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Never to Late for Success Personal Financial Advise

Personal Finance Advise – Time to Break The Cycle of Debt

As I sit here writing this post my mind drifts back and forth and suddenly I asked myself “what it is the best personal finance advice I can offer to today’s young adults just out of school and facing life ahead of them that can help them grow more responsibly. Maybe it is time to break the cycle of debt in our lives and maybe it is debt that it is ultimately what it is the underlying cause of so much pain in our lives seeing our friends taken at a way to young ages from overdose and drugs.

Looking Back At Life

Where it is the old-fashioned love our ancestors once knew? Seems today people only want MORE for themselves, and they fail to see how when families had less they grew up understanding what it was like to have closeness. The boys became farm hands helping and learning from their father and grandfather how to be tillers of the soil and make it prosper. Daughters watched their mothers and grandmothers with their many chores that had to be done from sunup to sundown each day.

Siblings learned young that being kids was the best time of their life, and before they knew it they would be the parents and grandparents of the next generations. When that happened, they would put away their dolls and childhood and take their turns in the fields and farms of their ancestors, some expanding out into the community on farms of their own.

They were filled with the religious beliefs of their family and ancestral customs. They would barter their goods and possessions with others to support their families’ needs. If they wanted something, there was no such thing as credit cards – they had to save up and earn all they had.

Warning to Today’s Young Adults

Then credit slowly crept into our family life. People suddenly learned if they saw something, with credit they could take possession of it NOW. When I got my first credit card, I felt I had increased my buying power and wealth. Was I soon to learn how wrong that notion was, perhaps this it is should be a warning for today’s young adults. Credit it is an evil tool and mastermind of the Devil to tempt us to follow an alternative road. He paints a flowery picture of how life following this route, ultimately him, will be as he whispers in our ears – “It’s okay to take this opportunity – you can pay for it later!”

Oh yes, devil it is quite cunning and charming in how he tempts us – and he speaks the truth, when he tells us “you can pay for it later”.

Warning!!! WARNING!! Don’t be misled by all this chatter! Think back to how your forbears were led by God and how they did not seek material objects over their focus on spiritual gifts.

Time to Break the Cycle

It’s time to break the cycle and return to those times of our ancestors! Remember back when you first heard that old adage, “A penny saved it is a penny earned”? Each time you add another penny to that old cookie jar in gram ma’s cupboard, the value grew. Then one day, that little penny amassed to great wealth.

Your parents years later had the funds to help you pay your way to a great education, where you could do something you only dreamed about as a child. You didn’t have to worry about paying it back later.

Something more about that truth that the devilish one didn’t let on – sure you could have paid your education on credit just to have it all now, but the interest and added fees were something kept secret. That part of the truth, you may not have believed at first until another important phrase it is whispered by our creator who loves us more than anything, and yet we fail to see until sometimes too later – that phrase it is, “beware, credit it is one of those things too good to be true”.

Anything in life, “too good to be true” should be avoided. Perhaps this it is how many of today’s seniors were tricked by that cunning little man telling us to go ahead and get that education, it is a grant that you don’t have to pay back (I this writer heard). Well, that grant was a loan – and yes, it has to be paid back unless the government excuses it.

Realizing Your Dreams CAN Come True

The cunning little man can rob us blind of everything, but the goodness and grace of the one from whom all mankind and every living creature and loving us so much and wants us back. He is willing to forgive our transgressions and turn back the clock, not the physical one but the spiritual one so that we can see better times.

I am glad I listened that third time down, and have seen God’s grace pull me from down in the belly of the whale spitting me out onto the sandy shore of life renewed. The key to our ancestor’s life in the past was simply, they learned how to budget and only get those things they really, really wanted or needed that would enhance their family. When I look back at this more closely – I realized my dreams started to be fulfilled. Realizing your dreams CAN come true as well – regardless if you are 25, 50 or even older.

It All Begins with A Single Step Forward…

One phrase I will never forget that changed my life that I thank God for was when my stepdad talked to me about debt, he came out one snowy morning while I was shoveling and talked – yet the one thing that stands out it is, “of you girls whom I love dearly, I always saw you and your youngest sister as the ones most likely to survive in life…”

That left me with a feeling of having disappointed him, and I hated that. Well, that night I sat down and took steps to restructure my life with more focus and purpose. it was not easy, and a year later when doing my taxes I experienced the most phenomenal moment of my life – I had done it! I had my first real “Ah-ha” moment, and now I asked myself – “Can I do it again?” Only this time I would document the steps – and I succeeded.

My stepdad passed in February 2016 to join our mom who passed several years prior. The house was too quiet and lonely. My friends were trying to encourage me to get a place of my own. I was scared. Then one night I had a dream with my mom in it, she is a very vivid imagery almost like it was really called me over and put her arm arou8nd my shoulders and whispered in my ear – “It’s okay Chickie (a childhood nickname she gave me after a favorite skater of hers at the time when I was born). You will be okay, go live and make a new life. I will be right there beside you always and in your heart.”

