The Friday Gathering for 9/14/2007

by glblguy | Posted in Friday Gatherings | 12 Comments

Here’s a few of my favorite articles this week:

From the M-Network:

From my other favorite PF Bloggers:

Posts this week from “Little By Little” old me:

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We're #2 on the list??

by glblguy | Posted in Misc | 8 Comments

Bootstrapper has compiled a list of the 50 Top Business and Finance Blogs.  I’m honored to be #2 on the list!  I’m in good company as well with ChristianPF.com (#1), Free Money Finance (#6), Five Cent Nickel (#9), and The Simple Dollar (#10).

I strongly encourage you to visit the list and check out some of the awesome Christian blogs listed.  I added a bunch to my reader this morning!

Thanks Bootstrapper for compiling the list.  It’s truly an honor to be included amoungst what I consider some of the best PF blogs in the internet.

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How Do You Know You're in Debt?

by glblguy | Posted in Christian Debt Reduction | 18 Comments

See No Evil, Hear No Evil, Speak No Evil

Talking with some friends the other day, I came to realize that many people in debt aren’t even truly aware of it. How can this be? Modern society has somewhat changed the definition of debt or at the very least has managed to put itself into denial about about what debt truly is and means.

From wikipedia debt is:

Debt is that which is owed; usually referencing assets owed, but the term can cover other obligations.

I have spoken with a number of people who owe more than $30,000 on cars, owe more than 100% of their homes value on their mortgage and have credit card debt they don’t pay off monthly. The strange thing is when you ask these people if they are in debt, they struggle with the answer. They know they are, but have convinced themselves that the level of debt they have is normal and the people they feel are in debt owe way more than they do. This is called denial.

Here are a few signs that might indicate you are in debt and most likely in struggling:

  • You hide debt from your spouse or significant other
  • You carry a balance month to month on your credit card
  • You are living paycheck to paycheck and even using your credit card to carry you from one paycheck to the next.
  • You have bills and/or loan payments that are past due maybe by more than a month.
  • Collection agencies are calling you
  • Your net worth is negative
  • You lie awake at night wondering how you are going to pay the bills

If you answered yes to any of these questions, you have a debt problem. If you answered yes to more than one question, you might just have a serious debt problem.

Most people look for the easy or quick way out, but let’s face the facts:

  • Your long lost rich uncle isn’t going to die and leave you with millions
  • That eBay site you started isn’t going to make you millions in a couple of months
  • That stock tip your buddy at work gave you the other day won’t make you rich overnight
  • You won’t be able to call up your creditors and they’ll say “No problem Mr. glblguy, we just deleted all your debt. Thanks for calling.“
  • You won’t find a treasure map while digging in your backyard garden that leads to untold riches.
  • Continuing to think the problem will get better next month won’t get you anywhere.

Here’s the bad news: Getting out of debt won’t be easy. To be honest, it will take time and persistence and frankly be very difficult. The good news is you can do it, many many people have.

To get out of debt you need to recognize the problem, form a plan, and then begin digging out of debt slowly but surely(or as I like to say, little by little). As you begin to make progress you will see the light at the end of the tunnel (and no it won’t be a train). You will start to feel more in control, more confident, and feel the weight begin to lift off of your shoulders.

Ready to start? Ready to change your life? Well don’t just sit there, start right now!!

Studies show that by writing something down you are 90% more likely to succeed. If you’ve decided to get out of debt, please comment below. Place your commitment in writing and share it with others. If you were in debt and are now debt free, share your story in the comments to encourage others! If you blog, feel free to post a link about your success story or commitment.

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Get Rid of Your Debt Instantly!!

by glblguy | Posted in Christian Debt Reduction | 4 Comments

We decided to visit the fair last night. In the arena section of the fair, there is what I call a “vendor” section that is full of tables and displays for local politicians, government agencies and businesses. As we were walking by, a large green sign caught my attention. It read:

Get out of Debt
Eliminate all of your debt instantly!!
Everyone qualifies nobody turned down

I thought for a second about walking over and inquiring about the company just to do a little “heckling”, but decided I didn’t want to ruin the wonderful evening we had.

