What To Know About Collections

In 2005 I started working for a mortgage company as a wholesaler. My job involved calling on mortgage brokers and trying to get them to write loans through my employer. It was an eye-opening experience for a number of reasons: I realized that there were some really credible, integrity filled people in the industry and there were others who didn’t fit in either bucket. It became painfully obvious that a majority of the applicants had credit that needed serious repair. I learned SO MUCH about debt, collections, and adverse entries on your credit report. One of the most common items …

Have These Things Re-Quoted At The Beginning Of Every Year

With the passing of every New Year, I make it a habit to go through the family expenses for the previous year. Year after year I make the grim realization that we spent nearly $3,000 in telephone and internet fees! I realize that over $700 goes to a security company to make sure that our doors are “guarded and monitored”. And I discover that the YMCA will get over $800 for the year to be used a few dozen times. And every year I get serious about lowering those monthlies to a more acceptable amount. So, without fail, here are …

5 Steps To Debt Payoff This Year

In a coffee meeting just the other day, my friend and I were talking about what we were excited about going into the New Year. His comment surprised me because he confided, “I’m finally going to payoff my debt this year.” After some high five-ing and “that will feel great” and “yeah, won’t it though?”, I asked him what kind of debts he was about to payoff and why he’s now able to do it. He said he would like to think that his mortgage debt was in the mix but instead he was focused on credit card and student …

$180,000 in Student Loans. What The Hell Happened?

After delivering the opening keynote address titled “When Borrowed Money Isn’t Real” to a group of financial education teachers earlier this year, a young man came up to me and introduced himself by saying, “what you said is exactly true. I had $180,000 in student loans from my undergrad years.” The only response that came to my mind was, “What the hell happened?” Doug (as we’ll call him in this post) said he was a typical high school student in the Northeast, wooed by a private school situated on perfectly manicured grounds, promising that a degree from their institution would …

Do You Tell Your Kids How Much You’ve Saved For College

Shares 0

I had the most interesting conversation the other day with a parent of a senior in high school. We were talking about what her daughter was going to do next year after graduating and this mom got a look on her face that said, “it’s best if I don’t go there.” “Not a fun topic in your home?” I asked. “Let’s just say I have a 17 year old that knows everything and I’m at a point where I know nothing.” The conversation went on to the colleges or Universities she was looking into, what her thoughts were about community …

Paying Off Debt: Why, Ultimately, It’s All About “Me”

Should I focus on paying off debt by paying extra on my student loan and mortgage debts, or should I just pay the monthly amount due and put extra into my investments? I’ve been asked “Should I be focused on paying off debt or investing?” more times than I can now specifically recall. My old answer was: “Are you nuts?! Pay off the debt as fast as possible!” Where I come from, debt is bad. The entire thought of it gives me the heebie-jeebies. My soul hurts when I remember the days of living under my debtor over-lords. I took a …

4 Reasons To Start A Side Hustle

Wouldn’t it be nice to have multiple streams of income? Even better, wouldn’t it be nice to make money doing something you love? Creating a side hustle not only can stimulate your bank account but can stimulate your mind and soul. There are many reasons to start a side hustle. For me, it was a way to go to school, pursue my dreams, and make extra money. I worked for a cosmetic company for years and loved it. However, the hours were insane and did not allow me to pursue my other passion, finance. I took my network and knowledge …

Is The Scholarship System Legit?

With the high (and ever-rising) cost of college, many people turn to scholarships to help fund their higher education. Hear how one debt-free graduate did it and turned her knowledge of scholarships into a business. And you’ll finally get the answer to the question – Is The Scholarship System Legit? Student loans are predicted to push past the $3.3T mark by the year 2024 which should have parents, students and Universities quaking in fear. Parents because they’ll be on the hook for a chunk of those loans, students because they’ll be paying off the loans for the next 20+ years, …