Recently, I received the following question:
Dear Jason,
We are expecting to receive a lump sum payment of $65,000 in the near future. My husband and I are concerned about how to make the best use of this money.
Our question is this:
Is it better to pay off as much debt as possible, or to save the money in an interest bearing account and use the interest to pay down the debt? Our total debt is $150,000 including our car, home, credit cards, loans and medical bills. We have made financial mistakes in the past and we simply don’t want blow this money on unnecessary stuff.
Sincerely,
D.R.
Dear D.R.
This is one of those questions that we hear often. It is perhaps one of the toughest choices for people to make. Is it better to save the money or is it better to pay off my debts?
Read the full answer here:
This evening I was looking at a financial website that I like very much called creditboards.com . One of the topics asked for peoples’ opinion of financial guru Dave Ramsey. In the threads, a poster named Meathead left a link for this gem of financial wisdom.
Sometimes the best ideas are the simplest.
Enjoy!
Thanks to meathead at creditboards.com for turning me on to this. I had a pretty good laugh!
Do you have dreams of living the lifestyle of the rich and famous? Hanging out with the pretty people, floating along in your yacht without a care in the world? Well maybe that isn’t exactly the dream but plenty of people believe they will become millionaires within their lifetime.
According to an Ernst & Young International Intern Leadership study in Orlando, Florida, 59% expect to be millionaires within their lifetime.
So with that in mind, Barbara Reinhold of Monster.com gives us five habits that millionaires seem to follow.
Make these habits yours and you could be the next millionaire.
08/21/07
Bottom Line Improvements
So you got off your bottom and have been looking at your books and you have come to the conclusion that you need to improve your bottom line. But how? If you need a 10% increase in net income then it may be easier to make a number of small improvements than to make one huge change.
A 1% reduction in 10 separate expense items will be very mild. But a 10% reduction in supplies, for example, will feel a bit more drastic.
No doubt if you watch any television at all, you have seen the commercial with the whiny guy where he says “I’m thinking of a number…” Well, the commercial is a bit played by this point but the fact is that many of us have no idea what our credit score is. Some of us are afraid to find out and others have just not gotten around to it.
For many more the score is a complete mystery. The good news is that whatever your score, there are things that can be done to improve your credit rating.
Pages: 1 · 2
