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Tag: debt

Just because the average new college graduate this year will have over $30k in student loan debt does not make them bad.
The fact that they have no clue how to repay it effectively, nor the $10k+ of consumer debt, is bad.
That is why you should get your grad a copy of “Financial Mistakes of Young Americans” (available on this site or at Amazon) because the section “The 10 Minute Debt Plan” will show the most mathematically efficient way to pay down the debt, and give your grad a PLAN so they feel good about what they are doing.
The book also has a bunch of other valuable info to help them out, so splurge and spend the ten bucks to give them the guidance that they didn’t get in school.

There is now more student loan debt than there is mortgage debt in the US.

And credit card companies are now getting into the game.

This is bad and only going to get worse, mark my words.

Sound Bite: America was built by sweat, not debt!

After discussions with the editors and publishers there is an outside chance of Financial Mistakes of New College Grads having a new edition out this summer.  It would be 3.1, and will include the 5 Minute Debt Reduction Plan in the budgeting section.

Anything else y’all like to see in this version?  Last call!

Why is my credit all messed up?

Could be several reasons.  You might have too much debt.  That is one of the big ones.  Or maybe you have too much loaned out money to available credit (called utilization).  If you can borrow a ton and only borrow a bit it looks better than borrowing almost everything you can.

Other things: missing or late payments, too many open lines of credit (i.e. having a store credit card for everything from Vickie’s Secret to Sears an having four gas cards is not good).

One other thing: about 80% of credit reports actually have errors on them.  So check yours (do not use even if they have funny commercials as they are NOT free).  Click here for a resource

America: built on sweat, cheap prescription drugs without prescription not debt.

I am beta testing a free debt reduction software to provide feedback to the creators.  cheap drugs online Look for info on it here over the next few weeks, and acomplia for sale then access to it from propecia daily dosage Financial Mistakes to help you attack your debt!

“That which you own, ends up owning you.”

So proclaimed Tyler Durden in “Fight Club“.  And all too often this is true.  We spend years getting a degree, and it pigeon holes us into a specific field.  With six figures of debt.  We get the house we want, but it ends up getting us.  We have our dream job, but really the job has us because we are dependent on the benefits and pay check and the title and prestige.

So what do we do?  Do we blow up the condo and start fighting in back alleys?  Do we retreat to a mountain top and seek wisdom from the Jerry Garcia clone in Ziggy?   How do we re-take our freedom?

We need to break the cycle of dependence.  First, we need to be independent of the benefits from work.  Have your own insurances wherever possible, so if the rug is pulled out from under you it doesn’t trip you up.  Secondly we need to drive down the debt and create assets that produce income, income sufficient to cover what it takes to live.  See Tim Ferriss’ “4 Hour Work Week” for ideas, but be ready to do the most important thing.  Be ready to tell others “It just doesn’t matter.”  Give up the benchmarking against others, abandon the need for external gratification.  Just be you, and be content.