Let’s be clear on a few things:

  • A company cannot get you out of debt instantly - The reality is, while you can get into debt instantly, unless you have a large pile of cash laying around or some company is going to give you money for free you can’t get out of debt instantly. It takes time, discipline, sacrifice and hard work. Anyone who tells you otherwise is lying and either has not clue what they are talking about or they are trying to sell you something.
  • All of these companies are generally offering one of two things: 1) A debt consolidation loan or 2) An offer to negotiate with your creditors for a fee.
  • Debt Consolidation Loan - These can sometimes be a good option if the interest rate is lower than the rates on your current debt, you pay them off aggressively and you stop going further into debt. Many people make the mistake of consolidating their debt into a single loan with a reduced monthly payment only to turn around and use that “extra” money to go further in debt. The only advantage a debt consolidation loan can offer is a reduction on interest rate. If you are considering going for any other option, just say no.
  • Creditor Negotiation - There are in fact legitimate companies that do this. I’m not convinced they can do anything you couldn’t do yourself, but if you aren’t comfortable with doing this than they might be a good option. The problem is they charge you a fee, generally fairly high to perform this service for you. You also need to be aware that there is a lot of fraudulent companies that will take your money and do nothing for you. If you don’t believe me, just listen to some of the callers on the Dave Ramsey show that have been scammed.

I believe in the old saying “If it seems to good to be true, in probably is“. Don’t be fooled by companies that advertise such claims. Do your research, make smart decisions and don’t look for the quick way out.

Proverbs 28:22 says “A greedy person tries to get rich quick, but it only leads to poverty“. While you may not be trying to get rich quick, by using some of these services you are trying to get out of debt quick. Don’t make this mistake as it may only lead you into a worse financial situation.

Don’t try to get out of your debts as that isn’t honest. Romans 13:8 says “Pay all of your debts“. Incurring debt may not be a sin, but failing to repay what you owe is.

I would recommend you read over my article Get Out of Debt for a proven method of getting control of your finances and getting out of debt.

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A Night At The County Fair – Memories are priceless

by glblguy | Posted in Money Stories | 2 Comments

County Fair

Photo Copyright JennsPhotography

We decided to visit the county fair last night. We’ve gone over the past years more frequently then not and every time I go I continue to be shocked at how expensive it is.

We actually have a pretty decent little fair. There are lots of rides, food, and animals for the kids to see. Of course my kids love the rides, and my wife and I love the food! Did I mention how expensive it was?

Admission for all of us (myself, my wife, and our 6 children) was $28.00, which isn’t too bad, but that is just the beginning. Tickets for the rides are $1 each. Rides cost anywhere from 3-5 tickets. The little “kiddy”rides were 3 tickets, most rides were 4-tickets and the “big” popular rides were 5 tickets. Of course the more tickets you purchase, the cheaper they become. If I remember correct, 60 tickets were about $50. They also offered a “bracelet” that provides unlimited rides all evening for $15.00.

Being of the more frugal and calculating mindset now, we spent a good amount of time determining the best option. We calculated the number of rides each of the kids would ride and totaled it up. We decided the bracelets, even though we wouldn’t be staying real late were still the best option. Total for 5 kids $75!

This brought our total spent to $103.00 thus far. Not thinking, and subsequently kicking ourselves for it, we didn’t bring any water with us thus we ended up having to purchase a few drinks at *gasp* $4.00 a piece.

We ended up staying about 3 hours and honestly had a really good time. One thing that I think we as personal finance minded people need to consider is that the in return for the price we pay for something we often get more than just the service or item we paid for.

Our kids talked about the fair all the way home and while there I frequently heard them saying things like “remember last year when…” or “I look forward to this each year…”. I also watched as our 17 month old looked on in amazement at seeing county fair for the first time. The smiles and sounds of pure joy coming from her made me smile.

All of this made me reflect back to when I was child and my family would visit the local fairs where we lived. I remember sitting on the fire trucks, remember my favorite rides, and the wonderful taste of “elephant ears” (aka fried dough). Being the big kid that I am, I shared the “elephant ear” experience with my kids…they loved it.

Sometime in the course of the evening, I realized that the cost of something isn’t the only factor we need to consider in life. We created another memory last night and a memory that was well worth the price. I realized too that a visit the county fair has become a family tradition, one that extends back to my childhood. Trying to place a value on these memories and traditions is impossible and frankly just as waste of time.

I finally conceded that we were there to have a good time and that our evening at the fair was a memory my children will remember for the remainder of their lives. My hope is that they will carry forward our tradition and share it with their children. I also hope while doing so they can reflect back to our evenings at the fair, and maybe even share an “elephant ear” with their kids.

Even as frugal as we can be, I realized that sometimes we just have to set the money aside and enjoy the experience. The memories and family time we had last night were worth far more than the $130.00 or so dollars we spent. Memories are priceless and no mutual fund, 401k, or “hot stock” would ever be able to pay the return on investment we received from that $130.00 we spent last night.

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