How to get out of debt.
In my last post we discussed that, while education is definitely good, it is not wise to take out student loans unless there is a financial payoff for doing so. In other words, you need to increase your earning potential enough through your schooling that you can pay your student loans off in a reasonable amount…
My post “Do You Want Financial Security or the Appearance of Wealth,” originally published on December 30, 2013, was selected to appear on rockstarfinance.com, a site that describes itself as “A Collection of Awesome Money Articles.” In this post I introduce the old cowboy saying “Big hat, no cattle” and talk about how it relates to personal finance. If you…
When you could pay your way through college by waiting tables, the idea that you should “study what interests you” was more viable than it is today, when the cost of a four-year degree often runs to six figures. For an 18-year-old, investing such a sum in an education without payoff makes no more sense…
Drive-in banks were established so most of the cars could see their real owners. – E. Joseph Crossman, American businessman The Car Buying Process We established in an earlier post that we should avoid going in debt to purchase items that depreciate, or lose value over time. Cars depreciate very quickly yet most of us,…
An expensive car or home does not make one wealthy. In fact, the inverse is more likely true. –Richard Paul Evans, best-selling author. Some pretend to be rich, yet have nothing; others pretend to be poor, yet have great wealth. Proverbs 13:7 Some Old-Fashioned Cowboy Wisdom Big hat, no cattle is an old cowboy saying,…
“Probably the biggest cost that can wreak havoc on your financial future is to allow yourself to get saddled with credit card debt. There is no way you can get ahead of the game if you are paying 18 percent a year interest on your credit card… There are few “never” rules in personal finance,…
To repeat a line I have used with my children on occasion: “The short answer is no; the long answer is nooooooooooo!” We would all be better off without any debt. However, that doesn’t mean that all types of debt are equally bad. Some types of debt are definitely worse than others. Since virtually all…
Merrit H. Egan grew up on a dairy farm but claims his parents raised him to be great. He lived up to those lofty expectations by becoming a successful and prominent physician in Salt Lake City. Merrit and his wife had 11 children and they did their best to pass on the legacy of success…
“The most powerful force in the universe is compound interest” – Albert Einstein Take a minute to read the two questions below and estimate the answers. Don’t put too much thought in to it, or perform any calculations. Simply read the questions and write down your estimates: Starting on the day you are born you…
“I have secrets to unfold. But before we begin this journey together, you must appreciate that a secret’s value is not in what you know, but in what you do.” – Author Dan Millman in his book The Way of the Peaceful Warrior L. Tom Perry, currently a leader in the LDS church, tells the…
