Archive for Personal Debt
Excess government spending will harm small business
Posted by: | CommentsThis not a rant about any political party. Bush and the Republicans spent like drunken soldiers also. The Obama administration had a lot to deal with in a short time but they have gone way beyond what’s needed to fix the economy and have ended up in the deep end of the pool….where deficits harm everyone.
Small businesses need to be prepared. If government deficit spending isn’t curtailed we will face years, maybe decades of slow or no growth and high inflation.
What should a small business do now? Conserve cash…even if it means not paying down debt. Cash is your only protection from catastrophic events, either economic or political.
Don’t be fooled by the recent stock market performance, it’s based on hopes and dreams… not any reasonable expectation of low inflation and growth.
Conserving cash means passing up opportunities with risk to conserve cash and have more protection on the downside. Conserving cash also helps slow growth but growth is a macro issue and your financial well being is a micro issue.
Protect yourself first. You’ll sleep better.
TomTom Cutting Debt. Listen Up Folks Maybe We Should Too!
Posted by: | CommentsLook at these guys actually doing something we should all do. Why is it that we get into debt? Not to say I’m not in debt…. It is really frustrating and sometimes a true surprise! My wife and I will be going on day to day making up ground getting closer and closer to freedom and then WHAM! something happens. It isn’t always an emergency or unexpected event, I think we as a society are brain-washed to have and crave things. Every day is a struggle to make good financial decisions. I wish we could raise money by selling stock.
You know how it can be we all have our weaknesses. Be it that new mini-van we spotted driving Jimmy to soccer practice or that amazing 52inch LCD. It’s programmed into us from day one. We are supposed to want things regardless of the cost we should want them and we’re made to feel like we need them. My wife would argue this point but I am certain the media and mass advertising really breeds this “gotta have it” mentality. It really is quite frustrating to know and realize this, and yet continue living the same way we did when we didn’t know. So what can be done to fix it? Plenty will say, “make a budget and stick to it!!” and I’ll admit that has been the best way for my wife and myself to really grasp where our funds go. It all really boils down to this…..What do you want from life? Being debt free won’t necessarily make you a happier person……. Can you imagine how much easier life would be?
So this is my commitment to myself and you all. Debt free or bust! Now I’m not going to be Dave Ramsey and follow that kind of path. I’m just going to watch what I spend and work on it as a family. Dave Ramsey has some excellent points but I need my credit score to be solid… I’m not cutting up my card in the hopes that the lenders will in the future overlook my lack of current credit and lack of established credit if I do need it. I’m stronger than that, I can prevent myself from using the cards…maybe…The plan is to be completely debt free by this time next year. I’m not even saying “Don’t spend money SAVE SAVE SAVE,” I’m saying “SAVE SAVE SAVE” for those items you really want. Who cares if it takes you 6 months…you will feel better for it in the end. Who knows, with the money I save, maybe I can really invest in something that can generate some significant income. Let me know what you think. Any ideas?
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