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Boiled Down Money Goo

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Boiled Down Money Goo

Tag Archives: get out of debt

Middle Class Losers?

04 Wednesday Jul 2012

Posted by moneygooguru in Debt, Growing Wealth, House, saving money

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financial challenges, get out of debt, housing bubble, market crash, middle class, rich getting richer, weather the storm

We just read yet another financial article, The American Dream Shrinks, that says how the middle class are getting poorer and the rich are getting richer. That may be true, but one doesn’t necessarily result from the other.

The fact that the middle class is getting poorer is not because rich people are taking our money. We (the authors) are middle class, yet we are not poorer since the national financial fiascos starting in 2007 (initially, yes, but not once the storm calmed). In fact, we bought a house at the height of the housing “bubble” and actually paid it off during the recession.

Yes, we lost half of the money we had in the stock market. And our house value slumped. But in 2007 we had no other debt but the mortgage, no car payments, no student loans, no credit card debt or any other payments. Granted we’ve been able to keep our jobs while we continued to live cheap, drive older paid-for cars and save. All the extra money we could squeeze out of each month’s budget we put on the house.

The stock market has made comebacks since then. So overall, we’re at least where we were in 2007 or better. But the point is – we did not end up poorer, because we’ve finally wised up about preventing others from taking our money (usually in the form of interest payments, but also in frivolous purchases).

Job losses, health issues and other crises can bring on financial challenges, even disasters. But it doesn’t always have to be the case. With no debt, it is much, much easier to weather the storms.

If the rich are getting richer, it’s only because they have figured out how to weather the storms. Understand this: Rich peoples’ houses (if they are big and fancy) can drop in value way more than modest sized houses after a bubble burst and are harder to sell. Rich peoples’ stock market investments drop as much as they do for the rest of us in a crash too. They’re not immune to economical disasters, usually just better prepared for them.

And that can be us – prepared for the bubble bursts, the job losses, the market dips and other unexpected hits to our finances. The first thing to do is get out of debt! It’s surprising how little you can actually live on if you have no debt.

We know a couple who has very little debt other than the mortgage. The husband lost his job. The wife works just thirty hours per week. They can still make their house payment and even continue to save some money on one income because their debt level is so small.

Getting out of debt is the only way to go, folks. Let’s quit blaming the rich for making us poor. Because it’s really not them doing it.

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Debt Free Loser

12 Monday Mar 2012

Posted by moneygooguru in Debt, House

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dave ramsey, debt free, get out of debt, pay off car, pay off house

Who knew there is a right way to get out of debt?!

We have always been huge fans of Dave Ramsey, yet along the way we have noticed that he is as rigid as a square. Always doing things the safe way. Like a drug counselor, Dave assumes that everyone in debt is a debt addict and must avoid it at all times. Maybe it’s because he gets tired of giving good advice, only to watch people not follow it.

We have found that many people just need to start paying attention to why they are negatively charged! Once smart folks start paying attention, they figure out the right things to do and then do it. Hello hero, goodbye zero.

Take us for example, we got out of debt in a strange order, yet we still got to the finish line in the same amount of time. First we paid off the credit cards, then the house, then the car. Why in that order? So I (Deborah) could reduce my work hours without fear of a looming mortgage. The order of debt payoff was based on lowering all of the risks, not just the lowest remaining debt. A large mortgage payment scared me more than a small car payment. And working full-time while someone else gets to spend most awake hours with our daughter bugged me. I wanted to cut back on my work hours. Weird, huh?!

Factor in all the risks before making any decision. Things can be replaced, people can’t.

Talk about ironies. Getting a car loan (so we could mail a check to pay off the mortgage) kept us off the Dave Ramsey show. We were scheduled to shout “we’re debt free” on Dave’s radio show a while back and the producer declined to have us on the air because “Dave wouldn’t like” how we got here. Hey, but we’re debt free – does it really matter how we got there! Who knew that we were debt free losers?

We still love ya, Dave.

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Remember Disco?

29 Tuesday Nov 2011

Posted by moneygooguru in Fun

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disco, disco ball, get out of debt, get radical, polyester shirt, retirement, savings

Do you recall this jivy, bouncing music? If you’re old enough to remember a lot of the good rock bands bowing to the disco gods, then you’ll also remember becoming more and more disenchanted with rock music about that time. Can’t say I ever loved disco music, in all its goofy glory. But it had some fun moments (maybe it was the beer though!).

Too bad your savings and retirement planning didn’t survive the polyester shirts and tight pants. Or maybe you forgot your retirement planning with the busted disco ball in the basement closet. Either way, back when you were hearing “Shake Your Booty” you should have been saving your looty.

But if you’re anything like me, those days are a bit of a blur and your retirement account is asking for a couple of aspirin.

Not to worry. It’s never too late to get radical on getting out of debt and then saving like crazy. And I mean extreme if you remember disco music and you’re still behind the disco ball in your savings. If you need some ideas on how to get drastic, there are lots of ideas and resource links on this website or try some Boiled Down Money Goo, tips for propelling your financial future.

So…let disco come back in style. This time, you’ll be able to afford those frilly but fake polyester (real silk) shirts and look just as goofy in style. Oh, and here’s a little update on what the new disco could sound like (or what the old disco should have sounded like).

Dig this groovy tune?  Listen to or download the entire song at Box.net (click here).

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Get so radical that the dog is scared

24 Thursday Nov 2011

Posted by moneygooguru in Debt

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broken wing, debt, get out of debt, missing pieces, radical about debt, road pizza, sell everything, start over

The quickest and most radical way to get rid of your financial balls and chains is to go nuts to get out of debt in any and every possible way – even if it means selling everything and starting over.

Fight your way free of debt like a bird caught in a net. Chew off your foot like a badger in a trap. Better a broken wing or missing pieces than ending up as road pizza!

Peace is a lot nearer than you think.

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What’s wrong with a little debt? Everything!

21 Monday Nov 2011

Posted by moneygooguru in Debt

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bailout, bankrupt, debt, financial bondage, get out of debt, government bailout, no debt, slave to the bank, wake up call

Do you realize that many people have not read a non-fiction book since high school? In contrast we’ve read that millionaires typically read several books per month. Hmmm…does it really make a difference? Let’s see…books, or the television and radio. Da! Why do we keep falling for the “buy, buy, buy” pitches?

We can guarantee you this: Most of what is said on the television and radio about money is a scam, a lie, deceitful, B.S., and not wise – designed to keep us in bondage. To make us want to buy, buy, buy. To make us slaves to the banks and to our stuff. That is why Americans are in so much debt – we’ve fallen for witty marketing.

We’ve been trained that this is how you “get ahead.” You borrow for anything and everything you want. Don’t wait, don’t save, don’t sacrifice. Have it all now. Have more than our grandparents ever did before we’re half their age! And if we get in over our heads, hey, just file for bankruptcy and walk away. Pass it on to our kids and grandkids to clean up.

Come on people, let’s wake up! Don’t expect the government to fix our stupidity like an enabling parent. Where do you think their money comes from anyway? We pay for all government bailouts.

Debt is unintelligent and the surest way for us to be broke and powerless. Debt is killing us. Please, let’s stop doing it now. How many second chances will we get?

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