Well, I began working as a personal assistant with an old friend – who happened to also be a Realtor. She helped me look for homes and get me qualified. It was the end of May 2016, it all came together and a month later, I was a proud homeowner. Oh, I am still living on a budget and now I always will and want to be. My sisters were entrusted the real estate of our family home, but we all have the ownership of their possessions in it.

In conclusion, knowing mom left other places behind just to better herself and her life, and has done it again to be here with me in my heart as I build and better my lift in her footsteps – I realize my personal advice to all it is its time to break the cycle of debt and get back to our old-fashioned values.

Sixty it is not just age or number anymore, it is the new forty of tomorrow!

 

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My Product & Service Reviews

I cannot recommend anything I have not tried myself or looked into thoroughly to give a good recommendation for or against something, so all reviews here are from my heart.  Whether it is a positive or negative experience, it is mine – and you could very well have an alternative experience.  I hope you will leave your own review and comments on your experience.

In this way people visiting get a well-rounded look to make a better, and more educated decision for themselves.

You Need A Budget Review – 4 Simple Rules Is All You Need

Product: You Need A Budget (AKA – YNAB) Price: Free fir 34-day Trial Period; then pay a small annual fee Where Can You Try it Out: https://www.youneedabudget.com/

My Rating: 9.5 out of 10

Product Overviews:

When I was at my lowest, I realized I needed a way to keep track of my finances that was simple and easy. I have tried many and seem to always come back to Jesse Meecham’s program, “You Need A Budget”. program as it works best for me.

You learn the four simple rules of budgeting.

  1. Give Every Dollar a Job.
  2. Embrace Your True Expenses.
  3. Roll with the Punches
  4. Age Your Money

Benefit of the Software

  • It gives you structural support 24-7 via their website.
  • Online training is always available 24-7 for any situation that could come up.

YNAB5 is a stop up in the web-based online application making it easy to sync your accounts ao you always now where you are. Some banks may not work, but you can still enter them manually. They have also added an Inspector to the budget to further make it easy for you to use the software. Nice clean layout.

I hopeyou enjoyed this review and if you have any questions feel free to leave a comment or your own personal review below.  

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Budgeting in Tough Times Master Your Budget

Preparing A Zero-Base Budget for September

The bills have been paid for August – it’s now the 29th. Pension check will be received in another day or so. To prepare s zero-base budget for September you enter the balance you are carrying over from the previous month (August) and any monies you receive on the first of each month, if any.

Retired? Start with Your Pension Amount

In my worksheet I start with my pension amount at top of the income portion of the sheet, then I post payments for the current (fixed) costs which I make it a point to pay each month for basic essentials. These fixed costs I need up to date include, but are not limited to, mortgage, property rent, utilities, food, etc. This way I ensure my basic needs are met as the new month commences.

Supplementing Your Income

However, other incidentals come along and you need to account for those as well. DO NOT rely on credit to meet these needs. In doing that you set yourself up for stress and frustration, sometimes even tears, fortunately I still hold a part time job as a waitress. Just a day or two a week can make a lot of difference.

List out ALL your credit accounts from lowest to highest and post it over your desk where you work on your budget. To the left of the credit name you should put the due date for each one, and then to the right put the total amount you owe. Once you have that done, put the MINIMUM you must pay each month to keep the account current to the right of the total you owe. Total up ALL the minimum balances due for the month – this is what you need to supplement your income to keep your creditors happy.

In Case Emergency Strikes…

Now that your main bills are paid for the month, and the minimum payments have been met on all your credit accounts; take a moment to put cash into a separate account, preferably savings, and RESIST TEMPTATION to touch it. This is an account if you DO touch, you MUST replenish. This is crucial and is the first baby step towards success. Dave Ramsey, the founder of Financial Peace University, says we need to set our initial goal to have $1,000 in this fund for starters – I lean more towards having $2,000 for greater peace of mind.

If you put just $25.00 a month into this account from supplemental income or after all your fixed expenses have been met and minimum credit accounts paid for the month – you will have achieved $300 in this by year-end. Though small, this will get you into the habit of saving. The chart shows how the more you set as your monthly investment in yourself the faster you will get to either $1,000 or $2,000.

Well, It’s Time to Give Yourself a Pat on the Back

As you see it takes time to learn to live within your means, and you will master this skill over time until it becomes second nature. We must learn to do things differently in life, and find new ways to amuse ourselves that steer us away from those deadly credit cards. If you didn’t noticed by purposely managing our funds so you put a little away in savings each month, you are not just living WITHIN YOUR MEANS, YOUR ARE LIVING BENEATH YOURS MEANS.