offering.
2. Money Back Policy –What is the money back policy if you are unsatisfied, will the social group buying website refund your money; if you are not satisfied with the retailer or service provider.
3. Upgrade your offer - Find out if the merchant will upgrade your discount for something better at the establishment, if you are unsatisfied with what is included with your online offer.
4. Comparison Site Check – Compare other social group buying sites to one another, to see how one site compares to the other.

Blog Carnival Time

Posted on | April 11, 2012 | 2 Comments

I got a chance to be featured in my first personal finance blog carnival hosted by Passive Income to Retire.  This was the Carnival of Retirement – 14th edition.  Listed below are some of the other bloggers featured, don’t forget to check them out.  Click link below.

Carnival of Retirement – 14th Edition

4 I-phone Apps to Assist with Taxes

Posted on | April 11, 2012 | 1 Comment

If you’re a person on the go and you do everything with your smart phone, at least I do.  There are 4 FREE  Apps that you can use on your I-phone to assist you with getting your taxes together.  Now it will not replace your need for filing a tax return or hiring someone,  but  if you’re a DIY’er and you need to have everything in one place, then these free apps are for you.

1.       IRS2GO – Is a free app to assist tax payers with any information they may need from the IRS.  If you need to know when you will get your tax return, need a  tax record from a previous year or you want to get the latest news then this app is for you.

 2.       TaxCaster – want to estimate your tax liability and see if your going to get a refund or going to have a tax bill.  TaxCaster is a free app created by TurboTax, you put in all the pertinent information that they ask, for example information on you , your income and deductions.  From that point you get an estimated of your tax situation, the app does encourage you to upgrade to their TurboTax Snap tax to continue and file the return.

 3.       Shoeboxed – is a receipt tracker, the free app allows you to take pictures  of your receipts, so you can keep a detail expense report for tax preparation.  Shoeboxed is also compatible to work with Quickbooks, Quicken and Freshbooks.

 4.       My Tax Refund  - this app created by Turbo Tax  allows you to check the status of Federal tax refund, although the app is free, many of the good features are limited and are only available if you are a Turbo Tax user.

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