Are you money smart or do you have money problems like most people? There are solutions to all money problems but some of them aren’t good options for your money problems. I wouldn’t say money management is the easiest thing in the world, after all even money managers go broke so it can be tough to manage your money. Money solutions are what you need and these money management tips will help you.
What ever your money problems are the management tips n this blog will help you to get more and save more money. Money and power seem to go together and I know when you’re broke you don’t feel as if you have any power at all. That’s why this blog is here, to educate you about money.
Everyone has debt, half the country has a mortgage and a lot of those people can’t pay their mortgages because of money problems they have now. Another thing almost everyone has is credit cards and you’ll find advice on credit cards and how to manage them to for you best interest. Another thing most people have is loans. Both secured and unsecured loans.
Many of us in this country are deep in debt because we don’t know how to manage money. Managing your cash and credit is something that should be taught in school. I’d say starting in the first grade is appropriate. We need to teach people they can’t spend money they don’t have and expect to pay it all off when their ship comes in. Unfortunately ships sink, get hijacked or breakdown so when you expect the money to pay your debts your ship didn’t come in and now you’re in real money trouble.
Education can stop a lot of the money problems people have. Don’t spend beyond your means and you won’t have to many problems managing your money.
I blame the banks and Wall Street for making money so complicated. 50 years ago money management was very easy. Not many banks issued credit cards and few people lived beyond their means. If you didn’t have the cash to pay for something you saved up until you did or you went without it. Now we live in a society that expects instant gratification and have no concerns at all about the problems this is going to cause. Eventually the instant gratification syndrome will cause more problems than it’s worth and they will have even less as it will all be repossessed.
Banks and Wall Street have also made mortgages very complicated. There are now so many different types of mortgages and options that it takes a money manager to figure out which one is best. Mortgage advice is something everyone should get before buying a home. If you get stuck in a bad mortgage you are stuck, that’s it. No one wants to buy a house that’s worth less than what’s owed on it so it’s impossible to sell. When that happens the only option is to refinance and failing that, just walking away is about all that’s left.
Yes, walking away from your mortgage will hurt your credit rating but you’ll recover in a few years. Take those years to learn to live within your means and when your credit gets back on the good side don’t make all the same mistakes again.
Like most people I’ve had money problems. I didn’t know how to manage money or credit and neither did my wife. When I lost my job in one of the 80’s recessions I had to file bankruptcy to save my house and vehicles. It was embarrassing, to say the least.
I’ve learned a lot about loans and money since then. I’m in good shape this recession because I only have one credit card and it has a 3K limit. My car is paid for and my heat, electric and water are included in my rent so I have 3 monthly payments, phone, tv and rent. My girlfriend and I pay cash for everything and pay the credit card balance off every month. I really hate to pay interest as it’s just lost money.
I’d like to figure out how to make people understand that the interest they pay on their loans, mortgages and bills is money they have thrown away. You see, instant gratification has a cost. What you are doing is mortgaging your future for some temporary happiness now but what you are going to get is tons of problems in the future.
As much as I hate to say it paying interest doesn’t make a lot of sense. If you’re paying interest on something it should be making you or saving you more money that the interest you are paying. If it isn’t that’s just another debt you are upside down with.
Money management tips make it easier to manage your money but if you’ve had no luck getting your credit cleaned up and haven’t become better at managing money you need to check out Credit Repair – Credit Secrets Bible as it’s one of the best at solving your money problems and getting your good credit back.
