Psychology and Money – If You Know Something Isn’t Good For You, Why Do You Still Do It?

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I’ve long been a fan of dealing with the psychological and behavioral issues related to how we manage money. It’s the things we do with money that take us to where we ultimately end up. One of my favorite websites is The Psychology of Money. I also like Psyblog – Understand Your Mind. 😀 Having recently stepped up my efforts to lose weight and become healthy, I’ve been facing my own behaviors when it comes to my eating habits. I have a history of binge-eating which has ultimately led to this vicious cycle most people know as the “yo-yo diet” […] Read more »

Dealing With Student Loan Debt

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student loans

  If you have student loans from attending college (Let’s hope you don’t) and you’re a recent graduate, you might be a little concerned about how you’re going to get that student loan debt paid back. As college tuitions have risen over the years and starting salaries have remained flat or even gone down, it has become much more difficult for many people to meet those huge student loan obligations and get them paid off in a timely manner. Total student loan debt is now over $1 Trillion and even exceeds total credit card debt according to Allie Johnson at […] Read more »

If at First You Don’t Succeed, Try, Try AGAIN!

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Are you a debt-hating maniac like I am? Are you successfully working your way out of debt so that you can live a less stressful and more financially productive life? If you’ve been reading this blog for any time at all then you probably know I believe more than anything in your ability to eliminate the debt from your life. Keep chopping away at your debt and one day you will reap the rewarding benefits of that freedom. Unfortunately, some people never find their stride. They’ve tried everything they possibly could, yet getting out of debt seems so unreachable to […] Read more »

To Mortgage or Not to Mortgage?

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When some people say they are debt free they mean they have absolutely no debt. Other people mean that they are consumer debt free and have paid off all debt except their house loan. Recently I had a reader ask me if she should purchase a home with a loan or if she should save up and pay for the home in cash. Surprisingly, I said, “It depends”. This may be confusing to some readers as I’m known to say things like, “Debt is slavery” and “Avoid debt like the plague.” Here are some reasons you might actually want to […] Read more »

Debt Free News #24 – Jeff Lundberg

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The Enemy of Debt Questionnaire – Congratulations to Jeff Lundberg! How much debt did you have and how long did it take you to pay it off? We paid off over $65,000 in 22 months. How does becoming debt free actually feel? Does it feel better than you imagined it would? We paid off our last debt (besides the mortgage) last month. It feels great! We’re very excited to start building wealth and being able to give!? What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost […] Read more »

The Four “P’s” of Debt Reduction

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The process of getting out of debt is as much physical work as it is mental. Making changes in our life style and our mindset is such a difficult but important step. I have found that there are four very important aspects to this process that need to be remembered and achieved in order for you to reach the level of success that you strive for. Those aspects are the four “p’s” of debt reduction Positivity Planning Practicality Perseverance Like many of you, I am in a great deal of debt. In fact, I am in more debt now that […] Read more »

You Definitely DON’T Need a Credit Score

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This guy thinks he needs a credit score

Do you have a credit score?  Probably so.  Do you have any idea what your credit score is?  Maybe you do, maybe you don’t.  Do you really believe that it’s totally necessary to have a credit score?  Most people do, and I think they are wrong. First, let’s take a quick look at exactly what your credit score is and why you have one.  Your credit score, also known as the FICO score, was created by the Fair Isaac Company (Thus “FICO”) to estimate a person’s credit worthiness.  Your FICO score is really just a number that tells people how […] Read more »

What Will You Sacrifice for Freedom?

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C-H-A-N-G-E. People hate it! People hate having to change anything, sometimes regardless of the benefits that lie ahead. Change is uncomfortable and sometimes a little scary. The fear of having to face something unfamiliar can often paralyze us into inaction. Sometimes change is forced upon us and sometimes the choice is our own to make. So whether we like it or not, change is a very big part of who we are. We may as well embrace it. In terms of personal finance, change is constant. And when it comes to debt change can save you from financial destruction. Nobody […] Read more »

Debt Free News #23 – Serguei Merzliakov

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The Enemy of Debt Questionnaire – Congratulations to Serguei Merzliakov! How much debt did you have and how long did it take you to pay it off? Took a relatively small 20k loan to finance my nightschool studies (professional education with chartership at the end). Took 4 years of sweat to repay it as I became unemployed in year 3. Used advice from Eliminate the Muda, Wisebread, and The Motley Fool. Finally, going shopping with the list and not being afraid to donate old things (without replacing it) was also helpful – gave me understanding of my own spending habits. […] Read more »

Failing Financial Literacy?

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Financial Literacy Month is a great time to take a look at how we are doing when it comes to making the grade with our financial knowledge. Millions of Americans are failing miserably and among them, are college students. With little financial finesse and the freedom to make their own decisions many are starting their financial lives in need of debt help. Researchers from five American universities recently conducted a survey on credit card debt and financial literacy among college students and released the results in April just in time for Financial Literacy Month. The findings confirm that our youth […] Read more »

Lost Luggage

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I was in some form of debt for nearly 20 years. The last three years of my life have been dedicated to radical debt eradication. I didn’t realize it at the time – but debt was kind of like my baby. I thought about it constantly. I would strategize about how to pay it down. I would run numbers in my head. I had a running calculation everytime I spent money. Or made money. I was obsessed. This wasn’t necessarily a bad thing. It kept me passionate. It kept me focused. It provided momentum and motivation. For years. And then… […] Read more »

Debt Freedom Is Not One-Size-Fits-All

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debt freedom

So you are in debt (I am too!). Are you following a plan like something that Dave Ramsey lays out? I know Brad followed it and it was super successful for him. I have a problem following Dave’s plan for a number of reasons. Number one being motivation. I am definitely motivated to get out of debt. However, I lose that intense, uber-addicted-to-debt-reduction feeling from time to time. I do a lot of thinking about the psychology behind debt and money. I’m very intrigued by the differences in how people relate to money. I think there are many different ways […] Read more »

Turn the Tables on Your Debt to Savings Ratio

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Recent years have been tough on everyone; unemployment, the mortgage debacle, and rising costs on everything from food to gas have caused many of us to re-evaluate our budgets and learn to cut back. One in four Americans has more debt than savings. A recent survey by Bankrate.com found that 25 percent of Americans have more credit card debt than they have in emergency savings. Yikes, that is definitely a scary statistic. But, you don’t have to let it happen to you! While credit card debt may take some time to get out of there are lots of things you […] Read more »

401k’s and Anything Goes

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During the last few years of economic upheaval, some people have begin to return to a more sensible way of dealing with their financial situation.  The last few decades have seen the American public give themselves over to the “anything goes” mentality of personal finance by taking on unprecedented levels of debt, which has come back to kick them in the tail over the last few years. Lately though, some stats have been showing that more and more of us have finally started to wake up from our “anything goes” hangover and have begun to pay down our debts substantially.  […] Read more »