Financial Advice: We have heard the following throughout our lives, but some of us seldom follow it. Yes, we try, but we never seem to do enough of it, do we?
In today's economic disaster, this advice is more true than ever:
Spend Less Than You make.
That also translates to: Make More Than You Spend.
Easy to say, and hard to accomplish. Just how do we make this happen? And what can we do if there have been too many years of not doing this?
While financial advice can vary - everyone has their own advice, and the list grows long...
So here are just a few simple rules to apply:
- Stop using credit cards for any reason. Get a handle on this. If you need help, use the Contact form for further support. We know it's tough!
- Get and use a debit card from a bank such as BBT.com. Make arrangements so that you can transfer funds to it from your checking or savings account. But keep the accounts separate to deter theft.
- Stop using credit cards. Get tough with yourself. Get in your mind the new policy of: Cash and Carry. Credit cards carry interest with them that is hidden when you make your purchase. Then it hits you later. Credit card debt takes years to get rid of.
- Keep a small amount of money in the debit card account. If someone steals this credit card, they are not going to get a lot out of it.
- Pay attention to how much overdraft protection you have on the debit card. In the case of a stolen card, the overdraft amount can also be used up. Judge wisely and keep this amount low.
- Depending on your financial situation, you can see about getting a loan modification on your home, and help on your debts. Be aware that most businesses that help you, make their money from you. Most businesses require upfront fees for their services, so be aware and get three price quotes before you choose.
- Get free advice from one of our senior financial advisors. You may be able to convert poorly producing 401k's, IRA's, CD's, etc., into a guaranteed annuity.
Take charge of your life...
- You may be able to turn poorly producing investments into an immediate annuity. That means a guaranteed monthly check.
"Protect and grow your hard-earned money."
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